The Global Liquid Biopsy Market in terms of revenue was estimated to be worth $4.3 billion in 2022 and is poised to reach $10.0 billion by 2027, growing at a CAGR of 18.3% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Market is driven by the rising incidence and prevalence of cancer and the increasing preference for non-invasive treatment procedures.
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Liquid Biopsy Market Dynamics
Driver: 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.
Restraint: The lower sensitivity of certain liquid biopsies
Detecting ctDNA in liquid biopsies is technically challenging because the levels of ctDNA of any given cancer mutation may be very low in the plasma of a cancer patient, especially after treatment or surgery. ctDNA is not necessarily applicable to all cancers; some tumor types are bad ctDNA shedders (e.g., gliomas and sarcomas), which acts as an obstacle for ctDNA profiling. The reason for low ctDNA levels is unclear but is thought to be associated with tumor vascularity, location (e.g., bone lesions), or the blood-brain barrier.
Opportunity: 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.
Challenge: Unclear reimbursement scenario
Limited reimbursement (non-coverage for panel-based tests) restricts the uptake of liquid biopsy testing. The NCD guidelines proved advantageous for approval of Foundation One’s genomic profiling assay, but may work against other companies developing NGS-panel tests under the LDT scenario. If multigene NGS tests have not secured FDA approval or reimbursement coverage, it is up to Medicare administrative contractors (MACs) to approve coverage when a company seeks a local coverage determination (LCD). However, we find that most MACs lean toward the NCD to decide, and this is likely to create an unfavourable situation for liquid biopsy companies.
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Assay kits segment accounted for the largest share of the liquid biopsy market
Assay kits play a crucial part in the detection of cancer tumor cells or tumor DNA using liquid biopsy. Liquid biopsy assays are cost-effective and minimally invasive procedures that aid in monitoring patients throughout and after treatment and screening. The availability of a wide range of reagents and kits, easy accessibility to a wide range of assays, and the rising prevalence of cancer are other major factors driving the growth of the liquid biopsy assay kits market.
Cancer application segment accounted for the largest share of liquid biopsy market during the forecast period
Globally, the prevalence of cancer has increased significantly over the last few years. Cancer, the leading cause of death globally, accounted for 10 million deaths in 2020. The use of liquid biopsy products has been particularly significant in understanding cancer signatures and developing customized therapies. Liquid biopsy is one of the many emerging technologies developed to address the growing cancer prevalence.
Reference laboratories segment to dominate the liquid biopsy market
Reference laboratories are independent private laboratories that receive samples for analysis from various small and large hospitals, private practitioners, and clinical research sites. In India, there are more than 20,000 clinical laboratories, although very few of these are NABL-accredited. Moreover, hospitals increasingly outsource diagnostic tests to these laboratories to reduce costs and limit technical issues in managing laboratories.
North America is the largest regional market for liquid biopsy market
Growth in the developed markets of North America is primarily driven by the high adoption of advanced technologies like NGS, increasing number of research studies for the discovery & development of novel cancer biomarkers, presence of many pharmaceutical companies, rising funding and investments from public & private organizations, and the increasing use of biomarkers in patient stratification and drug development processes.
Prominent Players:
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).
Recent Developments
- In August 2022, Thermo Fisher Scientific Inc. (US) launched the first NGS-based tests to support both DNA and RNA input. The Ion Torrent Oncomine Myeloid MRD Assays (RUO) provide comprehensive and highly sensitive myeloid measurable residual (MDR) assessments from blood and bone marrow samples.
- In May 2022, QIAGEN N.V. (Netherlands) launched the therascreen EGFR Plus RGQ PCR Kit, a new in vitro diagnostic test for sensitive EGFR mutation analysis.
- In June 2021, Guardant Health, Inc. (US) launched its Guardant360 Response test that detects changes in circulating tumor DNA (ctDNA) levels.
- In October 2020, F. Hoffmann-La Roche Ltd. (Switzerland) received the US FDA approval of expanded claims for the cobas EGFR Mutation Test v2 to be used as a companion diagnostic (CDx) for a broader group of therapies to treat non-small cell lung cancer (NSCLC).
- In March 2020, Biocept, Inc. (US) entered into an agreement with a second California-based independent physician association (IPA) to provide its Target Selector liquid biopsy assay services to physicians and patients in the network.
Report Objectives
- To define, describe, segment, and forecast the global liquid biopsy market by product & service, circulating biomarkers, technology, application, clinical application, sample type, end user, and region
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall liquid biopsy market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
- To track and analyze company developments such as product launches, agreements, partnerships, and acquisitions in the liquid biopsy market
- To benchmark players within the market using the proprietary "Competitive Leadership Mapping" framework, which analyzes market players on various parameters within the broad categories of business and product strategy
Report Link: ( Liquid Biopsy Market )
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