(I-BusinessNews.Com, December 03, 2020 ) According to the new market research 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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The key factors driving the growth of this market include increasing prevalence of cancer, initiatives undertaken by government and global health organizations, increasing preference for non-invasive procedures, technological advancement to augment market revenues, rising emphasis on personalized medicine, and availability of funding for liquid biopsy R&D.
North America is expected to dominate the market in 2017
North America is expected to account for the largest share of the liquid biopsy market in 2017, followed by Europe. A number of factors such as the easy accessibility and high adoption of advanced diagnostic technologies (such as PCR and NGS) among healthcare professionals, rising prevalence of cancer in the US and Canada, technological advancements in liquid biopsy products, and growing public and private funding to support research activities in the field of liquid biopsy are aiding market growth in the region.
By circulating biomarkers, circulating tumor cells is expected to account for the largest market share in 2017
Based on circulating biomarkers the market is categorized into circulating tumor cells (CTCs), circulating tumor DNA (ctDNA), cell-free DNA (cfDNA), extracellular vesicles (EVs), and other circulating biomarkers. In 2017, the circulating tumor cells segment is expected to account for the largest share of the liquid biopsy devices market. The ability for early assessment of patient prognosis and also providing valuable information to make a clinical decision is driving the growth of the CTC segment in the liquid biopsy 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.
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By product, the assay kits segment is expected to account for the largest share of the market in 2017
On the basis of product, the liquid biopsy market is broadly segmented into assays kits, instruments, and services. In 2017, the assay kits segment is expected to account for the largest share of this market. The increase in basic research and commercial applications of liquid biopsy, increase in demand for liquid biopsy tests, and the need for reliable and specific assays are expected to drive the market growth.
By application, the cancer segment is expected to account for the largest market share in 2017
Based on application, the liquid biopsy market is segmented into cancer and non-cancer applications (which includes reproductive health and organ transplant diagnostics). In 2017, cancer applications segment is expected to account for the largest share of the liquid biopsy devices market. Increasing prevalence of cancer and the growing number of research studies on liquid biopsy for cancer applications is driving the growth of this market.
By end user, the reference laboratories segment is expected to account for the largest market share in 2017
Based on end user, the liquid biopsy devices market is segmented into reference laboratories, hospitals and physician laboratories, academic and research centers, and other end users (public health laboratories, pathology laboratories, and small molecular laboratories). Reference laboratories form the largest and fastest-growing end-user segment of the liquid biopsy market. The large share of this segment is attributed to the increasing volume of liquid biopsy test samples outsourced to reference laboratories.
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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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