The global liquid biopsy market size was valued at USD 7.03 billion in 2020 and is expected to reach USD 19.35 billion by 2028, registering a CAGR of 13.5% during the forecast period.
The increasing prevalence of cancer coupled with the rise in demand for fast, minimally invasive diagnostic tests drives the market growth. According to the American Cancer Society, in 2021, 235,760 people are estimated to be diagnosed with non-small-cell lung cancer, the most common form of lung cancer in the U.S. Overall, around one in 17 men and one in 15 women are at risk of developing lung cancer in their lifetime. Thus, the need for the implementation of liquid biopsy tests is growing to diagnose and eradicate cancer in a target population.
Gather more insights about the market drivers, restrains and growth of the Global Liquid Biopsy Market
With the onset of the COVID-19 pandemic, cancer diagnoses are getting delayed as diagnosis services and screening programs have reduced. Cancer patients are facing many challenges amid the pandemic, such as susceptibility to severe infection and interruption of cancer or usual medical care.
Amidst the pandemic, several companies have adopted various strategic initiatives for providing safe and easy in-home access for liquid biopsy tests. For instance, in November 2020, NeoGenomics, Inc. launched a mobile phlebotomy service for liquid biopsy tests, including NeoLAB and InvisionFirst.
The company offers its service through two phlebotomy companies, ExamOne and Metro Health Staffing LLC, for broad geographic coverage to ensure tests are performed efficiently. In these cases, liquid biopsy provides an efficient alternative to traditional screening. The technology assists in early cancer detection and prevents the disease to reach a stage when it can adversely affect a patient’s survival. Liquid biopsies are extremely sensitive and are based on blood tests. In addition, they can reduce the risk of COVID-19 transmission during the procedure, which is expected to be a major factor fueling the global market growth.
Researchers from Cornell University are developing a liquid biopsy test that can detect and measure injury to cells, tissue, and organs due to COVID-19. The test is to evaluate the severity of the disease and project their outcomes. In addition, it can reveal the involvement of various organs in the disorder. This is expected to increase R&D funding, further stimulating market growth.
Liquid Biopsy Market Segmentation
Based on the Sample Type Insights the market is segmented into Blood Sample Based, and Others
Based on the Technology Insights the market is segmented into Multi-gene-parallel Analysis (NGS), Single Gene Analysis (PCR Microarrays)
Based on the Biomarker Insights Insights the market is segmented into Circulating Nucleic Acids, CTC, Exosomes/Microvesicles, Circulating Proteins
Based on the Regional Insights the market is segmented into North America, Europe, Asia Pacific, Latin America & Middle East & Africa
Market Share Insights
Key Companies Profile:
Players operating in the market are contributing to market growth by expanding their cancer diagnostics portfolios, which is leading to an increase in the uptake of their proprietary liquid biopsy products.
Some of the key players of the global liquid biopsy market are:
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