NEW YORK, Nov. 1, 2023 /PRNewswire/ — The liquid biopsy market size is estimated to grow by USD 1.74 billion from 2021 to 2026, according to Technavio. The market is estimated to grow at a CAGR of 18.77% during the forecast period. The increasing incidence of cancer is one of the major factors notably driving the growth of the liquid biopsy market. Globally, cancer is one of the leading causes of morbidity. The rapidly growing older population globally and at a high risk of getting cancer, due to the rise in average life expectancy. Moreover, end-users are increasingly preferring liquid biopsy over tissue biopsy as it is non-invasive and can detect the presence of different cancers more effectively using the individual’s blood sample. The growing incidence of cancers will subsequently increase the diagnosis using the liquid biopsy method, expected to drive the market growth during the forecast period. However, the growth momentum will be progressing. – Request a sample report
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Liquid Biopsy Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on technology (CTC and ctDNA and exosome and RNA) and geography (North America, Europe, Asia, and ROW).
- The liquid biopsy market share growth by the CTC and ctDNA segment will be significant during the forecast period. The most preferred is the ctDNA test, as it is highly sensitive and allows analysis of DNA sequence and methylation. Furthermore, it permits timely and dynamic monitoring of tumor progression and can reduce the diagnosis bias from tumor heterogeneity. Vendors are mainly emphasizing the development of novel methods for capturing CTCs and ctDNAs to detect an extensive array of cancers before the physical manifestation of symptoms and to track the advancement of tumors throughout treatment. However, they are also working to explore ctDNA fluid biopsy to detect the emergence of resistant clones, which restrains the remission times achieved in patients treated with targeted therapies, and to correlate results from ctDNA with patient outcomes.
Geography Overview
By geography, the global liquid biopsy market is segmented into North America, Europe, Asia, and ROW. The report provides actionable insights and estimates the contribution of all regions to the growth of the global liquid biopsy market.
- North America is estimated to account for 55% of global growth during the forecast period. In North America, The US and Canada are the key markets for liquid biopsy. The growing number of cancer cases, rising adoption of technologically advanced biopsy tests, increasing older population, high expenditure on the screening of types of cancers, and the increasing number of biotechnology and pharmaceutical companies driving the demand for anti-cancer drug development will facilitate the liquid biopsy market growth in North America during the forecast period.
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Liquid Biopsy Market – Market Dynamics
Leading trends influencing the market
The increasing funding/investment for fluid biopsy is a liquid biopsy market trend that is expected to drive market growth. In the last few years, fluid biopsy gained momentum, both as a research tool and as sophisticated diagnostics technology. Thus, the market attracted investors to invest in the R&D of advanced technologies and the development and commercialization of fluid biopsy products. Multiple vendors, such as GRAIL, Guardant Health, Exosome Diagnostics, Pathway Genomics, and Inivata, received funding from various investors. Blood-based cancer detection firm Thrive Earlier Detection announced its launch, supported by USD110 million in funding in May 2019. Also, the firm announced plans to commercialize a circulating tumour DNA and protein testing method initially developed at Johns Hopkins University and undergoing validation in a 10,000-person trial with Pennsylvania’s Geisinger Health System. Therefore, such factors are expected to fuel the market during the forecast period.
Major challenges hindering the market growth
The major challenge for the liquid biopsy market is the limited reimbursement. Nowadays, there is only limited reimbursement and treatment monitoring for fluid biopsy, and it is performed in a few laboratories. However, reimbursement for fluid biopsy tests in oncology is not ensured even after approval, as it is still considered a novel and unproven technique. The criteria for reimbursement coverage include the type of cancer, the early or late screening procedure, and the type of therapy selected. Reimbursement for fluid biopsy is either low in developed countries or not available in a few countries. In developing countries, though there is a high market opportunity, technology is not much adopted. In countries such as China and India, a tissue biopsy is mostly preferred over a fluid biopsy. Lack of reimbursement and awareness about fluid biopsy can cause a decline in its adoption, which can impede the market growth.
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What are the key data covered in this Liquid Biopsy Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the liquid biopsy market between 2022 and 2026
- Precise estimation of the liquid biopsy market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the liquid biopsy market across North America, Europe, Asia, and ROW
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of liquid biopsy market vendors
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Table of contents
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Technology
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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SOURCE Technavio
