(PharmaNewsWire.Com, November 04, 2021 ) According to the market research report Liquid Biopsy Market is expected to reach $2,047.9 Million by 2022 from an estimated $715.7 Million in 2017, at a CAGR of 23.4%.
Some of the key factors driving the growth of this market include increasing preference for noninvasive procedures, increasing prevalence of cancer and availability of funding for liquid biopsy R&D.
On the basis of product, the Liquid Biopsy Market is broadly segmented into assays kits, instruments, and services. In 2017, the assay kits segment is expected to account for the largest share of this market. The increase in basic research and commercial applications of liquid biopsy, increase in demand for liquid biopsy tests, and the need for reliable and specific assays are expected to drive the market growth.
Based on clinical application, the Liquid Biopsy Market is segmented into early cancer screening, therapy selection, treatment monitoring, and recurrence monitoring. The therapy selection segment is expected to account for the largest share of the Liquid Biopsy Market in 2017. This is due to the ability of therapy selection to detect advanced-stage cancers (stage III and IV), followed by increasing studies on liquid biopsy and advancements made in this field to also aid in detection of early-stage cancers.
Based on application, the Liquid Biopsy Market is segmented into cancer and non-cancer applications (which includes reproductive health and organ transplant diagnostics). In 2017, cancer applications segment is expected to account for the largest share of the Liquid Biopsy Market. Increasing prevalence of cancer and the growing number of research studies on liquid biopsy for cancer applications is driving the growth of this market.
The liquid biopsy market is a consolidated market with a large number of companies offering liquid biopsy instruments and accessories. In 2016, QIAGEN N.V. (Netherlands), Roche Diagnostics (US), and Illumina, Inc. (US) dominated the liquid biopsy market.
QIAGEN is the leading player in the liquid biopsy market in 2016. The company is a global provider of sample-to-insight solutions that aids in the transformation of biological samples into molecular insights. The company operates through its two business segments, namely, instruments and consumables & related products. QIAGEN provides solutions to more than 500,000 customers globally, in molecular diagnostics (human healthcare), applied testing (forensics, veterinary testing, and food safety), pharma (pharma and biotech companies), and academia (life sciences research). The company operates in the liquid biopsy market through its molecular diagnostics and life science tools customer base segment.
Roche Diagnostics ranked second in the liquid biopsy market in 2016. Roche Diagnostics focuses on the discovery, manufacturing, and marketing of medical devices used to screen, diagnose, and monitor therapies. The company operates in the liquid biopsy market through its molecular diagnostics segment. The company geographically operates in Europe, the Middle East and Africa, North America, Asia Pacific, and Latin America.
Some of the other players competing in this market are Bio-Rad Laboratories Inc. (US), Myriad Genetics, Inc. (US), Menarini Silicon Biosystems (Italy), Genomic Health, Inc. (US), Thermo Fisher Scientific Inc. (US), Biocept, Inc. (US), Trovagene, Inc. (US), Guardant Health, Inc. (US), RainDance Technologies, Inc. (US), Pathway Genomics Corporation (US), ANGLE plc (UK), Vortex Biosciences (US), Epic Sciences (US), Cynvenio Biosystems Inc. (US), Personal Genome Diagnostics, Inc. (US), MedGenome Inc. (US), Exosome Diagnostics (US), NeoGenomics, Inc. (US), Foundation Medicine, Inc. (US), Sequenom, Inc. (US) MDxHealth SA (US), and Chronix Biomedical (US).
North America is expected to account for the largest share of the global liquid biopsy market in 2017, while Asia Pacific is expected to witness the highest growth during 2017 to 2022. Growing demand for non-invasive treatment, rising incidence of cancer, and improving healthcare infrastructure are driving the growth of the liquid biopsy market.
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