Major liquid biopsy market players include BIOCEPT, Inc., QIAGEN, Myriad Genetics, Inc., Lucence health Inc., Guardant Health, Inc. and F. Hoffmann-La Roche.
Selbyville, Delaware, Dec. 01, 2021 (GLOBE NEWSWIRE) --
The liquid biopsy market size is anticipated to record a valuation of USD 10 billion by 2027, according to the most recent study by Global Market Insights Inc. Growing awareness about advanced minimally invasive tests in cancer diagnostics will stimulate the adoption of liquid biopsy.
Continuous technological advancements in the liquid biopsy will augment the market growth. Industry participants are continuously involved in the development and launch of products with enhanced accuracy. Moreover, increasing prevalence of cancer patients across the world will accelerate the overall market expansion potential. high investment in research and development activities to develop advanced pathways in screening, diagnosis and prognosis will contribute to the market progression.
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Government funding for awareness and prevention of cancer will fortify liquid biopsy market demand. Several government organizations are promoting and investing in R&D facilities for advanced solutions for cancer. Developing healthcare infrastructure along with high spending on healthcare in developing economies will foster the industry growth during the forecast timeframe.
The others segment is estimated to witness 29.5% growth rate through 2027. Among several other biomarkers, exosome biomarkers are expected to showcase substantial growth. The growth is owing to increasing usage of exosomes for clinical diagnosis in oncology. Additionally, these biomarkers providing numerous advantages such as high accuracy, reduced procedural time, early cancer detection and diagnosis of thyroid cancer will fortify the segment growth in the coming years.
Others segment accounted for more than 14% of the liquid biopsy market share in 2020 led by the technological advancements. Development of several instruments specific to liquid biopsy ClearCell FX1 System and The LiquidBiopsy Instrument to offer better procedure workflow and output. Moreover, with growing number of liquid biopsy procedures, the demand for instruments and consumables is forecasted to grow during the forecast timeline.
Colorectal cancer segment is projected to attain a CAGR of 29.6% till 2027. Rising prevalence rate of colorectal cancer worldwide and importance of early detection will increase acceptance of liquid biopsy. High adoption of NGS technology in liquid biopsy with several applications in cancer diagnosis will fuel the industry expansion. In addition, growing awareness about blood-based biopsy tests for early tumor detection with less pain is slated to drive overall the industry progression.
Asia Pacific liquid biopsy market is poised to observe lucrative growth during the forecast timeline. Large patient pool of cancer in the region will propel the market value. Manufacturers are adopting expansion strategies for better penetration in the region. Furthermore, increasing demand for non-invasive tools and acceptance of liquid biopsy is laboratories will influence the regional growth.
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Major players operating in the market include BIOCEPT, Inc., QIAGEN, Myriad Genetics, Inc., Lucence health Inc., Guardant Health, Inc. and F. Hoffmann-La Roche, among others. Key industry leaders are focusing on product development, collaboration and acquisition strategies for industry demand opportunities.
Table of Contents (ToC) of the report:
Chapter 3 Liquid Biopsy Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By biomarkers
3.4.2 By product
3.4.3 By application
3.5 COVID-19 impact analysis
3.6 Service provider landscape
3.7 Porter’s analysis
3.8 Competitive landscape, 2020
3.9 PESTEL analysis
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