Liquid Biopsy Market: Overview
The size of the worldwide liquid biopsy market reached USD 2,284.1 million by 2028, growing at a CAGR of 17.7 percent. The increasing incidence and prevalence of cancer and the expanding popularity of minimally invasive medical treatments are pushing the Liquid Biopsy market. The market is expanding due to the increased commercialization of technologically sophisticated liquid biopsy tests by key industry participants. Governments from several nations are funding R&D to improve the liquid biopsy testing techniques now in use. For instance, the central governments of China and the US, along with biotech investors, have funded lung cancer screening through R&D investments in supplemental or better screening instruments and diagnostics, such as liquid biopsies and biomarkers. The expansion of the liquid biopsy market is anticipated to occur at a high rate during the forecast period due to the favorable results of several current trials.
Through extensive clinical studies, liquid biopsy is anticipated to replace traditional methods of cancer diagnosis for a wide range of tumors, including pancreatic and Central Nervous System (CNS) cancers. Liquid biopsy quickly replaces conventional tumor biopsies because it can gather the most genetic information about cancer with the least amount of surgical intervention. Additionally, Next-Generation Sequencing (NGS) technology's rapid improvement is anticipated to significantly fuel market expansion during the projection period. Established and new firms have boosted their R&D to produce novel liquid biopsy solutions since liquid biopsies are one of the most promising novel procedures for cancer treatment. For instance, AnchorDx Medical Co., Ltd., a Chinese provider of early cancer detection and oncology screening technologies, created a diagnostic model for the early diagnosis of breast cancer in September 2021. The cfDNA methylation patterns serve as the model's foundation.
Liquid Biopsy Market: COVID-19 Impact
Although COVID-19's far-reaching consequences have been unprecedented, cancer sufferers have been among the most severely impacted populations. The number of patients getting cancer screening, diagnosis, and treatment has been significantly influenced by COVID-19. Oncology clinics were re-profiled for treating patients with COVID-19 as a result of the increasing demand brought on by the rising number of COVID-19 patients being hospitalized. As a result, the research found that numerous diagnostic and therapeutic operations, including up to 2.3 million cancer surgeries, have been shelved or delayed globally. However, it is anticipated that the frequency of tests will rise once again as countries gradually relax their travel restrictions. Since the COVID-19 pandemic, responding to the increased incidence of cancer has become a crucial medical challenge worldwide. Cancer has been recognized as a risk factor for COVID-19 because some COVID-19 patients had malignancies. It is predicted that additional studies in this area would advance cancer research by helping to better understand infection dynamics. It is also anticipated that this would increase demand for liquid biopsy products.
Liquid Biopsy Market: Drivers
Increasing Cancer Incidence and Prevalence to Drive Market’s Growth
On a worldwide basis, the number of cancer patients has considerably grown. Environmental factors, cigarette use, infectious diseases like Hepatitis B and C, and lifestyle changes are some of the causes of the increased cancer incidence. According to the WHO, cancer is the second worst killer in the world. A rise in identified cancer risk factors and an aging population may be factors in the general increase in cancer rates. There will be around 18.1 million new cases of cancer worldwide in 2020. 9.3 million of the cases included males, while 8.8 million involved women. Liquid biopsy provides several benefits over conventional cancer diagnostic techniques, including lower cost, early prognosis, therapy monitoring, tumor heterogeneity discovery, acquired drug resistance, and patient comfort (by eliminating the need for surgery). As a result, demand for liquid biopsies is anticipated to increase throughout the projection period in line with the rise in cancer prevalence.
Rising Government Spending on Healthcare Facilities to Support Market’s Growth
The federal government's increased support will likely accelerate market expansion. Additionally, the development and expansion of the healthcare sector, pushed by public and private actors, particularly in developing nations, will provide the attractive potential for market expansion. High investment returns, guaranteed by research efforts, would also benefit the market. For example, the National Institutes of Health (NIH) has launched a new effort called Precompetitive Collaboration on Liquid Biopsy for Early Cancer Assessment. This effort aims to build a public-private partnership program to capture and quantify tumor-associated cells, RNA, DNA, or exosomes in bodily fluids of patients with early-stage illness or those at high risk. This project emphasizes early cancer identification by differentiating between aggressive and nonaggressive malignancies and benign illness and malignancy. Additionally, the introduction of technologically advanced products in hospitals, rising investment in developing advanced medical products and devices, and rising demand for minimally invasive surgical procedures positively impact the market growth rate. These factors are particularly important in developing economies where government initiatives to raise awareness are particularly important.
Liquid Biopsy Market: Restraints
Uncertain Reimbursement Scenario to Restrict Market’s Growth
The procedure of paying for pricey molecular testing and the knowledge of the several specialists needed to interpret test findings and create treatment programs are convoluted and uneven. Particularly pricey new techniques like liquid biopsy pose a concern for this. Doctors, pathologists, and patients usually don't know the cost of molecular testing services until they are paid for or billed. The uncertainty worries both patients and medical practitioners. Furthermore, the organizational complexity of payers' biomarker coverage rules makes them difficult to understand. Others pay for a wide range of testing, while some only cover the most basic tests or those connected to certain clinical conditions and genes. With this significant variety, evaluating and keeping track of different coverage policies is sometimes more difficult.
Liquid Biopsy Market: Segments
Multi-Gene-Parallel Analysis (NGS) Technology to Dominate Market due to Its Mutation Identification Capability
In terms of revenue, the Multi-gene-parallel Analysis (NGS) category accounted for a major portion of the worldwide market. It is projected that it will continue to dominate over the forecast period. NGS technology may identify various mutations contributing to carcinogenesis and identify potential resistance mechanisms that might have emerged from pre-existing clones following therapy. Recent fast advancements in NGS technology have resulted in a considerable cost decrease for high-accuracy sequencing. This approach enables the screening of unidentified variations and is employed in focused panels for the precise and extremely sensitive identification of ctDNA mutations. For instance, stage 1 or stage 2 lung cancer patients can be identified by NGS with a MAF of roughly 0.1 percent. Important operational companies have also released cutting-edge items, propelling the market. For example, in February 2021, Twist Bioscience Corp. introduced the Twist NGS Methylation Detection System for epigenetic research and liquid biopsy cancer analysis. Additionally, in April 2021, Biodesix, Inc. announced that it would expand its line of molecular testing by introducing a blood-based 52-gene NGS test.
Circulating Tumor DNA (ctDNA) Biomarker to Acquire Market’s Major Share due to Increasing Cancer Prevalence
With the increasing need for cancer diagnostics, the circulating tumor DNA (ctDNA) market is anticipated to expand throughout the forecasted year. The market is also expanding as a result of improved government support. The circulating tumor DNA diagnostics market is anticipated to grow throughout the forecast period due to the government's increased funding for developing test kits to detect cancer. Additionally, the market for circulating tumor DNA diagnostics is expanding due to the increasing cancer incidence. Furthermore, it is anticipated that biopharmaceutical firms' increasing focus on introducing more advanced test kits for cancer detection would boost the revenue growth of circulating tumor DNA diagnostics. To increase early detection, ctDNA testing can also be combined with other multi-omic indicators. Tests may incorporate early detection proteins (such as CA-125), epigenetic markers, circulating tumor RNA, nucleosomes, exosomes, and associated immunological markers. Currently, several businesses are vying to develop a ctDNA-based early cancer detection technology that is financially feasible.
Liquid Biopsy Market: Regional Landscape
North America to Acquire Major Market Share due to Rapid Development in HealthCare Infrastructure
With the presence of important companies like Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., and NeoGenomics Laboratories, among others, in the area, the North American market is anticipated to have the greatest revenue share among other regional markets during the projected period. Rising R&D expenditures in the liquid biopsy are also fueling market expansion. The expansion of the North American liquid biopsy market revenue is also driven by the rising number of cancer patients in the United States. In the United States, there were likely 1,806,590 new instances of cancer identified in 2020, and there were also likely to be 606,520 cancer-related deaths. Additionally, multiple top-tier national clinical laboratories, easy access to cutting-edge technology, and highly sophisticated healthcare systems in the U.S. and Canada are anticipated to support market expansion. The government's increased grants and investments in developing liquid biopsy tests are anticipated to raise demand in the nation. For instance, BioMark Diagnostic Solutions, Inc. got USD 825,000 in financing in June 2021 to develop the liquid biopsy test for lung cancer screening. The Canadian Cancer Society, Brain Canada Foundation, and Canadian Institutes of Health Research - Institute of Cancer Research each contribute significant grants and Spark funding to the Consortium for Industrial Research and Innovation in Medical Technology.
Asia-Pacific is predicted to experience significant growth during the forecast period due to increased government initiatives to raise awareness, medical tourism, research activities, cancer cases, and growing demand for high-quality healthcare in the region. More than 4.5 million additional cancer cases were reported in China by 2020. Market expansion is also anticipated to be supported by strategic approvals and agreements between significant market players to promote liquid biopsy technology in this area. Additionally, the growing use of sophisticated diagnostic procedures in clinics, hospitals, and diagnostic laboratories in this area, as well as greater awareness of liquid biopsy techniques, is anticipated to promote market revenue growth.
Global Liquid Biopsy Market: Competitive Landscape
In October 2020, F. Hoffmann-La Roche Ltd. (Switzerland) gained US FDA clearance for enhanced claims for the cobas EGFR Mutation Test v2 to be used as a companion diagnostic (CDx) for a larger spectrum of non-small cell lung cancer medicines (NSCLC). For instance, in March 2020, Biocept, Inc. (US) signed a deal with a second California-based independent physician association (IPA) to supply its Target Selector liquid biopsy test services to the network's physicians and patients.
Few of the players in the Liquid Biopsy Market include F. Hoffmann-La Roche Ltd. (Switzerland), Myriad Genetics, Inc. (US), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific, Inc. (US), Guardant Health, Inc. (US), Exact Sciences Corporation (US), MDxHealth SA (Belgium), Sysmex Inostics (US), Illumina Inc. (US), Bio-Rad Laboratories, Inc. (US), Biocept, Inc. (US), NeoGenomics, Inc. (US), Menarini-Silicon Biosystems (Italy), ANGLE plc (UK), Exosome Diagnostics, Inc. (US), Personal Genome Diagnostics, Inc. (US), Agena Bioscience, Inc. (US), Epigenomics AG (Germany), MedGenome Inc. (US), and Vortex Biosciences, Inc. (US).
Regional Classification of the Global Liquid Biopsy Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Liquid Biopsy Market
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