Liquid Biopsy Market is expected to expand at a CAGR of 20.6% over the forecast period of 2017–2027
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Global Liquid Biopsy Market: Dynamics
Widespread acceptance of liquid biopsy technique in North America and steady adoption in developing regions is expected to drive the global liquid biopsy market revenues. An increasing number of biotechnology and pharmaceutical companies are pushing the demand for liquid biopsy for anti-cancerous drug development. Moreover, oncologists are more inclined toward liquid biopsy for cancer detection. Government funding for R&D and clinical trials for diagnostics, treatment, and prevention are other key factors fuelling adoption of liquid biopsy. In contrast, higher cost of liquid biopsy compared to conventional diagnostic techniques and low awareness regarding liquid biopsy tests can pose challenges to market revenue growth.
Global Liquid Biopsy Market: Segmental Forecast
The global liquid biopsy market is segmented on the basis of biomarker type, sample type, disease indication, end user and region. On the basis of biomarker type, the market has been segmented into CTC (Circulating Tumor Cells), ctNA (Circulating Tumor Nucliec Acids), Exosomes. CTC (Circulating Tumor Cells) is the largest biomarker segment in the liquid biopsy market, which is estimated to reach a market valuation of US$ 1,542.0 Mn by 2027, expanding at CAGR of 18.2% over the forecast period 2017–2027.
Based on sample type, the liquid biopsy market is segmented into blood, urine and other. Blood sample segment is expected to dominate the global liquid biopsy market, registering a CAGR of 20.5% in terms of value during the forecast period.
On the basis of disease indication the global liquid biopsy market is segmented into lung cancer, gastrointestinal cancer, prostate cancer, breast cancer, colorectal cancer, leukemia and others. Lung cancer segment dominated the global liquid biopsy market in revenue terms in 2016 and is projected to continue to do so throughout the forecast period. Lung cancer segment is projected to be the most attractive segment with attractiveness index of 2.9 during the forecast period.
Based on end user, the global liquid biopsy market is segmented into hospitals, cancer institutes, academic institutes and diagnostic centres. Cancer Institutes end user segment dominated the global liquid biopsy market in revenue terms in 2016 and is projected to continue to do so throughout the forecast period. Cancer institutes segment is projected to be the most attractive segment with attractiveness index of 1.6 during the forecast period.
On the basis of region, the global liquid biopsy market has been segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan and MEA. North America dominated the global liquid biopsy market with 51% value share in 2016, and is expected to continue to dominate the global market throughout the forecast period. Availability of beneficial reimbursement schemes for cancer diagnosis and treatment is expected to fuel revenue growth of this regional market. Increasing government funding on cancer research is also expected to boost revenue growth of the liquid biopsy market in North America. Western Europe is expected to be the second most lucrative market, with an attractiveness index of 1.8 during the forecast period. Western Europe is closely followed by APEJ with a market attractiveness index of 1.5.
Global Liquid Biopsy Market: Key Players
Some of the players profiled in the global liquid biopsy market report include Biocept, Inc., Qiagen N.V., Trovagene, Inc., Johnson & Johnson, MDxHealth SA, Natera, Inc., F. Hoffman-La Roche Ltd., Silicon Biosystems S.p.A., Pathway Genomics Corporation, Sysmex Corporation. Companies operating in the liquid biopsy market are launching new portable and advanced products for cancer diagnosis.
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