Press release
Global Liquid Biopsy Market Comprehensive Study: Forecasted Market Size And Growth Rate | QIAGEN NV, Roche Diagnostics Ltd., Bio-Rad Laboratories Inc., Myriad Genetics Inc
Liquid Biopsy Market Size
The Business Research Company offers in-depth market insights through Liquid Biopsy Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The liquid biopsy market size has grown exponentially in recent years. It will grow from $6.61 billion in 2023 to $8.64 billion in 2024 at a compound annual growth rate (CAGR) of 30.8%. The growth in the historic period can be attributed to advances in cancer research, non-invasiveness, personalized medicine, regulatory approvals, early cancer detection.
The liquid biopsy market size is expected to see exponential growth in the next few years. It will grow to $27.44 billion in 2028 at a compound annual growth rate (CAGR) of 33.5%. The growth in the forecast period can be attributed to expanding applications, cancer monitoring, emerging technologies, companion diagnostics, biomarker discovery. Major trends in the forecast period include cancer detection and monitoring, therapeutic monitoring, minimal residual disease (mrd) monitoring, liquid biopsy in non-oncological applications.
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Market Segmentation:
The main product types of liquid biopsy are assay kits, instruments, and services. Assay kits provide the reagents needed to conduct analytical tests for the measurement of specific analysis in industries such as food, cereals and dietary fiber, dairy, analytical laboratories, animal feed and nutrition, biofuels, biotechnology, wine, malting and brewing, and research. The various clinical applications include early cancer screening, therapy selection, treatment monitoring, and recurrence monitoring orthopedics that are used by reference laboratories, hospitals and physician laboratories, and academic and research centers.
Major Driver - Government Funding Boosts Liquid Biopsy Market
Government funds for refining cancer detection drive the growth of the liquid biopsy market. Government funds help researchers in drug discovery, diagnosis, and treatment of diseases such as Cancer. For instance, in 2021, National Cancer Institute (NCI), a USA-based government agency increased its grant monies to $678,000 from $570,000 in 2020. Furthermore, in 2022, National Institute of Health (NIH), an American medical research agency was granted a fund of $46.6 billion and $6.9 billion was awarded to National Cancer Institute (NCI), an American cancer research agency, for advancing cancer research. Therefore, government funds positively impact the growth of the liquid biopsy market.
Competitive Landscape:
Major companies operating in the liquid biopsy market include QIAGEN NV, Roche Diagnostics Ltd., Bio-Rad Laboratories Inc., Myriad Genetics Inc., Guardant Health Inc., Thermo Fisher Scientific Inc., Menarini Silicon Biosystems, Biocept Inc., Janssen Diagnostics LLC, Trovagene Inc., Fraunhofer-Gesellschaft, MDX Health SA, Agilent Technologies Inc., Illumina Inc., Oxford Nanopore Technologies Ltd., Quantum Biosystems Inc., Menarini Silicon Biosystems Inc., Pathway Genomics Corporation, Sysmex Corporation, Janssen Global Services LLC, Natera Inc., ANGLE Plc, Bio Techne Corp, Biodesix Inc., CellMax Inc., CIRCULOGENE, Exact Sciences Corporation, Epic Sciences Inc., Exosome Diagnostics Inc., GRAIL Inc., Guardant Health AMEA, Inivata Ltd., NIPD Genetics, Oncocyte Corporation, Personal Genome Diagnostics Inc., RainDance Technologies Inc., Thrive Earlier Detection Corp.
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Top Trend - Advancements In Liquid Biopsy Products Drive Innovation In Cancer Diagnosis And Treatment
Companies are rapidly adopting new market dynamics and focusing primarily on advanced product launches, to meet the ever-increasing need for liquid biopsy products and services, to increase their revenue, and also for gaining a competitive edge over their rivals. For instance, in June 2023, Laboratory Corporation of America Holdings, a US-based healthcare company, launched a liquid biopsy test called Labcorp Plasma Focus. This test has been developed to identify cancer-associated biomarkers in individuals with advanced or metastatic solid tumors. The examination examines the cell-free DNA (cfDNA) circulating in a patient's blood sample to construct a genomic profile of their tumor. This enables oncologists to enhance the management of their patients' healthcare by creating personalized, precisely targeted therapy strategies. Thus, companies are investing in the development of advanced products in the liquid biopsy market.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Liquid Biopsy Market Characteristics
3. Liquid Biopsy Market Trends And Strategies
4. Liquid Biopsy Market - Macro Economic Scenario
5. Liquid Biopsy Market Size And Growth
…..
27. Liquid Biopsy Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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