The global liquid biopsy market grows at a CAGR of 24.1% during the forecast period 2017–2023 to aggregate $11.7 billion by 2023
Factors, such as the rising prevalence of cancer globally, the increasing preference of non-invasive liquid biopsy tests over invasive tissue biopsy, and advanced maternal age leading to the growing incidence of babies with chromosomal aberrations, will faster the market growth during the forecast period.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Liquid Biopsy Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2017–2023” (December 2017).
According to Infoholic Research, the liquid biopsy market is growing rapidly due to the rising prevalence of cancer globally, the increasing preference of non-invasive liquid biopsy tests over invasive tissue biopsy, and advanced maternal age leading to the growing incidence of babies with chromosomal aberrations. The lack of specificity and sensitivity of liquid biopsy tests and the high cost of the test with fewer reimbursement facilities are some of the factors hampering the market growth. Liquid biopsy tests majorly find its use in cancer and non-cancer applications. Non-cancer applications include prenatal testing and transplantation diagnostics. The demand for these non-invasive tests are expected to increase in the future due to an increase in chronic and lifestyle diseases. According to the estimation of National cancer institute, in the US around 1.6 million new cases of cancer are diagnosed, and 595,690 people have died due to cancer in 2016. According to the study of World Health Organization, approximately 14 million new cancer cases were diagnosed and is expected to grow by about 70% over the next 2 decades.
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The Global Liquid Biopsy Market is expected to grow at a CAGR of 24.1% during the forecast period 2017–2023 to touch an aggregate of $11.7 billion by 2023.
The market is analyzed based on five segments, namely biomarker types, sample types, applications, end-users, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). In North America, the US and Canada are set to be the leading countries. Europe is set to be the second leading region and held more than 31.6% of the market share in 2016. Asia Pacific is expected to grow at a fast CAGR during the forecasted period. RoW is set to be an emerging market in the next 5–6 years.
The applications covered for liquid biopsy global market include cancer and non-cancer applications. Cancer application is further segmented by cancer indication and clinical application. Non-cancer applications include prenatal testing and transplantation diagnostics. Cancer occupies the largest market share and is expected to be the fastest growing segment during the forecasted period due to unhealthy food habits, changing lifestyle, increasing tobacco consumption, and rising incidence of lifestyle diseases.
“The liquid biopsy market is growing at a rapid phase with an increase in the investments for innovative test development and strategic acquisition, which can enhance the position of the market players. The increasing number of cancer, chronic disease, and genetic abnormalities in the developing foetus will further increase the need for innovative liquid biopsy tests in the market.” – S. Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report also aims to cover the below-mentioned points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals
- Provides complete details about the various types of liquid biopsy tests
- Provides details of trending liquid biopsy tests in the market
- Provides complete details about the analysis of top 20 players
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies