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Breast Cancer Liquid Biopsy Market Size is Generating Revenue of $336.659 thousand by 2027 | Qiagen N.V., Sysmex Corporation
Breast Cancer Liquid Biopsy Market
The global breast cancer liquid biopsy industry generated $87,641 thousand in 2019, and is expected to garner $336,659 thousand by 2027, registering a CAGR of 18.3% from 2019 to 2027.
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Covid-19 Scenario:
• The manufacturing and distribution companies in the breast cancer liquid biopsy industry have been affected due to COVID-19 outbreak.
• The lockdowns in various COVID-19 affected countries disrupted the supply chain.
Key determinants in the market-
Rise in demand for safe and non-invasive procedures, increase in prevalence of breast cancer, and benefits offered by breast cancer liquid biopsy tests over traditional tests augment the growth of the global breast cancer liquid biopsy market. Nevertheless, lack of access and awareness in underdeveloped countries impedes the growth to certain extent. Moreover, high growth potential in emerging markets anticipates to usher a plethora of new opportunities in the coming years.
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The reagent kit segment to dominate the market by 2027-
Based on product and service, the reagent kit segment garnered the largest market share in 2019, accounting for nearly three-fourths of the global breast cancer liquid biopsy market, and will continue its leadership status throughout the forecast period. In addition to this, the same segment is expected to grow the largest CAGR of 19.4% from 2020 to 2027. This is attributed to the factors such as increase in prevalence of breast cancer, rise in preference for noninvasive procedures, increase in breast cancer liquid biopsy reagents approvals, and increase in funding for liquid biopsy R&D.
The diagnostics segment to lead the trail by 2027-
Based on application, the diagnostics segment accounted for the highest market share in 2019, contributing to more than half of the global breast cancer liquid biopsy market, and is projected to maintain its lead throughout the forecast period. In addition, the segment is also expected to portray the fastest CAGR of 19.5% from 2020 to 2027. Rise in number of patients suffering from breast cancer, technological advancements in liquid biopsy systems, and increase in patient awareness toward safe and non-invasive liquid biopsy testing procedures are the major elements drive the growth of the segment.
North America to rule the roost throughout the forecast period
Based on region, North America held the largest market share in 2019, with more than two-fifths of the global breast cancer liquid biopsy market, and will maintain its dominance throughout 2027. In addition, this region is estimated to portray the fastest CAGR of 5.6% during the forecast period. This is attributed to the factors such as increase in prevalence of breast cancer, rise in preference of physicians & patients for minimally invasive procedures, availability of advanced healthcare facilities with trained medical professionals, rise in number of R&D activities. Moreover, the market across Asia-Pacific region is expected to grow at the fastest CAGR of 20.0% from 2020 to 2027. Increase in number of breast cancer patients, advantages of breast cancer liquid biopsy tests over traditional tests, and improvement in healthcare facilities in this province augment the growth of the market.
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The Major Key Players Are:
Biocept, Inc., F. Hoffmann-La Roche Ltd. (Foundation Medicine, Inc.), Fluxion Biosciences, Inc., Menarini Group (Menarini Silicon Biosystems, Inc.), Myriad Genetics, Inc., NeoGenomics Laboratories, Inc., Qiagen N.V., Sysmex Corporation, and Thermo Fisher Scientific Inc.
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