Market Research Report
Liquid Biopsy in Cancer Diagnostics - Market Insights, Competitive Landscape and Market Forecast-2026
|Liquid Biopsy in Cancer Diagnostics - Market Insights, Competitive Landscape and Market Forecast-2026|
DelveInsight Business Research LLP
Content info: 100 Pages
Delivery time: 2-10 business days
Liquid Biopsy in Cancer Diagnostics Market By Type (Product Type [Instruments And Reagents & Kits] And Services), By Sample Type (Blood, Urine, And Saliva), By Biomarker Type (Circulating Tumor Cells, Circulating Tumor DNA, Circulating Free DNA, And Others), By Cancer Type (Lung Cancer, Breast Cancer, Colon Cancer, And Others), By Technique (Polymerase Chain Reaction And Next Generation Sequencing), By End User (Hospitals, Diagnostic Centers, And Others), by geography is expected to grow at a steady CAGR forecast till 2026 owing to increasing prevalence of cancers and growing popularity of precision medicine
Global liquid biopsy in cancer diagnostics market was valued at USD 6,953.15 million in 2020, growing at a CAGR of 16.64% during the forecast period from 2021 to 2026 to reach USD 16,500.05 million by 2026. Factors such as the rising incidence of various cancers, growing demand for minimally invasive procedures, increasing demand of precision medicine, technical innovation in product development among other factors are expected to drive the liquid biopsy in cancer diagnostics market.
Liquid Biopsy in Cancer Diagnostics Market Dynamics:
One of the key aspects driving the liquid biopsy in cancer diagnostics market is the growing demand for liquid biopsy in cancer diagnostics due to increase in the cancer incidence. As per the GLOBOCAN study conducted by the International Agency for Research on Cancer, in 2020, an estimated number of 19.3 million new cancer cases (18.1 million excluding non-melanoma skin cancer) and near about 10.0 million cancer deaths were reported globally. The above-mentioned source further stated that in 2020, lung cancer remained the leading cause of cancer death, with an estimated 1.8 million deaths (18%), followed by colorectal (9.4%), liver (8.3%), stomach (7.7%), and female breast (6.9%) cancers. Considering the increase in the number of new cancer cases all over the globe, there has been a growing emphasis on developing an alternative to conventional biopsies to facilitate the cancer diagnosis process and make it smoother for both patients and healthcare providers. Furthermore, the application of liquid biopsy in therapy management for cancers such as lung and breast is further expected to boost the product demand. Thus, the increasing patient population of cancers would, in turn, lead to an increase in demand for liquid biopsy products and services. Therefore, all the aforementioned factors are projected to contribute to the growth of liquid biopsy in the cancer diagnostics market.
Furthermore, another key contributor in the growing demand for liquid biopsy in cancer diagnostics is the increasing prominence of precision medicine in cancer care. The concept of "precision medicine" or individualizing the treatment plan according to the biological behavior of the tumor is considered a new approach in cancer management. The clinical applications of precision medicine are diverse encompassing screening, diagnosis, prognosis, prediction of treatment response and resistance, early detection of recurrence/metastasis, and biologic cancer stratification. Liquid biopsies hold great promise for personalized medicine due to their ability to provide multiple non-invasive global snapshots of the primary and metastatic tumors. The customization of treatment specific to the patient's health condition has gained widespread acceptance and attention from physicians. Liquid biopsy plays an important role in developing customized treatments for patients. It provides vital real-time information about the tumor profile and helps decide the subsequent steps in the treatment. The potential of liquid biopsy is also being realized by market players, which is evident by their growing interest in product development in this domain. For instance, in September 2021, German firm Molecular Health GmbH collaborated with a South Korean startup EONE-Diagnomics Genome Center (EDGC) to help its healthcare provider customers identify personalized treatment options for cancer patients. Therefore, the growing prominence of precision medicine and the advantages of liquid biopsy are expected to contribute to the growth of liquid biopsy in the cancer diagnostics market during the forecast period.
However, risk of false results due to procedural limitations and lack of standardization of procedures may be certain challenging aspects for the liquid biopsy in cancer diagnostics market growth.
The liquid biopsy in cancer diagnostics market witnessed a dip in the generated revenue due to the implementation of measures to curb the spread of the COVID-19 infection. One of the major steps during the COVID surge was the suspension of numerous elective procedures and outpatient visits which reduced the demand for liquid biopsy products and services in the market as the healthcare system guidelines across the globe temporarily focused all their efforts on the management of COVID-19 infection patient load during the initial lockdown period. As per the data provided by the Cancer Research UK, in the UK alone, for example, urgent lung cancer referrals fell by up to 75% during the first lockdown. This did not correlate to the decrease in cases, but that fewer people sought and obtained the diagnosis they urgently need. Unfortunately, these trends were prominent across countries around the globe. Nevertheless, the market for liquid biopsy in cancer diagnostics is on a period of recovery owing to devising of strategies to transform cancer care during the pandemic and approval of liquid biopsy products such as Exosomal liquid biopsy prostate test in March 2021 by the US Food and Drug Administration thereby presenting a future outlook for the liquid biopsy in cancer diagnostics market during the forecast period from 2021-2026.
Liquid Biopsy in Cancer Diagnostics Market Segment Analysis:
Liquid Biopsy in Cancer Diagnostics Market by Type (Product Type [Instruments and Reagents & Kits] and Services), by Sample Type (Blood, Urine, and Saliva), by Biomarker Type (Circulating Tumor Cells, Circulating Tumor DNA, Circulating Free DNA, and Others), by Cancer Type (Lung Cancer, Breast Cancer, Colon Cancer, and Others), by Technique (Polymerase Chain Reaction and Next Generation Sequencing), by End User (Hospitals, Diagnostic Centers, and Others), by Geography (North America, Europe, Asia-Pacific, and Rest of the World)
In the type segment of the liquid biopsy in cancer diagnostics market, the services category is accounted for 73% of market revenue share in 2020. This can be ascribed to various aspects of services catered by this category. Many companies are operating in the domain where they offer services pertaining to liquid biopsy ranging from sample collection to NGS analysis. One such example is an Australia-based company, BARD1 that offers a sample preparation platform called NETs Biomarker Capture Platform. This platform is a patented technology of the company to revolutionize the performance of liquid biopsy diagnostic assays.
Another such company catering to the services aspect of the liquid biopsy domain is Biodesix. The company offers a wide range of services from clinical aspects to clients from a research background. For instance, the company employs blood-based, multiple technologies approaches for diagnostic research to uncover novel insights about the tumor biology and patient's immune response to cancer for biopharmaceutical therapeutics in clinical development. Therefore, considering the wide application area of services aspect of the liquid biopsy domain, the service category is expected to account for a formidable market share in the liquid biopsy in the cancer diagnostics market.
North America is expected to dominate the overall Liquid Biopsy in Cancer Diagnostics Market:
Among all the regions, North America is expected to account for the significant market share in the liquid biopsy in cancer diagnostics market. North America is estimated to account for the dominant market share because of the increasing prevalence of cancers, increasing focus on oncology research, supportive government policies promoting liquid biopsy research and a conducive environment for product development and launches among other factors in the region.
Among all the North American countries, United States accounted for 87% of revenue share in the North America liquid biopsy in cancer diagnostics market in 2020. One of the key reasons for high uptake of liquid biopsy products and services in the country was the high prevalence of cancers. For instance, according to the data provided by the National Cancer institute (United States), till April 2021, bladder, breast, colon and rectal, endometrial and kidney cancer were some of the common cancer types in the country. Besides, the high prevalence of Cancer, United States is considered as one of the key countries that invests heavily in healthcare services as well as medical research. The US Food and Drug Administration also provides a supportive environment for new technologies to reach the market with the provision of "breakthrough device" designation to emerging technologies and products in the medical devices domain. For instance, in April 2021, the US FDA awarded the breakthrough device designation to Inviata Limited for their liquid biopsy product for minimal residue disease (MRD) test. The regulatory body also awarded the same designation to Bluestar Genomics' noninvasive pancreatic cancer detection test.
Additionally, cancer diagnosis and treatment can be extremely cost intensive for patients even after medical insurance. The coverage of liquid biopsy test in insurance and reimbursement programs offered by the US government further acts as a booster for their uptake by end users. For instance, InVisionFirst®, Liquid Biopsy for Patients with Lung Cancer is covered under CMS National Coverage Policy. Thus, all the above-stated factors are expected to drive the market for liquid biopsy in cancer diagnostics in the United States.
Moreover, the increasing prevalence of lifestyle disorders that present as major risk factors in cancer development. For instance, as per the data provided by the Global Obesity Observatory (2021), Mexico presents a national risk of obesity development on a scale of 10 to be 8. This represents that the majority of the population in Mexico either falls in the bracket of the obese population or is highly susceptible to being obese in the coming years. Many studies have established that excess body fat increases the risk for several cancers, including colorectal, postmenopausal breast, uterine, esophageal, kidney, and pancreatic cancers. Additionally, the increase in aging population in the country is also said to contribute to cancer incidence. According to the 2021 data published by the World Bank Group, approximately 9,822,231 population in Mexico were aged 65 years and above in 2020.Therefore, the increasing prevalence of risk factors such as obesity and aging that may play a crucial role in cancer development has also resulted in the country's increasing prevalence of various cancers. This has been a major driving factor for the growing demand for liquid biopsy products and services in Mexico.
Liquid Biopsy in Cancer Diagnostics Market Key Players:
Some of the key market players operating in the liquid biopsy in cancer diagnostics market includes Myriad Genetics Inc, Exact Sciences Corporation, Biocartis, Sysmex Corporation, Thermo Fisher Scientific Inc, Biocept Inc, Agilent Technologies Inc, MDx Health, Neogenomics Laboratories, F. Hoffman La Roche Ltd, Guardant Health,Bio-Techne, Illumina Inc, QIAGEN, Lucence Health Inc, Personal Gemone Diagnostics Inc, SAGA Diagnostics, Agena Bioscience Inc, The Menarini Group, MiRXES Pte Ltd. And others.
Recent Developmental Activities in Liquid Biopsy In Cancer Diagnostics Market:
Key Takeaways from the Liquid Biopsy in Cancer Diagnostics Market Report Study
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1.Liquid Biopsy in Cancer Diagnostics Market Report Introduction
2.Liquid Biopsy in Cancer Diagnostics Market Executive Summary