Liquid Biopsy Market Analysis: Growth Drivers and Opportunities

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The global liquid biopsy market is projected to reach USD 10.0 billion by 2027 from USD 4.3 billion in 2022, at a CAGR of 18.3% during the forecast period. Growth in the liquid biopsy market is mainly driven by factors such as the rising incidence and prevalence of cancer, awareness initiatives undertaken by global health organizations, and the increasing preference for noninvasive treatment procedures. However, the lower sensitivity of certain liquid biopsies might act as a restraining factor to the growth of this market.

The key players in the liquid biopsy market are F. Hoffmann-La Roche Ltd. (Switzerland), Myriad Genetics, Inc. (US), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific, Inc. (US), Guardant Health, Inc. (US), MDxHealth SA (Belgium), Exact Sciences Corporation (US), Illumina Inc. (US), Sysmex Inostics (US), Bio-Rad Laboratories, Inc. (US), Biocept, Inc. (US), NeoGenomics, Inc. (US), ANGLE plc (UK), Menarini-Silicon Biosystems (Italy), Vortex Biosciences, Inc. (US), Exosome Diagnostics, Inc. (US), Agena Bioscience, Inc. (US), MedGenome Inc. (US), Epigenomics AG (Germany), and Personal Genome Diagnostics, Inc. (US).

In 2021, QIAGEN N.V. (Netherlands) held the leading position in the liquid biopsy market. QIAGEN has 35 subsidiaries in over 25 countries and has a global distribution partner network in more than 60 countries and provides expertise and service to customers in nearly every corner of the globe. The company adopted inorganic growth strategies to increase its market share. For instance, it collaborated with Novartis AG (Switzerland) to develop a companion diagnostic to guide the treatment of patients with PIK3CA-mutated advanced breast cancer. The company intends to partner with new businesses to complement its existing business segments. Such developments enable the company to add innovative technologies and products to its portfolio, which, in turn, will strengthen its presence in the market.

In 2021, F. Hoffmann-La Roche Ltd. (Switzerland) accounted for the second-largest share of the liquid biopsy market. Roche is a major player owing to its vast product portfolio. The company focuses on innovation for maintaining its market share and significantly invests in R&D activities for this purpose. This investment is used for developing new and innovative products. The company’s position in this market can also be attributed to its strong sales and distribution network across the globe, enabling it to market its products in various countries effectively. The company works in partnerships with third parties to offer integrated solutions. It has a wide geographic presence across 180 countries throughout the Americas, Europe, Asia, and the Middle East & Africa.

Drivers: Cancer awareness initiatives undertaken by global health organizations

In the past decade, governments in various countries and global health organizations have undertaken several initiatives to spread awareness about cancer. For instance, the WHO’s National Cancer Control program is a public health program that aims to reduce the number of cancer deaths and improve the quality of life of cancer patients. Similarly, the National Breast and Cervical Cancer Early Detection Program (NBCCEDP), initiated by the US Centers for Diseases and Prevention (CDC) in 1991, provides breast cancer screening and diagnosis for uninsured and low-income patients in the US every year. In 2020, this program provided breast cancer screening and diagnostic services to 260,143 women. This program also provided cervical cancer screening and diagnostic services to 116,562 women in the same year.

Opportunities: Growth opportunities in emerging countries

Developing economies such as India, China, South Korea, Brazil, Turkey, Russia, and South Africa are expected to offer potential growth opportunities for major players operating in the liquid biopsy market. This can be attributed to the higher cancer prevalence, large patient population, improving healthcare infrastructure, increasing disposable income, and growing medical tourism in these countries. In addition to the factors mentioned above, the Asia Pacific region has emerged as an adaptive and business-friendly hub due to relatively less stringent regulations and data requirements.

Related Links

https://www.marketsandmarkets.com/Market-Reports/single-use-bioreactor-market-49113750.html

https://www.marketsandmarkets.com/PressReleases/single-use-bioreactor.asp

https://www.marketsandmarkets.com/ResearchInsight/single-use-bioreactor-market.asp

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