The Global Liquid Biopsy Market is expected to experience a compound annual growth rate of 28.9 percent between 2017 and 2023. In 2016, this market was worth approximately $634 million US dollars. By the year 2023, it is projected that this market will be worth nearly $3 billion US dollars. Key factors that are expected to drive the growth of this market include the increased prevalence of cancer on a global scale, as well as the increased preference of noninvasive procedures.
A liquid biopsy is noninvasive and simpler alternative to surgical biopsies. These biopsies allow doctors to find out a wide range of pertinent information related to a malignant tumors via a blood sample. The traces of cancer DNA in the blood can offer doctors clues about the nature of the cancer, as well as which type of treatment options will be the most effective for a patient.
A variety of factors are expected to augment the growth of the liquid biopsy market on a global scale.
The factor that is expected to account for the most significant growth of this market is the increased incidence of various types of cancer worldwide, including:
Moreover, the increased desire for noninvasive procedures among cancer patients is also projected to boost the size and value of this market during the forecasted time period. Liquid biopsies are noninvasive in nature as they only require a small amount of blood to be drawn from patients, whereas more traditional biopsies require surgeries. As a result of the noninvasive nature of liquid biopsies, patients experience significantly less pain, there is no recovery time, no need for hospitalization, and no incisions. Additionally, liquid biopsies are better tolerated by patients than surgical biopsies.
Yet another factor that is expected to lead to the increased growth of the liquid biopsy market is the increased preference among physicians and oncologists for this type of diagnostic procedure. Moreover, the increase demand for liquid biopsies amongst both biotechnology and pharmaceutical companies and further advancements in the invention and development will also help to augment this market.
Lastly, increased funding by governments in several countries for further research and development in the segments of clinical trials for diagnostics, prevention and treatments of cancers are also expected to drive the global liquid biopsy market.
While this market is expected to see substantial growth during the projected time period, there are certain factors that could cause potential problems for the advancement of this industry. For example, the higher costs associated with these types of biopsies in comparison to more conventional diagnostic techniques could hinder the growth of the market. Furthermore, minimal awareness about liquid biopsies could also pose as challenging for the global liquid biopsy market.
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The worldwide liquid biopsy market is fragmented into different segments. These segments include:
In regard to the maker type segmentation, the global market for liquid biopsies is fragmented as circulating tumor nucleic acids, circulating tumor cells, and exosomes. In regard to sample type, the global liquid biopsy industry is categorized by blood, urine, plasma, saliva and CSF. As per disease indication, the global liquid biopsy market is classified by different types of cancers, including breast cancer, lung cancer, gastrointestinal cancer, prostate cancer, leukemia, and several other types of cancers. The end user segment of this market is classified as institutes that are dedicated to the study, diagnosis and treatment of cancer, hospitals, academic institutions, as well as diagnostic centers.
During the forecasted time period, the circulating tumor cells segment of the maker type sector is projected to see the most growth. Cancer institutes are expected to see the most growth in the end user segment in the coming years. In regard to disease indication, breast cancer is set to see substantial growth.
The global liquid biopsy market is also divided geographically. The regions that are expected to boost the overall growth of the industry during the forecasted time period include:
In the year 2016, North America dominated the global liquid biopsy market, accounting for the largest market share of the global industry. During the 2017 and 2023 forecast period, it is projected that this market will continue to experience significant growth. This will largely be due to the increased number of projects that are related to clinical developments, as well as the accessibility and availability of liquid biopsies, and the heightened presences of technological advancements in this industry; PCR and NGS, for example. Moreover, the continued growth in the prevalence of various types of cancers, such as breast, prostate and lung cancer, in this region are also expected to heighten the growth of the market in North America.
In 2016, Europe followed North America, accounting for the second largest percentage of the share of the global liquid biopsy market. In the coming years, it is projected that this region will continue to see favorable growth. The increased diagnoses of cancer, particularly lung cancer, is expected to augment the growth of the market in this region.
Asia Pacific is also expected to see favorable growth in the global liquid biopsy market during the forecasted time period. Augmentation in this region will largely be due to the growing population, the increase size of the aging population, and the implementation of more advanced and cutting-edge health care practice.
There are several key players in the global liquid biopsy market. The vendors that are projected to contribute the most significant amount of growth for this industry during the projected timeframe include Roche, Myriad Genetics, Janssen Diagnostics LLC, Guardant Health Inc, and MDxHealth SA.