Pune, India, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The global liquid biopsy market size was USD 6.70 billion in 2022. The market is anticipated to expand from USD 8.01 billion in 2023 to USD 34.71 billion by 2030, exhibiting a CAGR of 23.3% over the estimated period. The expansion is due to increasing government policies focused on public screening tests. These initiatives are being undertaken for decreasing the rise in the number of chronic disorders and infectious diseases.
Fortune Business Insights™ provides this information in its research report, titled “Liquid Biopsy Market, 2023-2030”.
Key Industry Development:
September 2022 – Predicine Inc. announced that its PredicineCARE cfDNA Assay secured the Breakthrough Device designation from the U.S. Food and Drug Administration. The solution was developed for identifying biomarker-eligible cancer patients with select indications. These patients may get the benefit of the targeted therapy treatment.
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Key Takeaways:
- According to forecasts in Guardant Health, Inc.'s annual report, there would be 87,600 precision oncology clinical tests conducted in 2021 compared to 63,254 in 2020.
- When non-small cell lung cancer (NSCLC) patients are diagnosed in May 2021, around 27.0% to 31.0% are unable to furnish an acceptable tissue samples.
- Together with Susan G. Komen, Guardant Health, Inc. is conducting clinical studies to use Guardant Reveal, a blood-based test, to detect women with early-stage breast cancer.
- In Australia, between 25.0% to 30.0% of pregnant women undergo NIPT in private hospital settings, according to the Annual Review of Genomics and Human Genetics Report published in August 2021.
Discover the Leading Players Featured in the Report:
Guardant Health (U.S.), PERSONALIS, INC. (U.S.), FOUNDATION MEDICINE, INC. (U.S.), Natera, Inc. (U.S.), Illumina, Inc. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Menarini Silicon Biosystems, Inc. (Italy), Thermo Fisher Scientific Inc. (U.S.), QIAGEN (Germany), Bio-Rad Laboratories, Inc. (U.S.)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 23.3% |
| 2030 Value Projection | USD 34.71Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 8.01 Billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 155 |
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Drivers and Restraints:
Growing Investment Initiatives by Market Players to Impel Industry Expansion
The liquid biopsy market growth is being impelled by the growing focus of industry players on R&D initiatives. These steps are being adopted on account of the high prevalence of cancer across various regions.
However, the costs associated with test assay kits and screening are high. This may restrain industry expansion to a certain extent.
Segments:
Kits & Reagents Segment to Lead Impelled by Soaring Launch of Technologically Advanced Products
On the basis of product, the market is subdivided into instruments and kits & reagents. The kits & reagents segment held a major share in the market in 2022 and is expected to expand at a substantial rate over the projected period. The rise is due to the growing focus of key players on product launch and footprint expansion initiatives.
NIPT Segment to Dominate Driven by Rising Product Preference among Pregnant Women
By application, the market for liquid biopsy is fragmented into oncology, non-invasive prenatal testing (NIPT), and others. The non-invasive prenatal testing (NIPT) segment held the highest market share in 2022. The growth is being driven by an increase in the number of congenital and genetic abnormalities in fetuses.
Hospitals Segment to Gain Notable Traction Owing to Increasing Test Demand
On the basis of end user, the market is segregated into clinical laboratories, hospitals, and others. The hospitals segment held a key share in the global market. The expansion is propelled by the growing awareness regarding cancer screening among the population.
Based on geography, the market for liquid biopsy has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By Product
- Kits & Reagents
- Instruments
By Application
- Non-invasive Prenatal Testing (NIPT)
- Oncology
- Others
By End User
- Hospitals
- Clinical Laboratories
- Others
By Region
- orth America (By Product, By Application, By End User, and By Country)
- Europe (By Product, By Application, By End User, and By Country/ Sub-region)
- Asia Pacific (By Product, By Application, By End User, and By Country/ Sub-region)
- Latin America (By Product, By Application, By End User, and By Country/ Sub-region)
- Middle East & Africa (By Product, By Application, By End User, and By Country/ Sub-region)
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Report Coverage:
The report delves into the key factors driving the global industry scenario over the coming years. It also presents an account of the major trends and the impact of the coronavirus pandemic on the market growth of liquid biopsy. Additional aspects of the report include an overview of the pivotal steps undertaken by leading companies for strengthening their industry footings.
Regional Insights:
North America to Hold Major Share Owing to Growing Launch of Advanced Products
The North America liquid biopsy market share is slated to expand at a substantial rate over the projected period. The region held a dominating market share in 2022 owing to the growing introduction of new technologies.
The Europe market held the second largest share in the global market. This can be credited to the soaring awareness regarding prenatal and cancer screening in the region.
Competitive Landscape:
Leading Players Enter into Collaborations to Strengthen Industry Foothold
Key liquid biopsy companies are forging partnerships and collaborations for strengthening their market footings. These strategies are being adopted for expanding their geographical footprints and increasing the reach of their products. Some of the other steps comprise an increase in research initiatives and the development of new solutions.
FAQ’s
How big is the Liquid Biopsy Market?
Liquid Biopsy Market size is USD 8.01 Billion in 2023.
How fast is the Liquid Biopsy Market growing?
The Liquid Biopsy Market will exhibit a CAGR of 23.3% during the forecast period, 2023-2030
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