Liquid Biopsy Market Size Worth $8,123.85 Million, Globally, by 2027 at 9.9% CAGR - Exclusive Report by The Insight Partners

NEW YORK, Dec. 10, 2021 /PRNewswire/ -- According to the new market research report "Liquid Biopsy Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product and Services (Equipment, Reagents & Kits, and Services); Sample (Blood Based, Urine Based, and Other samples); Circulating Biomarker (Circulating Tumor Cells (CTC), Exosomes, and Free Nucleic Acid); Application (Noninvasive Prenatal Testing (NIPT), Oncology, Transplant Diagnostics, and Other Applications); End User (Academic & Research Institutes, Hospitals, Reference Laboratories, and Other End Users), and Geography", published by The Insight Partners, the global liquid biopsy market is projected to reach US$ 8,123.85 million by 2027 from US$ 3,861.49 million in 2019 to grow at a CAGR of 9.9% during 2020–2027. Get the Latest COVID-19 Analysis on global liquid biopsy market at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00003996

Liquid Biopsy Market: Competition Landscape and Key Developments

Biocept, inc., Bio-rad laboratories, inc., Lunglife ai, inc, exosome diagnostics, F. Hoffmann-la roche ltd, Inivata ltd,Exact sciences corporation, Mdxhealth, qiagen,Thermo fisher scientific inc are among the key companies operating in the liquid biopsy market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.

• In March 2020, NuProbe completed Collaboration with Qiagen to develop next-generation sequencing (NGS)-based cancer diagnostic tests for non-invasive liquid biopsy.
• In January 2018, Thermo Fisher Scientific has Expanded Oncomine Portfolio for Liquid Biopsy and Immuno-oncology Clinical Research. The product is adding cell-free DNA panels, this is likely to delivers Fastest Liquid Biopsy Solution to the patients.
• In August 2018, Exact Sciences Corp. announced signing of partnership with Pfizer to promote Colorguard in the United States. Pfizer has helped with sales representative to promote the test to physicians and health systems during marketing campaign.

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The North America region is the held the largest market for the liquid biopsy market during the forecast period. The United States held the largest market for liquid biopsy, and the market is expected to grow due to significant healthcare spending and infrastructure, availability of advanced technologies, and greater emphasis on early cancer screening.In Canada and Mexico, the market is expected to grow due to increasing investments for early cancer diagnostics and rising government initiatives for the cancer prevention and control. The market is expected to grow at a faster pace in Mexico, owing to higher prevalence of chronic renal conditions. In North America, the US is the largest market for liquid biopsy. The growth of this market is primarily driven by growing prevalence of cancer, high R&D spending for new diagnostics and presence of major market players in the US are going to accelerate the growth of this market in this country. The American Cancer Society, estimated that in 2020, an approximately 1.8 million new cancer cases will be diagnosed and 606,520 deaths will be due to cancer in the United States. The most common type of cancer incident in the US is breast cancer, with around276,480 new cases expected in the United States in 2020. The other most common cancer types are lung cancer, colorectal cancer and prostate cancer.

In 2019, Asia Pacific registered as the fastest-growing region in the global Liquid Biopsy market. The market is this region is expected to grow significantly in countries such as China, Japan, and India. The growth of the market is attributed due to rising support from the government, increasing prevalence of cancer, rising number of start-ups operating in liquid biopsy market, and increasing penetration of international market players in Asia Pacific region. The growth of the market is attributed to the iincreasing incidence of neurological disorders and growing developments in neuromodulation technology are factors driving the growth of the neuromodulation market; however, the high cost of neuromodulation devices hinders its market growth.

Increasing Prevalence of Cancer in  Liquid Biopsy Market:

Liquid biopsy is a noninvasive diagnostic test that identifies various types of cancer. The increasing prevalence of cancer among population is leading to the growth of liquid biopsy market across the world. For instance, in Canada, cancer is the leading cause of death among population and it is witnessed to be a second-leading cause after heart diseases in the US. As per the American Cancer Society, Inc, approximately, 1.9 million new cancer cases and 693,000 cancer deaths were recorded in 2018, in Northern America. Prostate cancers are the most commonly diagnosed cancers among males in North America; however, breast cancers remains leading in females. Additionally, lung cancer remains the most common cause of death in both sexes. It is estimated that the number of new cases of cancer incidence is 439.2 per 100,000 men and women per year.

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According to the National Health Profile, the cases of common cancers, including cervical, oral, and breast cancers have increased by 324%in India between 2017 and 2018. Additionally, the total number of patients visiting Non Communicable Diseases (NCD) clinics have doubled from 2017 to 2018, which is recorded as 3.5 crore to 6.6 crore respectively. Rapid change in lifestyle and consumption of alcohol and tobacco products are the factors increasing the incidences of cancer among the population. The largest potential market for liquid biopsy isa screening tool and testing the general asymptomatic population for different types of cancer.

Qiagen, Exosome Diagnostics Inc., and SysmexInostics GMBHareamong the major companies manufacturing liquid biopsy testing productsto detect cancer. Therefore, increasing prevalence of cancer across the world is expected to drive the growth of the global liquid biopsy market during the forecast period.

Liquid Biopsy Market: Segmental Overview

Based on product and services type, the liquid biopsy market is segmented into equipment, reagents & kits and services. The reagents & kits segment accounted for more than 49.12% of the market share in 2019. In terms of sample, the liquid biopsy market is segmented into blood based, urine based and other samples. The blood-based segment held the largest share of the market in 2019. In terms of circulating biomarker, the liquid biopsy market is segmented into intocirculating tumor cells (CTC), exosomes and free nucleic acid.The circulating tumor cells (CTC) segment held the largest share of the market in 2019. In terms of application,, the liquid biopsy market is segmented into non-invasive prenatal testing (NIPT), oncology, transplant diagnostics and other applications.The oncology segment held the largest share of the market in 2019. In terms of end-user, the liquid biopsy market is segmented into academic & research institutes, hospitals, reference laboratories and other end users.The hospitals segment held the largest share of the market in 2019.

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The COVID-19 outbreak has disturbed various trades and businesses across the world. Due to an increasing number of infected patients, healthcare professionals and leading organizations are distracting the flow of healthcare resources from research & development to primary care, which is slowing down the process of innovation. Furthermore, the pandemic spread is also preventing the clinical trials, drug development, and diagnostic industry in the US. For instance, California-based Lucence Diagnostics Pte Ltd., who develops liquid biopsy and has a known player in this industry, has been diverted now to manufacture kits for COVID-19. For instance, in March 2020, Lucence Diagnostics announced that they have a new product in their product portfolio by developing the SAFER-Sample (Stabilization of nucleic Acid Formulation for Evaluation of RNA) kit, a sample collecting medical device to promote more accessible testing of viral infections like COVID-19.

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