Wilmington, Delaware, United States, Jan. 04, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global liquid biopsy market is estimated to flourish at a CAGR of 8.8% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for liquid biopsy is estimated to reach US$ 7.7 billion by the end of 2031.
Evolving reimbursement policies for liquid biopsy tests impact market growth. Expanding insurance coverage and favorable reimbursement rates augment test accessibility, boosting market adoption. Changes in regulatory landscapes worldwide significantly influence liquid biopsy market dynamics. Streamlined approval processes and regulatory support accelerate market entry, fostering innovation and market expansion.
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Increasing patient education and advocacy initiatives regarding the benefits of liquid biopsy for early cancer detection and treatment monitoring drive demand. Heightened awareness among patients and healthcare providers fuels market growth. The integration of AI-driven algorithms enhances the interpretation of liquid biopsy results, improving accuracy and aiding in actionable clinical insights, shaping market trends.
Collaborations for developing companion diagnostics alongside therapeutic treatments drive market growth. Liquid biopsy as a companion diagnostic tool for targeted therapies elevates its importance in precision medicine strategies.
Liquid Biopsy Market: Competitive Landscape
The competitive landscape of the liquid biopsy market brims with diverse players driving innovation and technological advancements. Key industry leaders like Guardant Health, Inc., Bio-Rad Laboratories, and F. Hoffmann-La Roche AG dominate, offering comprehensive liquid biopsy solutions.
Emerging contenders such as GRAIL, Inc. and Exact Sciences Corporation leverage advanced research in cancer diagnostics, intensifying competition. Strategic collaborations, mergers, and acquisitions are prevalent strategies among companies aiming to expand their market presence.
The pursuit of novel biomarkers, improved sensitivity, and cost-effective testing methods fuel rivalry in this dynamic landscape, striving to provide accurate, non-invasive diagnostics for personalized cancer treatment strategies. Some prominent manufacturers are as follows:
- Biocept, Inc.
- MDxHealth
- Myriad Genetics, Inc.
- Bio-Rad Laboratories
- QIAGEN F. Hoffmann-La Roche Ltd.
- Thermo Fisher Scientific Inc.
- Genomic Health, Inc.
- Illumina Inc.
Key Findings of the Market Report
- Oncology stands as the leading application segment in the liquid biopsy market due to its widespread use in cancer diagnostics.
- Circulating Tumor Cells (CTC) segment leads the liquid biopsy market due to its direct link to cancer progression and metastasis.
- Online Sales emerges as the leading end-user segment in the liquid biopsy market due to increased accessibility and convenience for consumers.
Liquid Biopsy Market Growth Drivers & Trends
- Continuous research and development efforts drive the discovery of new biomarkers, enhancing the accuracy and applicability of liquid biopsy for cancer diagnostics.
- Increasing emphasis on tailored treatment approaches based on liquid biopsy results fuels market expansion, enabling precise and targeted therapies for patients.
- Growing preference for non-invasive diagnostic methods fuels the adoption of liquid biopsy, offering reduced patient discomfort and enabling frequent monitoring for treatment efficacy.
- Ongoing technological advancements, such as next-generation sequencing and digital PCR, enhance the sensitivity and specificity of liquid biopsy assays, shaping market growth.
- Escalating cancer incidence rates globally drive the demand for reliable and early detection methods like liquid biopsy, fostering market growth across regions and healthcare systems.
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Global Liquid Biopsy Market: Regional Profile
- North America, primarily led by the United States, holds a dominant position, spearheading technological advancements and extensive research in liquid biopsy. The region benefits from a robust healthcare infrastructure and high investments in R&D, fostering the adoption of liquid biopsy techniques for cancer diagnostics and treatment monitoring.
- In Europe, countries like Germany, the United Kingdom, and France exhibit a mature market for liquid biopsy, emphasizing precision medicine and personalized healthcare. Regulatory support and collaborations between research institutions and industry players drive market growth, focusing on novel biomarker discovery and clinical validation.
- Asia Pacific emerges as a promising market fueled by Japan, China, and India, propelled by the rising prevalence of cancer and growing healthcare expenditure. The region witnesses increased adoption of liquid biopsy technologies, emphasizing early cancer detection and personalized medicine, thus indicating substantial growth potential.
Product Portfolio
- Biocept Inc. pioneers liquid biopsy technology, offering non-invasive cancer detection solutions. Their innovative assays and molecular diagnostics empower personalized treatment strategies, enhancing patient care and enabling early disease detection for improved clinical outcomes in oncology.
- MDxHealth specializes in molecular diagnostic solutions, focusing on urology, offering non-invasive tests for prostate cancer. Their assays aid in treatment decisions, providing precise diagnostic information to healthcare professionals, ensuring optimal patient management and improved outcomes.
- Myriad Genetics Inc. is a leader in genetic testing and precision medicine. Renowned for comprehensive hereditary cancer tests and companion diagnostics, they empower healthcare decisions, guiding personalized treatment strategies for improved patient care and outcomes.
Liquid Biopsy Market: Key Segments
By Application
- Oncology
- NIPT
- Transplant Diagnostics
- Others
By Circulating Biomarker
- Circulating Tumor Cells (CTC)
- Free Nucleic Acid
- Extracellular Vesicles/Exosomes
By End User
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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