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18-Nov-2019

Liquid Biopsy Market is Predicted at $3.9 Billion by 2023

Liquid Biopsy Market is Predicted at $3.9 Billion by 2023

Summary

Liquid Biopsy Market by Product & Service (Reagents, Instruments, and Service), Cancer Type (Lung, Breast, Colorectal, Prostate, Liver, and Others), Circulating Biomarker (Circulating Tumor Cells, Extracellular Vesicles, Circulating Tumor DNA [CtDNA], and Other Biomarkers) - Global Opportunity Analysis and Industry Forecast, 2017-2023
Editor: Jason Burnett Last Updated: 26-Nov-2019

Liquid Biopsy Market Outlook 2017-2023:

Global Liquid Biopsy Market major key players added are Biocept, Inc., Qiagen, F. Hoffmann-La Roche AG , Bio-Rad Laboratories Inc., Myriad Genetics , Janssen Diagnostics, LLC., Trovagene Inc., Guardant Health Inc., GRAIL, and MDX Health SA.

 

Which are the Liquid Biopsy Market Key Benefits?

Liquid Biopsy Market Key Benefits:

  • The government & academic research center segment is projected to grow at the highest rate during the analysis period.
  • Hospital & laboratory segment was the highest revenue-generating segment, and is expected to continue its dominance in future.
  • North America dominated global liquid biopsy market, and is projected to grow at a CAGR of 28.1%.
  • China is expected to grow at the highest CAGR of 34.1% in Asia-Pacific region.
  • The instruments segment is anticipated to grow at the highest CAGR of 29.8% during the forecast period.

 

What is the Liquid Biopsy Market Size?

Liquid Biopsy Market is estimated to reach at $3,805 million by 2023, registering a CAGR of 28.9% from 2017 to 2023. North America was the highest contributor in the liquid biopsy market in 2016; however, Asia-Pacific is anticipated to witness a highest growth rate throughout the forecast period.

 

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Liquid biopsy tests prove to be an easy and non-invasive method to access to molecular information about the tumor genome. Moreover, these tests facilitate early detection of cancer recurrence and characterization of tumor dynamics. Safety and efficiency of cancer treatment is improved by the use of these tests, owing to their ability to characterize new lesions, implement apt therapeutic targets, and predict the treatment outcome.

The advantages of implementing liquid biopsy over conventional methods of solid tissue biopsy are expected to boost the growth of the market. The advantages of liquid biopsies, such as minimally invasiveness and metastatic relapse evaluation, are expected to increase the demand for these tests. Furthermore, the increase in disposable income among cancer patients, surge in prevalence of cancer cases, and patient preference for minimally invasive therapies are anticipated to fuel the market growth. Rise in healthcare expenditure in the developing countries, such as India and China, and use of liquid biopsy tests to treat rare cancers are expected to present multiple opportunities for market growth. However, this growth is restricted, owing to alternatives to liquid biopsies and unclear reimbursement & regulation scenario.

Reagent was the highest revenue contributor in 2016, and is anticipated to continue this trend in the future. The requirement of reagents to execute liquid biopsy tests and their applicability are expected to boost the growth of this segment.

Lung cancer dominates the cancer by type segment of liquid biopsy market. The U.S. Food and Drug Administration (FDA) has also approved a liquid biopsy companion diagnostic test called cobas EGFR mutation test v2 to identify patients with metastatic non-small cell lung cancer (NSCLC) In addition, the growth in prevalence of lung cancer has contributed to provide lucrative opportunities in the market.

In 2016, North America accounted for highest contribution to the total revenue generated, owing to the high prevalence rate of cancer and high adoption rate of novel liquid biopsy tests. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in disposable income, increase in government initiatives to modernize healthcare infrastructure, and rise in healthcare expenditure.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain. 

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client's insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

 

Source Medium: https://www.prnewswire.com/news-releases/liquid-biopsy-market-to-reach-3-805-mn-globally-by-2023-at-28-9-cagr-says-allied-market-research-862050116.html