Market Growth Factors:
The key factors driving the growth of this market include increasing prevalence of cancer, increasing preference for non-invasive procedures, initiatives undertaken by government and global health organizations, technological advancement to augment market revenues, rising emphasis on personalized medicine, and availability of funding for liquid biopsy R&D.
According to the new market research Liquid Biopsy Market is expected to reach $2,047.9 Million by 2022 from an estimated $715.7 Million in 2017, at a CAGR of 23.4%.
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Based on product and service, the liquid biopsy market is segmented into assay kits, instruments, and services. Among these, the assay kits segment is expected to be the fastest-growing segment in the product and services market during the forecast period. Factors such as the increasing demand for liquid biopsy tests, increasing applications of liquid biopsies, and the need for reliable and specific assays are expected to drive the liquid biopsy market in the coming years.
Based on circulating biomarkers, the market is categorized into circulating tumor cells (CTCs), circulating tumor DNA (ctDNA), cell-free DNA (cfDNA), extracellular vesicles (EVs) and other circulating biomarkers. The circulating tumor DNA segment is expected to be the fastest-growing segment in the circulating biomarkers market during the forecast period. An increase in CTCs in a patient’s bloodstream is associated with cancer progression, while a decrease is associated with cancer containment or remission.
Based on application, the liquid biopsy market is segmented into cancer and non-cancer applications (which include reproductive health and organ transplant diagnostics). The non-cancer application segment is expected to be the fastest-growing segment in the market during the forecast period.
North America is expected to account for the largest share of the liquid biopsy market in 2017, followed by Europe. A number of factors such as the easy accessibility and high adoption of advanced diagnostic technologies (such as PCR and NGS) among healthcare professionals, rising prevalence of cancer in the US and Canada, technological advancements in liquid biopsy products, and growing public and private funding to support research activities in the field of liquid biopsy are aiding market growth in the region.
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Top Key Players:
The key players in the global liquid biopsy market are QIAGEN N.V. (Netherlands), Roche Diagnostics (US), Bio-Rad Laboratories Inc. (US), Myriad Genetics, Inc. (US), Menarini Silicon Biosystems (Italy), Genomic Health, Inc. (US), Thermo Fisher Scientific Inc. (US), Illumina, Inc. (US), Biocept, Inc. (US), Trovagene, Inc. (US), Guardant Health, Inc. (US), RainDance Technologies, Inc. (US), and MDx Health SA (US).