Global Liquid Biopsy Market
Global Liquid Biopsy Market Size By Circulating Biomarker, By End User, By Application, By Product and Services, By Clinical Application, By Geographic Scope and Forecast to 2026
According to Verified Market Research, the Global Liquid Biopsy Market was valued at USD 691.6 Million in 2018 and is projected to reach USD 2,790.6 Million by 2026, growing at a CAGR of 19.42 % from 2019 to 2026.
A liquid biopsy is a non-invasive and simple alternative to the ‘traditional’ or surgical biopsies and involves the sampling and analysis of non-solid biological tissue, primarily blood. Liquid biopsies enable medical professionals to be able to discover several aspects concerning a tumor through a patient’s blood sample. The liquid biopsy facilitates medical professionals to understand which treatments are most likely to work for the patient.
Liquid biopsies are a beneficial alternative to surgical biopsies in the case of patients whose tissue is unable to be biopsied or as an addition in order to comprehensively evaluate drug response. This method also allows for an accurate understanding of the genomic landscape of a tumor, by being able to avoid conventional issues such as intratumor heterogeneity.
With the advent of technological advancement in the healthcare sector, areas of medicine such as the diagnosis and treatment through progressive technology and minimally invasive procedures have therefore grown significantly as a result. With non-invasive or minimally invasive methods in general, there are several advantages as compared to its counterpart as it involves the drastic increase in overall patient safety as well as leads to enhanced customer satisfaction through decreasing or eliminating the overall patient recovery time.
Moreover, the increasing prevalence of cancer cases is playing a major role in the growth of the liquid biopsy market. The Americas is the major contributor in the liquid biopsy market partly due to the prevalence of cancer treatment and its research as well as the rising older population in the Americas. The rising older population is playing a key role in the increased adoption of liquid biopsy tests. On the other hand, the lack of skilled professionals and a lack of knowledge about liquid biopsy will pose a challenge to the growth of the market at a global level.
Lung Cancer accounted for the largest market share of 35.34% in 2017 and is projected to grow at the highest CAGR during the forecast period. The frequencies of lung cancer have significantly increased over the last century mainly due to smoking and remain the most frequently diagnosed cancer and the leading cause of cancer-related mortality worldwide. Due to the limitation of tissue biopsy, lung cancer misdiagnoses, inadequate tumor sampling and delayed diagnoses are common factors of the leading deaths. The advent of liquid biopsy technology allows a better understanding of the tumor microenvironment and systematic actions of the tumor and this may allow molecular diagnostic to be done on circulating tumor DNA.
With the advent of more advanced medical equipment such as diagnostic technology, the scope for medical tests is widely expanding. Liquid biopsies are estimated to have a leading position in the context of cancer-related probe and investigation due to rapid enhancements in NGS technology. Potential for liquid biopsies to provide insights into metastatic cancers acts as an opportunity. The Asia Pacific is the fastest growing region in the Global Liquid Biopsy Market. Developments & growing government support, with a possibility of biopsy vendors migrating their operational bases, is driving the growth of the market in this region. Moreover, growing need for improving the safety and efficiency of cancer therapy for patients have led to increased demand for liquid biopsy technique. This will eventually fuel the overall growth of the market for liquid biopsy globally.
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