Liquid Biopsy Market Size worth USD $3637 million by 2031 at a CAGR of 13.49% | FMI
As per a recent market survey by ESOMAR-certified consulting firm Future Market Insights (FMI), the global Liquid Biopsy Market Size is expected to reach a market valuation of US$ 1,026 Mn in 2021.
With the introduction of innovative molecular diagnostic tests and growing demand from biotech and pharmaceutical companies, the market is poised to expand at a stellar 13.49% CAGR, reaching US$ 3,637 Mn by 2031.
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Growth of the liquid biopsy market is attributable to rising incidence of cancer across several countries, which is highlighting the pressing need for faster, simpler, and more convenient diagnostic procedures. Liquid biopsy procedures are minimally invasive and cost-effective, which is making them a favorable choice for cancer diagnosis procedures.
Besides this, increasing government-backed initiatives to support cancer research across the U.S., Japan, India and the UK will drive innovation and developments in liquid biopsy services. Also, fast track approval from regulatory bodies for novel procedures will bolster the growth over the coming years.
Top Key Players:
BIOCEPT, INC., Qiagen N.V., Trovagene, Inc, Janssen Global Services, LLC, MDxHealth SA, Natera, Inc, F. Hoffmann-La Roche Ltd, Silicon Biosystems, Pathway Genomics Corporation, and Sysmex Corporation are among top manufacturers of liquid biopsy products, as profiled by FMI. As per the market survey, tier-1 companies are anticipated to account for approximately 20-25% of the total market share.
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Key Takeaways from the Liquid Biopsy Market Analysis
- Based on markers, circular tumor cells (CTC) are poised to emerge dominant in the forthcoming years.
- Blood samples will emerge as the most preferred sample type
- The U.S. will showcase high growth during the forecast period, due to the presence of major liquid biopsy product manufacturers.
- The U.K. will emerge as an avenue for product innovations and development, further solidifying growth prospects.
- Japan is anticipated to witness upswings in sales, owing to government-led cancer research initiatives.
- India is expected to showcase high demand for liquid biopsy products, owing to the increased funding by government and expansion of healthcare infrastructure.
- Germany, India, and China will emerge as high growth potential markets, with increasing investments by the government for improving the healthcare infrastructure, which will create attractive opportunities to global biotech players for market expansion.
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How will the Liquid Biopsy Market Expand in the U.S.?
As per FMI’s analysis, the U.S. is projected to account for 51% of the total market share in the liquid biopsy market during the assessment period. Growth prospects in the U.S. can be attributed to increasing government funding to support cancer research. Rising prevalence of cancer across the U.S. will generate high demand for highly accurate liquid biopsy services.
Wide adoption of technological developments including artificial intelligence, machine learning, and microchip-based liquid biopsy diagnostic services will lead market expansion in the U.S.
In addition to this, presence of major players including Biocept Inc., Janssen Global Services, and Trovagene Inc., will further lead to innovation in liquid biopsy technologies and procedures. Thereby, creating remunerative opportunities in liquid biopsy market.
What is the Scope of Liquid Biopsy Market Growth in The U.K.?
As per report by Macmillan Cancer Support, the number of cancer patients is estimated to reach 4 million by 2030. Foreseeable spike in cancer cases will underscore the need for liquid biopsy to actively diagnose patients for early treatment and care.
The presence of several well-known research institutes in the U.K. such as the University of Oxford and the National Institute of Medical Research will further lead to developments in liquid biopsy services.
These developments will provide lucrative opportunities for players operating in the market, allowing them to benefit from technological advancements for better products and services. The U.K. will account for 24% of the market share, as estimated by FMI.
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Liquid Biopsy Market by Category
By Marker Type:
- CTCs (Circulating Tumour Cells)
- ctNA (Circulating tumor Nucleic Acids)
By Sample Type:
- Others (Plasma, Saliva, CSF)
By Application Type:
- Lung Cancer
- Gastrointestinal Cancer
- Prostate Cancer
- Breast Cancer
- Colorectal Cancer
- Cancer Institutes
- Academic Institutes
- Diagnostic Centers
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East & Africa
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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