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Liquid Biopsy Market to See Booming Growth by 2031 | F. Hoffmann-La Roche Ltd. (Switzerland), Myriad Genetics, Inc. (US), QIAGEN N.V. (Netherlands).
Liquid Biopsy Market
The liquid biopsy market was valued at USD 2.6 billion in 2021, and it is anticipated to grow further till USD 13.4 billion by 2031, at a CAGR of 17.8% during the forecast period.
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Liquid biopsy is an easy, quick, non-invasive, and repeatable sampling technique that can reflect changes in tumor gene expression profiles and offer a solid foundation for a customized treatment and cancer early detection. The focus in recent years has also been on early cancer detection, tracking the development of tumors, evaluating therapy response and clinical prognosis, and identifying recurrent and refractory cancers. Furthermore, due to technological advancements in both practicality and turnaround time, liquid biopsy has recently attracted a lot of attention as a non-invasive substitute procedure for tissue biopsy in patients with cancer.
Market Trends and Drivers
The number of persons who have cancer has significantly increased on a global scale. Environmental factors, cigarette use, infectious diseases like Hepatitis B and C, as well as lifestyle changes, are some of the causes of the increased incidence of cancer. Cancer is the second-leading cause of mortality worldwide, according to the WHO. According to estimates from the International Agency for Research on Cancer (IARC), there would be 19.3 million new cases of cancer and 9.96 million cancer-related deaths worldwide in 2020. Compared to conventional cancer diagnostic methods, liquid biopsy has various advantages, including lower cost, early prognosis, therapy monitoring, tumour heterogeneity identification, acquired drug resistance, and patient comfort (by eliminating the need for surgery).
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Global Liquid Biopsy Market by Cancer Type
Based on the cancer type, it is segmented into lung cancer, breast cancer, colorectal cancer, prostate cancer, liver cancer, and others. The lung cancer segment is anticipated to dominate the market during the forecast period. Because non-small cell lung cancer is becoming more common worldwide. For instance, according to the World Health Organization, lung cancer will account for the vast majority of cancer-related fatalities worldwide (1.80 million deaths) in 2020. Prostate cancer, which is the most common type of cancer and the second largest cause of death in North America, is also anticipated to experience the fastest growth during the projected period.
Major Players in the Global Liquid Biopsy Market
The key players studied in the report are F. Hoffmann-La Roche Ltd. (Switzerland), Myriad Genetics, Inc. (US), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific, Inc. (US), Guardant Health, Inc. (US), MDxHealth SA (Belgium), Exact Sciences Corporation (US), Illumina Inc. (US), Sysmex Inostics (US), Bio-Rad Laboratories, Inc. (US), Biocept, Inc. (US), NeoGenomics, Inc. (US), ANGLE plc (UK), Menarini-Silicon Biosystems (Italy), and Vortex Biosciences, Inc. (US) among others.
COVID-19 Impact
Although COVID-19's far-reaching consequences have been unprecedented, cancer sufferers have been among the most severely impacted groups. The number of patients getting cancer screening, diagnosis, and treatment has been significantly impacted by COVID-19. Oncology clinics were re-profiled for treating patients with the COVID-19 as a result of the increasing demand brought on by the rising rate of COVID-19 patients being hospitalized. As a result, a study found that numerous diagnostic and therapeutic operations, including up to 2.3 million cancer surgeries, have been shelved or delayed globally.
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However, as nations gradually loosen their travel restrictions, testing numbers are expected to increase again. Responding to rising cancer incidence has become a critical medical concern on a global scale since the COVID-19 pandemic. Cancer has been recognized as a risk factor for COVID-19 due to the fact that several COVID-19 patients had malignancies. It is predicted that additional research in this area would advance cancer research by helping to better understand the dynamics of infection. It is also anticipated that this will increase demand for liquid biopsy products.
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