Liquid Biopsy Market Poised for Exponential Growth, Predicted to Reach US$15.5 Billion by 2030
The global liquid biopsy market, which registered revenue close to US$4 billion in 2021, is set to undergo a remarkable transformation with a projected compound annual growth rate (CAGR) of 17.5% between 2023 and 2030, according to Fairfield Market Research. This promising trajectory is expected to drive the market to a valuation of US$15.5 billion by 2030.
Liquid biopsy, a non-invasive diagnostic approach involving the isolation of circulating tumor markers, such as cell-free nucleic acids and circulating tumor cells from peripheral blood, is gaining significant momentum in the healthcare sector. The rising incidence of cancer, increasing demand for minimally invasive tests, and the introduction of technologically advanced liquid biopsy tests by key industry players are propelling the global liquid biopsy market forward.
COVID-19 Impact and Resurgence
The global COVID-19 pandemic disrupted healthcare systems worldwide, impacting cancer screening, diagnosis, and treatment. However, as travel restrictions ease and awareness of the link between COVID-19 and cancer grows, the frequency of tests is rebounding. The pandemic has underscored the importance of liquid biopsy in cancer research and is expected to increase demand for such products.
Rising Cancer Incidences
Cancer incidence has been steadily increasing on a global scale, with the World Health Organization (WHO) identifying it as the second leading cause of death. Factors contributing to this rise include an aging population and an increase in identified cancer risk factors. Liquid biopsy offers numerous advantages over traditional diagnostic methods, including cost-effectiveness, early detection, therapy monitoring, tumor heterogeneity discovery, and patient comfort, all of which are driving demand in tandem with rising cancer rates.
Market Opportunities
Fairfield Market Research has analyzed various aspects of the global liquid biopsy market, segmenting it by circulating biomarkers, sampling sources, clinical applications, cancer types, and other applications such as non-invasive prenatal screening, organ transplantation, and infectious diseases. These insights are expected to fuel market growth in the coming years.
Non-oncology Indications
The market for non-oncology indications, such as breast cancer, is showing significant growth potential, with a projected CAGR of 17.8% during the forecast period.
Multi-gene-parallel Analysis and Multi-cancer Early Detection Tests
Advancements in Next-Generation Sequencing (NGS) technology have led to cost reductions, enabling the precise identification of ctDNA mutations. Key industry players are introducing cutting-edge products, expanding the scope of testing, and advancing multi-cancer early detection blood tests, which can identify multiple cancers from a single blood draw.
Precision Oncology and Pipeline Expansion
Technological advancements in the isolation and quantification of Circulating Tumor Cells (CTC) and Circulating Tumor DNA (ctDNA) hold promise for cancer detection. Companies in the liquid biopsy space are collaborating with research institutes to identify biomarkers, particularly for rare cancers, and expand tissue-based tests to liquid platforms.
Regional Coverage
North America leads the liquid biopsy market, driven by a high number of cancer cases, robust research and development (R&D) activities, and advanced healthcare systems. Meanwhile, Asia Pacific is poised for significant growth due to government initiatives, medical tourism, research efforts, and growing demand for high-quality healthcare.
Competition Landscape
Numerous companies are actively engaged in marketing and R&D of liquid biopsy products and services. As technology improves and costs decrease, liquid biopsy is expected to complement medical imaging for cancer diagnosis and staging. Radiologists may utilize liquid biopsy for treatment selection and postprocedural management, further enhancing market demand.
The global liquid biopsy market is on an upward trajectory, promising innovative solutions for cancer diagnosis and monitoring while significantly impacting the healthcare industrys landscape.
Global Liquid Biopsy Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Biomarker, By Source, By Clinical Application, By Indication, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/liquid-biopsy-market
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COMTEX_440946160/2840/2023-09-26T01:54:48
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