The liquid biopsy market size is projected to reach US$ 8,123.85 million by 2027 from US$ 3,861.49 million in 2019. The liquid biopsy market CAGR is estimated to grow at 9.9% from 2020 to 2027.
The global liquid biopsy market report highlights trends prevailing in the market and factors driving its growth. The liquid biopsy market is attributed to grow due to increasing prevalence of cancer, government and global health organizations initiatives. However, the low sensitivity of liquid biopsy is expected to restraint the global liquid biopsy market growth.
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Rising Prevalence of Cancer to Fuel Global Liquid Biopsy Market Growth
Liquid biopsy is a noninvasive diagnostic test that identifies various types of cancer. The increasing prevalence of cancer is leading to the growth of liquid biopsy market across the world. For instance, as per the American Cancer Society, Inc., in 2018, approximately 1.9 million new cancer cases and 693,000 cancer deaths were recorded in North America. Additionally, lung cancer remains the most common cause of death in both male and female. Rapid change in lifestyle and consumption of alcohol and tobacco products are the factors increasing the incidences of cancer among the population. Thus, increasing cancer prevalence across the globe is expected to drive the growth of the global liquid biopsy market.
The global liquid biopsy market forecast is studied from 2019 to 2027. In 2019, North America accounted for the largest market share. The market growth in the region is attributed to the increasing number of orthopedic surgeries opted by geriatric population, growing developments for liquid biopsy by the companies, growing research for liquid biopsy, and others. APAC is expected to be the fastest-growing region among all other regions during the forecast period owing to the large cancer patient population, increasing number of research studies, growing government support, and increasing number of companies in this region.
Liquid Biopsy Market: Segmental Overview
Product & Services-Based Insights
The global liquid biopsy market, based on product & services, has been segmented into equipment, reagents & kits, and services. The reagents & kits segment held the largest share of the market in 2019 and is anticipated to register the highest CAGR during the forecast period. The growth of reagents & kit segment is attributed to the enhancement of solution to improve staining results and unique antibodies with fluorescent staining markers. There are various reagent & kits available in market for the detection of cancerous cell. For instance, MagMAX cell-free total nucleic acid isolation kit is used to isolate and purify cfRNA and cfDNA from serum, plasma, or urine samples with the help of magnetic bead-based technology.
Liquid Biopsy Market: Competitive Landscape and Key Developments
Biocept, Inc.; Bio-Rad Laboratories, Inc.; Lunglifeai, Inc.; Exosome Diagnostics; F. Hoffmann-la Roche ltd; Inivata ltd; Exact sciences corporation, Mdxhealth; Qiagen; and Thermo fisher scientific Inc. are among the leading companies operating in the liquid biopsy market. Several companies are implementing organic strategies, such as products launch and expansions. Inorganic growth strategies witnessed in the market were partnerships and collaborations. These growth strategies have aided market players in expanding their businesses, geographical presence, strengthen customer base, and increase the product portfolio. The global liquid biopsy market size is anticipated to flourish with such developments by market players.
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