Market Definition
Liquid Biopsy is a laboratory test done on a sample of blood, urine, or other body fluids to look for remnants of cancer cells, from tumor to slightest strain, like DNA, RNA, or other molecules released by tumorous cancer cells into the body’s fluids. It can be applied to screen early cancer, track cancer/tumor progression, assess clinical prognosis, detect recurrent tumor cells, and more. It has gained attention and is appreciated as a non-invasive technique as it is less bodily taxing than tissue biopsy due to technological advances.
Market Insights
The Global Liquid Biopsy Market is projected to grow at a CAGR of around 26% during the forecast period, i.e., 2023-28. The market is significantly driven by the rising cases and prevalence of cancer, along with the increasing awareness and preference for non-invasive treatment procedures. Furthermore, the understanding and appreciation are guided by the several benefits associated with the new liquid biopsy technique, including rapid results, low cost, early prognosis, overcoming tumor heterogeneity, low risk, and non-invasiveness.
In addition, Liquid biopsy is less mentally taxing for the patient than other methods, such as tissue biopsy, resulting in further demand in the market and is expected to significantly drive the need for the market during the forecasting years.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 26% |
| Regions Covered | North America: The US, Canada, Mexico |
| Europe: United Kingdom, Germany, France, Spain, Italy, and Others | |
| Asia-Pacific: China, India, Japan, South Korea, South East Asia | |
| South America: Brazil, and Others | |
| Middle East & Africa: Saudi Arabia, UAE, South Africa | |
| Key Companies Profiled | Bio-Rad Laboratories, Biocept Inc, Abcodia Ltd, Chronix Biomedical, Epic Sciences Inc, Hoffmann-La Roche AG, Cynvenio Biosystems, Inc., GUARDANT HEALTH, INC, Illumina, Inc., NeoGenomics Laboratories, Inc., Menarini Silicon Biosystems, Inc., Qiagen N.V., Thermo Fisher Scientific, Personal Genome Diagnostics, Inc., Qiagen N.V. etc. |
| Unit Denominations | USD Million/Billion |
Consecutively, the rising preference for market growth is boosted by cancer awareness initiatives as it can monitor tumor progression early, along with eliminating the discomfort associated with the operation. In addition, with the emergence of advanced technologies, the demand for non-invasive diagnosis and treatment is rising. As it offers a non-risk effective alternative to patients, it is expected to spur the need for liquid biopsy in the forecasting period.
Furthermore, due to the inaccessibility of direct laboratories with infrastructures to undertake the liquid biopsy tests of patients in need, the fluid biopsy industry depends on the distance collection of samples by transporting the diagnostic kits to the patient. Therefore, this rising demand for the equipment would also further accelerate the market in the future.
Moreover, developing interest, research, and competition among significant laboratories, clinical industries, and research companies with dedicated investments from private and public organizations to fund the research for better cancer treatments. With the integration of advanced technology into the treatment process, further Market expansion could be expected.
