Liquid Biopsy Market to Reach $ 32.54 Billion, Globally, by 2033 at 11.61% CAGR: The Brainy Insights
The Brainy Insights
4 min read
The Brainy Insights
Advancement in next-generation sequencing (NGS) for patients with advanced stages of cancer is propelling liquid biopsy market growth. North America emerged as the largest market for the global liquid biopsy market, with a 48.11% share of the market revenue in 2023.
Newark, Sept. 12, 2024 (GLOBE NEWSWIRE) -- The liquid biopsy market is experiencing significant growth, driven by advancements in technology and increasing demand for non-invasive diagnostic methods. Below is a comprehensive overview based on recent developments, market drivers, restraints, opportunities, regional segmentation, and key players.
Market Introduction
The global liquid biopsy market is experiencing robust growth, with a valuation of USD 10.85 billion in 2023. It is projected to grow at a CAGR of 11.61% from 2024 to 2033, reaching an estimated USD 32.54 billion by 2033. This growth is driven by various factors, including technological advancements and the increasing demand for non-invasive diagnostic methods. This growth is primarily attributed to the rising prevalence of cancer and the demand for quicker, less invasive diagnostic options.
Recent advancements in liquid biopsy technology have improved the accuracy and efficiency of cancer diagnostics. Innovations include the development of multi-gene parallel analysis techniques and enhanced assays for detecting circulating tumor cells (CTCs) and circulating tumor DNA (ctDNA) from blood samples. These advancements facilitate real-time monitoring of disease progression and treatment response, aligning with the broader trend towards personalized medicine.
Market Drivers
Key drivers of the liquid biopsy market include:
• Increased Benefits Over Conventional Biopsy: Liquid biopsies are less invasive, reducing patient discomfort and recovery time compared to traditional tissue biopsies. • Rising Cancer Incidence: The global increase in cancer cases necessitates more effective diagnostic tools, with liquid biopsies providing timely insights for early detection and treatment. • Technological Advancements: Continuous improvements in diagnostic technologies, including next-generation sequencing (NGS), enhance the capabilities of liquid biopsy tests.
Market Restraints
Despite its growth potential, the liquid biopsy market faces several challenges:
• High Costs: The advanced technologies and specialized equipment required for liquid biopsy tests can be expensive, limiting accessibility for some patients. • Shortage of Skilled Professionals: There is a lack of adequately trained personnel to conduct and interpret liquid biopsy tests, which can hinder market expansion.
Market Opportunities
The market presents several opportunities for growth:
• Companion Diagnostics: The increasing significance of companion diagnostics in personalized medicine offers substantial growth potential for liquid biopsy applications. • Research and Development Investments: Ongoing R&D efforts aimed at improving liquid biopsy technologies and expanding their applications in oncology and beyond are expected to drive market growth.
Report Scope and Segmentation –
Report Coverage
Details
Forecast Period
2024-2033
Forecast CAGR
11.61%
2023 Value Projection
USD 10.85 Billion
Market Size in 2033
USD 32.54 Billion
Historical Data
2020-2022
No. of Pages
236
Report Coverage
Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered
Key Segments are biomarker types, sample, end-user, technology, and regions
Regions Covered
The regions analysed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analysed at the country level.
The liquid biopsy market is segmented into several key regions:
• North America: Dominates the market due to advanced healthcare infrastructure and high cancer prevalence rates. • Europe: Significant growth is anticipated, driven by increasing investments in healthcare and technological advancements. • Asia Pacific: Rapidly growing market due to rising cancer cases and improving healthcare facilities, particularly in countries like China and India. • Latin America and Middle East & Africa: Emerging markets with potential growth opportunities as healthcare access improves.
Key Players
Several prominent companies are leading the liquid biopsy market, including:
CareDx Inc., Eurofins Scientific, Exact Sciences Corporation, Immucor, Inc., MDxHealth, Menarini Silicon Biosystems, GUARDANT HEALTH, INC, Thermo Fisher Scientific Inc., Illumina, Inc., Genomic Health, Myriad Genetics, Inc., RainDance Technologies Inc., QIAGEN, Exosome Diagnostics, Biocept, Inc, LungLife AI, Inc., Natera, Inc., Trovagene, F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc. These companies are focusing on strategic partnerships, product innovations, and comprehensive service offerings to enhance their market positions and capitalize on growth opportunities. In conclusion, the liquid biopsy market is poised for substantial growth, driven by technological advancements and increasing demand for non-invasive diagnostic methods. However, addressing the challenges of cost and skilled labor will be crucial for maximizing its potential.
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
