Newark, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Liquid biopsy market size from USD 2.36 billion to USD 9.50 billion in 8 years: Increasing demand for advanced diagnosing equipment
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Brainy Insights estimates that the USD 2.36 billion in 2022 liquid biopsy market will reach USD 9.50 billion by 2030. In just eight years, the liquid biopsy is a minimally invasive diagnostic instrument helping not only in oncology applications but playing a rising role in applications containing infectious diseases and reproductive health. Further, liquid biopsy utilizes multiple techniques, including molecular and proteomic imaging. The quantitative polymerase chain reaction (qPCR) and next-generation sequencing (NGS) describe the market's significant technologies. Presently, marketed tests are mainly single-gene tests based on PCR. Still, the industry is moving towards a multi-cancer strategy utilizing NGS with various machine learning/artificial intelligence (ML/AI) approaches.
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Key Insight of the Liquid Biopsy Market
North America to account for the largest market size during the forecast period
North America is expected to have the largest market share in the liquid biopsy market. Key factors favoring the growth of the liquid biopsy market in North America include greater investments and several biotechnology companies developing the tests. Further, the rising sensitivity of detecting techniques and assays, the increasing number of cancer cases, and the proliferation in healthcare expenditure are expected to drive market growth in this region.
The circulating tumor DNA (CTDNA) segment is expected to augment the liquid biopsy market during the forecast period.
The circulating tumor DNA (CTDNA) segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the high frequency of cancer and strong demand for customized therapy.
The blood sample segment market size will be 0.99 billion in 2022
The blood sample segment is anticipated to dominate the market over the forecast period owing to the increasing awareness about regular health check-ups.
The hospitals and laboratories segment is anticipated to dominate the market by 48.12% in 2030
The hospitals and laboratories segment is anticipated to dominate the market in the forthcoming years, owing to the rapid technological advancements to enhance productivity and reduce costs.
The multi-gene-parallel analysis (NGS) segment accounted for the largest market share of 56.18% in 2022
The multi-gene-parallel analysis (NGS) segment held the largest share in the global liquid biopsy market, owing to the improved accessibility to NGSs in emerging economies and technological advancements. Also, the single gene analysis (PCR Microarrays) segment exhibited the highest CAGR during the forecast period owing to the rising demand for advanced diagnostics.
Advancement in market
In April 2021, Bio-Techne Company completed the acquisition of Asuragen, Inc.
In February 2021, Guardant Health Company announced the availability of Guardant Reveal, the first blood-only liquid biopsy test for detecting residual and recurrent illness from a simple blood draw. The first-of-its-kind commercial test enhances the management of early-stage colorectal cancer (CRC) patients by detecting circulating tumor DNA (ctDNA) in blood after surgery to recognize patients with residual disorder who may help most from adjuvant therapy.
In May 2020, the BRACAnalysis CDx test by Myriad Genetics Company was approved by Food and Drug Administration for utilization as a companion diagnostic by clinicians to detect metastatic castration-resistant prostate cancer in men. Lynparza is authorized for treating adult patients with somatic homologous recombination repair (HRR) gene-mutated or deleterious or suspected deleterious germline or metastatic castration-resistant prostate cancer (mCRPC) who have advanced following prior therapy with abiraterone or enzalutamide.
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Market Dynamics
Driver: The increasing preference for minimally invasive procedures
The growing popularity of non-invasive techniques is driving private and public financing for research in liquid biopsy, which allows medical professionals to discover different aspects of a tumor via a patient's blood sample. It facilitates medical professionals in understanding which therapies are appropriate for patients. Also, minimally invasive procedures are gaining surgical demand due to smaller incisions, quicker recovery, reduced scarring & pain, increased precision, and shorter hospital stays. In addition, the increasing launch of new products and a growing number of product approvals by several market players are also driving market growth. Further, liquid biopsies are an essential tool in clinical trials, helping pharma companies in patient choice, thus accelerating enrollment and lowering prices. This is particularly vital to drive targeted therapies.
Restraint: The stringent regulatory issues
The lack of specificity and sensitivity of liquid biopsy tests and unclear reimbursement & regulation scenario is the restraining factor of the market growth. Further, the stringent regulatory issues in different countries and the lack of skilled laborers hamper market growth. Additionally, the lack of standardization and the high cost of technology are impeding the market growth during the forecast period.
Opportunity: The growing significance of companion diagnostics
The growing significance of companion diagnostics is the opportunity factor for market growth. The companion diagnostics provide information critical for the safe and effective use of targeted treatments. Further, a food and drug administration-approved companion diagnostic test is utilized to determine which FDA-approved therapy options a patient may help from based on the genomic alterations within their tumor(s).
Challenges: The uncertain reimbursement and regulatory policies
The limited reimbursement (non-coverage for panel-based tests) limits the uptake of liquid biopsy testing. The NCD guidelines proved helpful in approving Foundation One's genomic profiling assay but may work against other companies developing NGS-panel tests under the LDT scenario. Also, The NCD for Food and Drug Administration-approved NGS tests puts undue needs on companies manufacturing LDTs, limiting access to exhaustive liquid biopsy. CMS has carved away the enormous significance of liquid biopsy tests for screening and restricts coverage to specific conditions, like relapse monitoring, recurrence, relapse metastasis, or advanced Stage III and IV cancers.
Some of the major players operating in the liquid biopsy market are:
• CareDx Inc.
• Eurofins Scientific
• Exact Sciences Corporation
• Immucor, Inc.
• MDxHealth
• Menarini Silicon Biosystems
• GUARDANT HEALTH, INC
• Thermo Fisher Scientific Inc.
• Illumina, Inc.
• Genomic Health
• Myriad Genetics, Inc.
• RainDance Technologies Inc.
• QIAGEN
• Exosome Diagnostics
• Biocept, Inc
• LungLife AI, Inc.
• Natera, Inc.
• Trovagene
• F. Hoffmann-La Roche Ltd
• Bio-Rad Laboratories, Inc.
Key segments cover in the market:
By Biomarker Types:
• Circulating Tumor DNA (CTDNA)
• Circulating Tumor Cells (CTCs)
• Extracellular Vesicles (EVS)
• Others
By Sample:
• Urine Sample
• Blood Sample
• Others
By End-User:
• Academic and Research Centers
• Hospitals and Laboratories
• Others
By Technology:
• Single Gene Analysis (PCR Microarrays)
• Multi-gene-parallel Analysis (NGS)
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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