Global Liquid Biopsy Market
As stated in our extensive report; the Global Liquid Biopsy Market accounted for USD 4.1 Billion in the year 2021.
The market is expanding due to rising demand for quick, less invasive diagnostic tests and rising cancer prevalence. For example, the American Cancer Society estimates that 235,760 people will be diagnosed with non-small-cell lung cancer in 2021, making it the country’s most frequent lung cancer. Lung cancer is a condition that one in 17 men and one in 15 women will experience in their lifetime. As a result, using Liquid Biopsy testing is becoming increasingly necessary to detect and treat cancer in a specific group.
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Key factors influencing Liquid Biopsy Market Growth
The growth of the global Liquid Biopsy market can be attributable to the following:
- The rising incidence of cancer among the world’s population and growing knowledge of the existence of many non-invasive treatments are the main factors driving the global Liquid Biopsy market.
- According to information from the International Agency for Research on Cancer’s GLOBOCAN 2020 predictions, there will be about 19.3 million new cancer cases and about 10 million cancer-related deaths worldwide in 2020.
- Breast cancer is now the most prevalent type of cancer diagnosed worldwide due to the increased prevalence among females. The number of new instances of breast cancer in 2020 was estimated to be over 2.3 million. Lung, colorectal, and prostate cancer were the next most common cancers.
- According to the World Health Organization, cancer is the second most common cause of death worldwide. The new Liquid Biopsy method has several advantages, including quick results, low cost, early prognosis, overcoming tumor heterogeneity, low risk, and non-invasiveness.
- The acceptance of Liquid Biopsy among patients worldwide is being fueled by all these advantages over conventional diagnosis, which is predicted to increase significantly in demand during the projection period.
- Due to early cancer detection, tumor progression monitoring, and clinical prognosis assessment capabilities, Liquid Biopsy technology is experiencing market expansion.
- Additionally, the spread of modern technologies has increased the need for non-invasive diagnosis and therapies, which is anticipated to fuel the demand for liquid biopsies in the years to come.
- Furthermore, the market is growing at an exponential rate due to the market participants’ increasing spending in clinical trials to create novel diagnostic solutions.
North America Region to Lead the Market
North America Liquid Biopsy market is getting more significant with maximum market share during the forecast period. Due to higher investments and numerous biotechnology businesses producing the tests, the U.S. dominates the regional market. In addition, Liquid Biopsy is supported by several organizations, including the American Society of Clinical Oncology (ASCO). Consequently, it is projected to accelerate market expansion in this area.
Since tests that have received FDA approval may be utilized there, Canada has followed the United States in adopting Liquid Biopsy procedures. Additionally, the industry is highly competitive, which is anticipated to fuel market expansion throughout the forecast period. The government’s increased grants and investments in developing Liquid Biopsy tests are anticipated to raise demand in the nation.
For instance, BioMark Diagnostic Solutions, Inc. received USD 825,000 in financing in June 2021 to develop a Liquid Biopsy assay for lung cancer screening. Consortium for Industrial Research and Innovation in Medical Technology grants and Spark funds from the Canadian Cancer Society, Brain Canada Foundation, and Canadian Institutes of Health Research – Institute of Cancer Research provide for a sizable portion of the funding.
Rising demand for quick, less invasive diagnostic tests and rising cancer prevalence positively influence the overall Liquid Biopsy market.
Some of the key players in the Global Liquid Biopsy Market include- Bio-Rad Laboratories (U.S.), Biocept Inc. (U.S.), Guardant Health (U.S.), Illumina Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Johnson & Johnson (U.S.) and others.