Liquid Biopsy Market offers good growth opportunities during the next five-year period ending 2028. In its detailed market assessment report, Stratview Research has analyzed the Liquid Biopsy Market’s emerging trends, forecasts, competitive landscapes, and factors governing the market dynamics.
Global Liquid Biopsy Market Forecast:
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.
The study will cover market intelligence and information for a period of 12 years from 2016 to 2028. The base year for the study is 2021.
What is 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.
The Liquid Biopsy Market growth depends upon numerous factors which have direct or indirect impact the demand.
The key factors governing the demand for Liquid Biopsy Market are:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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.
Liquid Biopsy Market Segmentation:
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.
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