Kenneth Research recently added a report on ‘Liquid Biopsy Market’ which offers a complete evaluation of the market and its growth prospects along with new business opportunities in the industry. The report contains the market size and annual growth rate for a forecast period between 2022 and 2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Liquid Biopsy Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Liquid Biopsy Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts: 2017–2023
Overview: Liquid biopsy is a minimally or non-invasive technology that detects molecular biomarkers using liquid sample without the need for costly or invasive procedures. These tests have considerable potential for early detection of cancer, treatment and recurrence monitoring, detection of genetic abnormalities in fetus, and graft rejection in transplantation patients. According to the estimation of National Cancer Institute, in the US around 1.6 million new cases of cancer are diagnosed, and 595,690 people have died due to cancer in 2016. According to the Canadian Cancer Society, 202,400 new cases of cancer and nearly 78,000 deaths are estimated in 2016. While in Europe 1.3 million people were diagnosed in 2015. Further, according to the study of World Health Organization, approximately 14 million new cancer cases were diagnosed and is expected to grow by about 70% over the next 2 decades.
The liquid biopsy market is booming due to the rising prevalence of cancer globally, advanced maternal age leading to growing chromosomal aberrations, and the increasing preference of non-invasive liquid biopsy tests over invasive tissue biopsy. The lack of sensitivity and specificity of liquid biopsy tests, high cost of the test with fewer reimbursement facilities, and the lack of trained professionals are some of the factors hampering the market growth. The markets in emerging countries are expected to grow at a rapid pace during the forecast period due to the increasing disease prevalence, healthcare awareness, and healthcare spending.
Market Analysis: The Global Liquid Biopsy Market is estimated to witness a CAGR of 24.1% during the forecast period 2017–2023. The market is analyzed based on three segments, namely biomarker type, sample type, application, end-users, and regions.
Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). The Americas is set to be the leading region for the liquid biopsy market growth followed by Europe. Asia Pacific and RoW are set to be the emerging regions.
Biomarker Type Analysis: The global liquid biopsy market by biomarker type is segmented into circulating tumor cell (CTC), cell-free DNA (cfDNA), extracellular vesicles, and others. Cell-free DNA (cfDNA) segment is the largest segment in 2016 due to its wide range of application in prenatal testing, transplantation diagnostics, and oncology.
Sample Type Analysis: The global liquid biopsy market by sample type is segmented into blood and others. Blood sample occupies the major market share in 2016 since most of the tests currently available in the market are blood-based tests.
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Application Analysis: The global liquid biopsy market by application is segmented into cancer and non-cancer applications. Cancer segment occupies the largest market share and is expected to be the fastest growing segment during the forecasted period. Cancer application is further segmented by cancer indication and clinical application.
End-users Analysis: The global liquid biopsy market by end-users is segmented into hospital and reference laboratories, academic and research institutes, and others. Hospital and reference laboratories occupied a major share of liquid biopsy market in 2016 due to the increasing volume of test samples outsourced to this segment.
Key Players: Biocept, Inc, F- Hoffmann-la Roche, Illumina, Inc, Natera Inc, Trovagene Inc., Qiagen N.V., Laboratory Corporation of America Holdings, Beijing Genomics Institute, Guardant Health, Inc., Genomic Health, MDx Health SA, Guardant Health, Inc., Myriad Genetics, Inc., and other predominate & niche players.
Competitive Analysis: Currently, cancer tests dominate the global liquid biopsy market. A lot of new players are concentrating on this market to provide ground-breaking test with high sensitivity, specificity, and less turnaround time. Major market players are acquiring small companies to enhance their product portfolio and strengthen their leadership position in the market. Apart from this, the major players are launching innovative tests to have an upper hand in the market. For instance, in September 2017, Biocept launched Liquid Biopsy test for NRAS mutations.
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Benefits: The report provides complete details about the usage and adoption rate of liquid biopsy tests in various applications and regions. With that, key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, government initiatives toward the test adoption in the upcoming years along with the details of commercial tests available in the market. Moreover, the report provides details about the major challenges that are going to impact the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders to expand their business and capture the revenue in specific verticals to analyze before investing or expanding their business in this market.
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