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(Health-NewsWire.Net, September 18, 2020 ) According to the new market research Liquid Biopsy Market is expected to reach $2,047.9 Million by 2022 from an estimated $715.7 Million in 2017, at a CAGR of 23.4%.
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The key factors driving the growth of this market include increasing prevalence of cancer, initiatives undertaken by government and global health organizations, increasing preference for non-invasive procedures, technological advancement to augment market revenues, rising emphasis on personalized medicine, and availability of funding for liquid biopsy R&D.
The liquid biopsy market is a consolidated market with a large number of companies offering liquid biopsy instruments and accessories. In 2016, QIAGEN N.V. (Netherlands), Roche Diagnostics (US), and Illumina, Inc. (US) dominated the liquid biopsy market.
QIAGEN is the leading player in the liquid biopsy market in 2016. The company is a global provider of sample-to-insight solutions that aids in the transformation of biological samples into molecular insights. The company operates through its two business segments, namely, instruments and consumables & related products.
Roche Diagnostics ranked second in the liquid biopsy market. Roche Diagnostics focuses on the discovery, manufacturing, and marketing of medical devices used to screen, diagnose, and monitor therapies. The company operates in the liquid biopsy market through its molecular diagnostics segment.
Illumina ranked third in the market. The company provides sequencing and array-based solutions for genetic analysis. The company develops, manufactures, and markets integrated systems and life science tools for the analysis of genetic variation and biological function. The company operates in the market through its spinoff company “GRAIL Inc.”
•Based on product and service, the liquid biopsy market is segmented into assay kits, instruments, and services. Among these, the assay kits segment is expected to be the fastest-growing segment in the product and services market during the forecast period.
•Based on application, the market is segmented into cancer and non-cancer applications (which include reproductive health and organ transplant diagnostics). The non-cancer application segment is expected to be the fastest-growing segment in the market during the forecast period.
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North America is expected to account for the largest share of the liquid biopsy market in 2017, followed by Europe. A number of factors such as the easy accessibility and high adoption of advanced diagnostic technologies (such as PCR and NGS) among healthcare professionals, rising prevalence of cancer in the US and Canada, technological advancements in liquid biopsy products, and growing public and private funding to support research activities in the field of liquid biopsy are aiding market growth in the region.
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