Liquid Biopsy Market

Liquid Biopsy Market is Projected to Register a CAGR of 14.45% by 2028

According to the International Agency for Research on Cancer around 14.1 million cases have been registered that are new and it is expected that this number can cross 21.7 million in future. All these cases are in turn increasing the economic burden of the people globally. The increase in the number of cancer cases, the increasing economic burden and most importantly the lack of sophisticated technology and diagnostics which can enable early detection of cancer are fuelling the research for novel technologies. Currently, to diagnose cancer the procedure conducted is known as tissue biopsy. The procedure is invasive in nature but does not support early diagnoses of cancer thus hindering the early treatment monitoring. This propelled the research on biomarkers present in the body fluids and led to the development of the non-invasive diagnostic procedure known as liquid biopsy. This technique involves the diagnosis of mutations occurring in the organs of the body with the screening of body fluids. According to a recent market intelligence report published by BIS Research titled, Global Liquid Biopsy MarketAnalysis and Forecast 2018 to 2028, the global market for it is expected to reach $2.94 billion by 2028 and with a CAGR of 14.45%.

As per the report of the BIS Research, factors that are driving the growth of the market include demand for non-invasive and new diagnostic procedures which can support the better treatment and its monitoring along with substantial investments made in the arena. However, on the other hand, there are certain factors that are inhibiting the growth of liquid biopsy market and they include the unreasonably high cost of the liquid biopsy test, confusing reimbursement guidelines, among others. Its market has three major products that are tests & services, kits & consumables, and instruments and out of these three tests & services are likely to register the highest growth by 2028. Additionally, the market includes the contributions from North America, Europe, Asia – Pacific, Latin America & Middle East, and Rest of the World. At present, North America is leading the market. Also, in terms of growth, the European market is considered to be the most lucrative market during the forecast period. Factors that will possibly drive the European market are high economic strength, prominence of companion diagnostics, supportive reimbursement scenario and investments made by both the government and institutions in the development of innovative technologies.

Currently, in case of liquid biopsy the focus area is cancer diagnosis and its use can be witnessed for different therapeutic applications such as breast cancer, prostate, lung, melanoma, colorectal and other types of cancer as well. Its presence for diagnosis of non-oncology applications is also there but the overall market share for that segment is quite marginal. Based on the report it can be analyzed that as on date liquid biopsy is working wonders for the patients of lung cancer, which is increasing the inclination of more and more doctors towards it. Another area of segmentation that can be created is the clinical application of the liquid biopsy, where in the segregation can be done on the basis of treatment monitoring, prognosis and recurrence monitoring, treatment selection, and diagnosis & screening.

With the emphasis on the development of precision medicine in the healthcare industry, companies are striving to innovate and bring new technologies in the market which not only are supportive in treating cancer but other therapeutic areas as well.

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