According to the Pan American Health Organization, a rise of 67% is expected in the incidences of cancer by 2030 in comparison with 2012, in Latin America. Among all developing regions, Latin America has the highest life expectancy rate and according to the World Health Organization (WHO) it comprises 10% of the world’s population. However, the emergence of diseases such as cancer has resulted in a huge healthcare economic burden.
Over the years, the healthcare industry has incorporated the use of biopsies for the diagnosis and treatment of diseases, especially cancer. Biopsies help in predicting the progression of the disease in patients and their response to therapies.
Liquid biopsy is a non-invasive medical procedure which detects the presence of molecular cancer biomarkers in biological fluids such as blood, urine, serum, and saliva. It involves the use of critical techniques such as next-generation sequencing (NGS) and polymerase chain reaction (PCR) for detecting mutations which cause cancer. WHO defines liquid biopsies as ultra-sensitive blood tests which aim at improving diagnosis and care.
According to the latest market intelligence report by BIS Research titled “Latin America Liquid Biopsy Market – Analysis and Forecast (2019-2025),” the liquid biopsy market was valued at $29.1 million in 2017 and is anticipated to grow at a CAGR of 10.29% during the forecast period, 2019-2025 to reach $70.9 million by 2025.
Substantial investments in precision medicine and companion diagnostics, the rising prevalence of different types of cancer, rising need for the development of novel diagnostic technologies, and growing prominence of non-invasive diagnostic procedures are the key factors that attribute to the growth of the liquid biopsy market.
In addition to the market drivers, the report published by BIS Research also highlights the major challenges hampering the growth of the market. These include a lack of reimbursement policies and exorbitant costs of liquid biopsy.
The study discusses the liquid biopsy market under different categories namely, market dynamics, competitive insights, company profiles of leading players, and the segmentation of the market. In terms of region, Brazil is projected to witness significant growth during the forecast period.
Leading companies of the healthcare industry such as Biocept Inc., Bio-Rad Laboratories Inc., Illumina Inc., and NeoGenomics Laboratories Inc. are investing in the liquid biopsy market. Factors such as continuous efforts from key players for improvisations in the clinical utility of the test, rise in biopharma-reference laboratory collaborations, and potential use of liquid biopsy in the diagnosis of diseases other than cancer appear as great future opportunities for the liquid biopsy market.