(I-BusinessNews.Com, May 14, 2021 ) According to the market research report Liquid Biopsy Market is expected to reach $2,047.9 Million by 2022 from an estimated $715.7 Million in 2017, at a CAGR of 23.4%.
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Some of the key factors driving the growth of this market include increasing preference for noninvasive procedures, increasing prevalence of cancer and availability of funding for liquid biopsy R&D.
Opportunity: Growing interest in liquid biopsy
The growing demand for noninvasive and easy sample collection and the faster diagnosis of cancer is driving the growth of the liquid biopsy market. With huge investments and growing evidence of the uses/applications of liquid biopsy, companies are increasingly looking to move into the liquid biopsy market. the market is witnessing a surge in the number of inorganic developments such as partnerships, collaboration, agreements, mergers, and acquisitions; as many as 22 inorganic developments were recorded in this market between January and June 2017. Companies are focusing on inorganic strategies primarily to obtain access to innovative technologies of other players. Companies are also teaming up with universities and cancer institutes to gain robust R&D expertise.
Challenge: Unclear regulatory and reimbursement scenarios
The Liquid Biopsy’s market growth is plagued by several challenges. The liquid biopsies are classified as Laboratory – developed tests, (LDT). The US FDA recently proposed a draft to increase regulations on LDTs; however, till date, the LDT regulation remains unclear. Increased regulations on LDTs by the FDA could dramatically slow the growth of the molecular diagnostics industry as well as liquid biopsy technologies. This is also likely to increase the costs associated with introducing new tests and delay their introduction in the market.
By clinical application, the therapy selection segment is expected to account fors the largest market share in 2017. Based on clinical application, the liquid biopsy market is segmented into early cancer screening, therapy selection, treatment monitoring, and recurrence monitoring. The therapy selection segment is expected to account for the largest share of the liquid biopsy devices market in 2017. This is due to the ability of therapy selection to detect advanced-stage cancers (stage III and IV), followed by increasing studies on liquid biopsy and advancements made in this field to also aid in detection of early-stage cancers.
North America is expected to account for the largest share of the global liquid biopsy market in 2017, while Asia Pacific is expected to witness the highest growth during 2017 to 2022.
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The key players in the global liquid biopsy market are QIAGEN N.V. (Netherlands), Roche Diagnostics (US), Bio-Rad Laboratories Inc. (US), Myriad Genetics, Inc. (US), Menarini Silicon Biosystems (Italy), Genomic Health, Inc. (US), Thermo Fisher Scientific Inc. (US), Illumina, Inc. (US), Biocept, Inc. (US), Trovagene, Inc. (US), Guardant Health, Inc. (US), RainDance Technologies, Inc. (US), and MDx Health SA (US).
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