Press release
Liquid Biopsy Global Market to Observe Highest Growth of $27.44 Billion with an Excellent CAGR of 33.5% By 2028 | Biocept Inc., Illumina Inc., Natera Inc., ANGLE PLC, Bio Techne Corp
Liquid Biopsy Global Market
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.
Market Overview -
A liquid biopsy is a quick and painless substitute for surgical biopsies that allows medical professionals to learn a lot about a tumor from a small blood sample. A liquid biopsy is a diagnostic test performed on blood to detect the presence of any cancerous cells in the blood. It is used to detect cancer at an early stage.
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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.
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.
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Key Segments -
The liquid biopsy market covered in this report is segmented -
1) By Product: Assays Kits, Instruments, Services
2) By Clinical Application: Early Cancer Screening, Therapy Selection, Treatment Monitoring, Recurrence Monitoring Orthopedics
3) By End User: Reference Laboratories, Hospitals and Physician Laboratories, Academic and Research Centers
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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