by The global Liquid Biopsy Market is estimated to be valued at Us$ 13,220.0 Mn in 2022 and is expected to exhibit a CAGR Of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Liquid biopsy refers to the use of body fluids like blood to detect the presence of circulating tumor cells, circulating tumor DNA, and other biomarkers. It offers advantages over conventional tissue biopsies as it is a non-invasive technique and is relatively easy to perform. Additionally, liquid biopsy provides critical molecular insights into tumor heterogeneity and disease monitoring through repeat sampling. This allows physicians to gain a comprehensive understanding of tumor evolution and response to therapies. Given its advantages, liquid biopsy is increasingly being used for early cancer detection, treatment selection, disease monitoring, and therapy selection.
Market key trends:
The global liquid biopsy market is driven by the rising demand for non-invasive cancer diagnosis and management options. Moreover, increasing applications of liquid biopsy in therapeutic screening and monitoring of cancer recurrence is further fueling market growth. For instance, researchers have shown liquid biopsy’s ability to accurately detect epidermal growth factor receptor mutations, which help physicians determine whether a non-small cell lung cancer patient will respond to targeted EGFR therapies like gefitinib. Additionally, ongoing research studies focus on utilizing ctDNA analysis for predictive, prognostic and pharmacodynamic biomarker assessment, which is expected to expand liquid biopsy applications in the coming years.
Porter’s Analysis
Threat of new entrants: The liquid biopsy market requires high capital investments and technological expertise which poses a barrier for new companies. The established players have significant economies of scale and brand recognition.
Bargaining power of buyers: The buyers in the liquid biopsy market include hospitals, pathology laboratories and research institutes. Their bargaining power is moderate as they need to rely on few vendors for high quality products and services.
Bargaining power of suppliers: A few key players dominate the supply landscape. However, the suppliers have moderate bargaining power due to availability of alternative suppliers.
Threat of new substitutes: There are no cost-effective substitutes for liquid biopsy currently. However, traditional tissue biopsies continue to capture major market share posing a threat.
Competitive rivalry: The market is highly competitive with the presence of both established global players and local startups. Players compete based on technology, portfolio expansion and services.
Key Takeaways
The global Liquid Biopsy Market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period 2023-2075, due to increasing preference for non-invasive cancer screening techniques.
Regional analysis: North America dominated the global market in 2022 owing to rising incidence of cancer, advanced healthcare facilities and favorable reimbursement policies in the US and Canada. However, Asia Pacific is anticipated to be the fastest growing market during the forecast period driven by large patient pools, increasing medical tourism and rapid growth of healthcare industry across countries like China and India.
Key players: Key players operating in the liquid biopsy market include Guardant Health, F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories Inc., Myriad Genetics, Thermo Fisher Scientific Inc. Guardant Health offers comprehensive liquid biopsy tests for early detection of various cancers. Roche utilizes proprietary plasma-based biomarker panels for monitoring treatment response and detecting disease recurrence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
