Stratview Research has recently published a report on Liquid Biopsy Market segmented by Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028. The objective of the market experts at Stratview Research is to conduct a thorough analysis of ‘Liquid Biopsy’ and put a detailed knowledge about the industry and business attractiveness, revenue, market size, segmentation, growth, and restraining factors so that the user gets in-depth information about the industry and the business from a past, current and a future perspective and can potentially invest capital for further growth.
Market Insights
The liquid biopsy market was estimated at USD 2.4 billion in 2021 and is expected to grow at a CAGR of 18% during 2022-2028 to reach USD 7.64 billion in 2028.
Additionally, the report covers a variety of established and emerging start-ups and organisations operating in the industry. As organization’s report provides a comparative analysis by presenting the user with various aspects of the markets discussed in the report.
What is a liquid biopsy?
Liquid biopsy, also known as fluid biopsy or fluid phase biopsy, is the sampling and analysis of non-solid biological tissue, mainly blood. This technique is mainly used as a diagnostic and monitoring tool for diseases such as cancer, with the added benefit of being largely non-invasive.
COVID-19 IMPACT
The impact of the global pandemic Covid-19 was felt across all industries in every field. However, the liquid biopsy market managed to escape the pandemic with minimum damage. The liquid biopsy market witnessed a slight decline in the year 2020 during the pandemic and is likely to rebound at a healthy rate in the forecast period.
Market Drivers
The growth of the liquid biopsy market is primarily driven by-
- Increase in the number of cancer patients,
- Increasing demand for non-invasive treatment procedures,
- Growing awareness about the benefits of liquid biopsy,
- Advantages such as low cost, rapid and accurate results, and early detection of diseases.
Segment-wise analysis
The report encompasses in-depth segmentations like regional segmentation, segmentation by product types, application-wise segmentation, geographical segmentation and thereby gives the user an overview of the effectiveness of the segmentation by various classes.
The liquid biopsy market is segmented into cancer and non-cancer applications. Cancer application is further sub-segmented into lung cancer, breast cancer, colorectal cancer, prostate cancer, melanoma, and others. The cancer segment is likely to grow significantly at an exponential CAGR, during the forecast period, largely due to the increasing number of cancer cases and increasing demand for liquid biopsy for diagnosis. In addition, the increasing number of research studies on liquid biopsy for cancer applications is further expected to drive the growth of the market during the forecast period.
The market is segmented as multi-gene parallel analysis using NGS and single-gene analysis using PCR microarrays. Between these two technology types, the single-gene analysis using the PCR microarrays segment is expected to be dominant in the market over the forecast period. The segment's growth can be attributed to the use of PCR, which is increasing due to its increasing use for various purposes, including detecting fungal infections, bacterial infections, gene mapping, and other genomic applications. PCR tests' quick and real-time diagnostic results are accurate, and they can guide targeted therapies for cancer treatment. PCR is rapidly gaining popularity and is expected to grow at a rapid pace in the coming years.
Reference laboratories are expected to be the dominant segment of the market during the forecast period.
The market is segmented as reference laboratories, hospitals and physician laboratories, academic & research centers, and others. The outsourcing of liquid biopsy tests to reference laboratories is expected to drive market growth over the forecast period.
Among these regions, Asia-Pacific is expected to be the fastest-growing region in the market during the forecast period.
In 2021, North America had the highest revenue share of over 50%. Due to higher investments and the existence of numerous biotechnology businesses developing tests in the U.S., this region dominates the most.
The market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world. The region is distinguished by rising disposable income, increasing healthcare expenditure, growing awareness of liquid biopsy techniques, and rising adoption of advanced diagnostic techniques in hospitals, clinics, and diagnostic laboratories. The growing penetration of hospitals and diagnostic centers in the region is likely to bolster the growth of the market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities
during the forecast period.
Key Players in the Liquid Biopsy Market
- Biocept Inc.
- Bio-Rad Laboratories
- F. Hoffmann-La Roche Ltd.
- Guardant Health Inc.
- Illumina, Inc.
- Johnson & Johnson
- Laboratory Corporation of America Holdings
- MDxHealth SA
- QIAGEN N.V.
- Thermo Fisher Scientific Inc.
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