Albany, New York, 10th June, 2024: From 2018 to 2026, the market for global liquid biopsy will grow by a substantial value. Used to comprehend aspects (molecular) of cancer, these tests are extensively used in research as well as healthcare setting. It is pertinent to note here that not just these tests provide physicians and researchers with significant insights into the cancer profile of patients but also these provide insights into appropriate therapy that the patient should undergo.
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As per Transparency Market Research, “Successful trials of liquid biopsy are paving way for higher growth in the market. Over the forecast period, the market would chart a stellar growth rate of 10.1%, compounded annually. This is set to drive the market forward and on to a landscape marked with new opportunities of growth. Additionally, it is worth noting here that market worth would grow from USD 3.9 billion in 2017 to USD 9 billion by the end of the forecast period.”
Demand for minimally invasive procedures and quicker results (detection and diagnosis) are massively contributing towards growth in this market. Furthermore, rise in awareness regarding this procedure, benefits of simple blood draw, better therapeutic target identifications, and favorable government initiatives are also driving the global liquid biopsy market on to a higher growth curve. Additionally, it is also worth noting here that number of people suffering from cancer is growing steadily.
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It is pertinent to note here that it is a major cause of death across the world with one in every six death that the world witnesses noted to be caused by cancer. In the year 2018 itself, some 9.6 million deaths occurred due to this cause. It is also quite interesting to note here that a large chunk of these deaths – about 70% – are accounted for my low and middle income countries. And, poor lifestyle choices such as tobacco use are increasing the risk among people.
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Asia Pacific (APAC) to be a Lucrative Region in the Global Liquid Biopsy Market over the Forecast Period
Over the forecast period stated above, the Asia Pacific (APAC) region will present players with new opportunities. Part of the reason that the market has a great potential is that few strong players in the North American region are moving base out due to reasons such as stringent regulations, which are hampering growth. It is quite notable here that China will be at the top of charts in the region owing to being eyed by numerous biotechnology players. It is also pertinent here that some of these players, due to easy clinical trial regulations, have already begun with work. The movement from North America is also noted towards Europe. And, a very important reason driving this movement away from the region is high expenses incurred in research and clinical trials done here.
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Vendor Landscape of Liquid Biopsy Market to Witness Considerable Transformation and Fragmentation
The global liquid biopsy market is in a nascent stage but due to successful trials and increasing cancer incidence, the vendor landscape will witness fragmentation over the forecast period. Some very promising companies are set to make their mark in the market landscape. Besides, it is quite significant to note here that a number of market players are resorting to strategies that are quite aggressive. The aim is to take on a larger market share over the forecast period. Some of these strategies include mergers and acquisitions, partnerships and collaborations, and a keen focus on research and development. Transparency Market Research notes, “Massive diversification is expected in the coming years. Some of the top players to look out for are Myriad Genetics Inc., Thermo Fisher Scientific Inc., Genomic Health Inc., Bio-Rad Laboratories, and MDxHealth among others.”
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