|Status : Upcoming||Report Code : VRHC1189||Industry : Healthcare||Available Format :|
The global liquid biopsy market is growing at a significant rate, due to the mounting occurrence of cancer, and escalating emphasis on personalized medicine. Different product and services such as assay kits, services, and instruments contributed to the global market size. The market has witnessed a high demand for assay kits due to mounting need for biopsy tests, the necessity for dependable and precise assays, and escalating applications of liquid biopsies. The increasing number of mergers and acquisition, strengthening product offerings, and increasing emphasis on geographic expansion are the major trends observed in the liquid biopsy industry.
Insight by Product and Services
On the basis of product and services, the market is subdivided into assay kits, services, and instruments. Of all product and services, assay kits segment accounted the largest share in the market, due to the necessity for dependable and precise assays, and escalating applications of liquid biopsies.
Insight by Circulating Biomarker
On the basis of circulating biomarker the market is subdivided into circulating tumor cells, extracellular vesicles (Evs), circulating tumor DNA (CTDNA), cell-free DNA, and other circulating biomarkers.
Insight by Clinical Application
On the basis of clinical application, the market is subdivided into early cancer screening, treatment monitoring, recurrence monitoring, and therapy selection. Among the all clinical applications, the therapy selection accounted the largest share in the liquid biopsy market due to the assistance of the technology in therapy assortment.
Insight by Application
On the basis of application, the market is subdivided into cancer applications and non-cancer applications. Among all applications, the cancer application accounted the largest share in the liquid biopsy market due to the mounting occurrence of cancer. The cancer applications segment is further subdivided into liver cancer, colorectal cancer, lung cancer, prostate cancer, breast cancer, and other cancers.
Insight by End User
The different end users of the market are reference laboratories, academic and research centers, hospitals and physician laboratories, and other end users. Among all end users, the reference laboratories accounted the largest share in the liquid biopsy market due to the increasing volume of test samples subcontracted to reference laboratories.
The mounting mergers and acquisition, strengthening product offerings, and improving geographic presence are the major trends of the liquid biopsy market. For instance, in January 2017, Bio-Rad Laboratories, Inc. signed an agreement to acquire RainDance Technologies, Inc. to strengthen its position in next-generation sequencing application.
The mounting occurrence of cancer, escalating emphasis on personalized medicine, intensifying inclination for noninvasive procedures, and availability of finance for research and development are the primary growth drivers for liquid biopsy market. According to the GLOBOCAN globally, approximately 14.1 million new cancer cases were diagnosed and there were 8.2 million cancer deaths in 2012. In addition, according to the World Health Organization (WHO), in 2015 approximately 8.8 million people died due to cancer. Moreover, approximately 70% of the deaths from cancer occur in low and middle-income countries.
An initiative by the government and other organizations for the research and development of diagnosis, and technological advancement are also facilitating the growth for the liquid biopsy market.
Low sensitivity and specificity, uncertain regulatory and reimbursement scenario are the major challenges for the growth of the liquid biopsy market.
Changing perspective in emerging economies such as India, and China regarding the usage of the usage of the technology and its increasing adoption for the treatment of rare cancer are the major opportunities of the liquid biopsy market.
Awareness of innovative technology has to upsurge access to personalized medicine for cancer patients. It has the ability to offer information about cancer devoid of invasive biopsy. It uses circulating biomarkers such as RNA, DNA, and protein for the monitoring, detection, diagnosis, and detection of reoccurrence.
Geographically, North America is the largest liquid biopsy market as in the region the occurrence of cancer is increasing. In addition, easy availability of the test and elevated acceptance of innovative diagnostic technologies in healthcare are also up surging growth of the North American liquid biopsy market.
Asia-Pacific is observed to witness the fastest growth in the liquid biopsy market due to the mounting occurrence of cancer, and escalating disposable income in the region.
Key players in the liquid biopsy industry are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In November 2018, MDxHealth SA received approval from the New York State Department of Health for its SelectMDx test for prostate cancer.
In addition, in April 2018, QIAGEN N.V. launched the AdnaTest ProstateCancerPanel AR-V7 Kit and AdnaTest LungCancer Kit to evaluate circulating tumor cells. Biocept, Inc., Roche Diagnostics, Trovagene, Inc., Illumina, Inc., QIAGEN N.V., Menarini-Silicon Biosystems, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Genomic Health, Inc., Guardant Health, Inc., and MdxHealth SA are the key players offering liquid biopsy products.