Press release
The Global Liquid Biopsy Market Evaluated to Advance at $4759.0 Million by 2028
Liquid Biopsy Market
Liquid biopsy is a non-invasive procedure assisting in monitoring cancer and other chronic disorders. Moreover, it is gaining popularity as a feasible alternative to tissue biopsy for application in reproductive health, cancer, and transplant medicine.
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As per Triton's research report, the global liquid biopsy market is assessed to showcase growth in terms of revenue at a CAGR of 18.54% during the period 2021-2028. It is estimated to reap value worth $4759.0 million by 2028.
It is estimated that people over the age of 80 will triple in number by 2050. This rise in the geriatric population is among the key factors increasing the adoption of biopsy tests. Moreover, the incidence rate of breast cancer and colorectal cancer is rising among older people. Therefore, the high prevalence of cancer among the senior population is stimulating the growth of the liquid biopsy market globally.
However, the reimbursement and treatment monitoring for liquid biopsy is less, and is carried out only in a few laboratories. Here, the lack of reimbursement for liquid biopsy hinders the market's progress. Besides, the unavailability of skilled professionals and the high cost of liquid biopsy tests are also restricting the overall growth of the liquid biopsy market.
The market for liquid biopsy is sectioned into analysis platform, therapeutic application, industry verticals, biomarker type, clinical application, analysis purpose, and product. In terms of analysis platform, it is divided into microarray, PCR, proteomics, NGS, and other analysis platforms. Therapeutic application is sub segmented into non-oncology application, breast cancer, prostate cancer, colorectal cancer, melanoma cancer, lung cancer, and other types of cancer. Similarly, industry verticals are branched into physicians' office laboratories, clinical diagnostic laboratories, and hospitals. Based on biomarker type, the division is as per nucleic acid, protein, extracellular vesicles, and cells.
Additionally, the clinical application is segmented into treatment monitoring, prognosis and reoccurrence monitoring, treatment selection, and diagnosis and screening. The analysis purpose section is categorized into early detection/screening, therapy guidance, diagnosis, and monitoring. Lastly, the product is subdivided into extracellular vesicles and others, cell-free DNA [CFDNA], circulating tumor cells [CTCS], and circulating tumor DNA [CTDNA].
Globally, North America is leading in the liquid biopsy market and is expected to continue its stronghold over the market till 2028. The demand for liquid biopsy has surged in the region, owing to the rise in the number of cancer cases. Moreover, the US and Canada have advanced biopsy technologies that specialize in detecting diseases at an early stage, reducing the mortality rate.
Additionally, cancer organizations are playing a major role in raising awareness pertaining to the early diagnosis of cancer, encouraging people to opt for diagnostic tests. Hence, all these factors are expanding the growth of the liquid biopsy market across North America.
Myriad Genetics Inc, Becton Dickinson and Company (BD), F Hoffmann-La Roche, Angle Plc, Adaptive Biotechnologies, Illumina Inc, Thermo Fisher Scientific Inc, Natera, MDxHealth SA, Bio-Rad Laboratories Inc, Personal Genome Diagnostics, Foundation Medicine, Agilent Technologies Inc, Guardant Health IncGrail, Biocept Inc, Qiagen NV, and Menarini-Silicon Biosystems are key companies thriving in the liquid biopsy market.
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Question & Answer: Liquid Biopsy Market
Question 1: What factor is stimulating the growth of the liquid biopsy market globally.?
Answer: It is estimated that people over the age of 80 will triple in number by 2050. This rise in the geriatric population is among the key factors increasing the adoption of biopsy tests. Moreover, the incidence rate of breast cancer and colorectal cancer is rising among older people. Therefore, the high prevalence of cancer among the senior population is stimulating the growth of the liquid biopsy market globally.
Question 2: What factors are restricting the overall growth of the liquid biopsy market?
Answer: The reimbursement and treatment monitoring for liquid biopsy is less, and is carried out only in a few laboratories. Here, the lack of reimbursement for liquid biopsy hinders the market's progress. Besides, the unavailability of skilled professionals and the high cost of liquid biopsy tests are also restricting the overall growth of the liquid biopsy market.
Question 3: Which region is the leading in the liquid biopsy market?
Answer: Globally, North America is leading in the liquid biopsy market and is expected to continue its stronghold over the market till 2028. The demand for liquid biopsy has surged in the region, owing to the rise in the number of cancer cases.
Moreover, the US and Canada have advanced biopsy technologies that specialize in detecting diseases at an early stage, reducing the mortality rate. Additionally, cancer organizations are playing a major role in raising awareness pertaining to the early diagnosis of cancer, encouraging people to opt for diagnostic tests. Hence, all these factors are expanding the growth of the liquid biopsy market across North America.
Question 4: Which are the key companies thriving in the liquid biopsy market?
Answer: Myriad Genetics Inc, Becton Dickinson and Company (BD), F Hoffmann-La Roche, Angle Plc, Adaptive Biotechnologies, Illumina Inc, Thermo Fisher Scientific Inc, Natera, MDxHealth SA, Bio-Rad Laboratories Inc, Personal Genome Diagnostics, Foundation Medicine, Agilent Technologies Inc, Guardant Health IncGrail, Biocept Inc, Qiagen NV, and Menarini-Silicon Biosystems are key companies thriving in the liquid biopsy market.
Related Report:
Global Biopsy Device Market - https://www.tritonmarketresearch.com/reports/global-biopsy-device-market#report-overview
The global biopsy device market is forecasted to garner a CAGR of 6.81% over the estimated period 2019-2027, while gathering revenue worth $3302.21 million by 2027.
Biopsy devices are gaining significant traction as a practical substitute for traditional screening methods for chronic diseases, such as cancer. The studied market directly relies on the number of cancer cases. According to WHO, cancer is among the leading causes of mortality. This surges the demand for biopsy devices to a large extent.
The high prevalence of chronic diseases, rising public understanding of disease transmission, and increasing diagnostic centers are leading the biopsy devices market on a growth path.
Additionally, the increasing incidence of liver disorders offers opportunities to the market.
However, lack of skilled professionals, reimbursement issues, high cost of biopsy techniques, and limited technical skills hinder the overall development of the biopsy device market worldwide.
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