The minimally invasive nature of liquid biopsy tests and the array of different tumor information provided by these tests are expected to attract the patients with higher purchasing power and fuel the innovations and market growth.
Portland, OR -- (SBWIRE) -- 06/09/2017 -- Liquid Biopsy Market Report, published by Allied Market Research, forecasts that the global market accounted for $634 million in 2016, and is estimated to reach at $3,805 million by 2023, registering a CAGR of 28.9% from 2017 to 2023. North America was the highest contributor in the liquid biopsy market in 2016; however, Asia-Pacific is anticipated to witness a highest growth rate throughout the forecast period.
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Liquid biopsy tests prove to be an easy and non-invasive method to access to molecular information about the tumor genome. Moreover, these tests facilitate early detection of cancer recurrence and characterization of tumor dynamics. Safety and efficiency of cancer treatment is improved by the use of these tests, owing to their ability to characterize new lesions, implement apt therapeutic targets, and predict the treatment outcome.
The advantages of implementing liquid biopsy over conventional methods of solid tissue biopsy are expected to boost the growth of the market. The advantages of liquid biopsies, such as minimally invasiveness and metastatic relapse evaluation, are expected to increase the demand for these tests. Furthermore, the increase in disposable income among cancer patients, surge in prevalence of cancer cases, and patient preference for minimally invasive therapies are anticipated to fuel the market growth. Rise in healthcare expenditure in the developing countries, such as India and China, and use of liquid biopsy tests to treat rare cancers are expected to present multiple opportunities for market growth. However, this growth is restricted, owing to alternatives to liquid biopsies and unclear reimbursement & regulation scenario.
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Reagent was the highest revenue contributor in 2016, and is anticipated to continue this trend in the future. The requirement of reagents to execute liquid biopsy tests and their applicability are expected to boost the growth of this segment.
Lung cancer dominates the cancer by type segment of liquid biopsy market. The U.S. Food and Drug Administration (FDA) has also approved a liquid biopsy companion diagnostic test called cobas EGFR mutation test v2 to identify patients with metastatic non-small cell lung cancer (NSCLC) In addition, the growth in prevalence of lung cancer has contributed to provide lucrative opportunities in the market.
In 2016, North America accounted for highest contribution to the total revenue generated, owing to the high prevalence rate of cancer and high adoption rate of novel liquid biopsy tests. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in disposable income, increase in government initiatives to modernize healthcare infrastructure, and rise in healthcare expenditure.
Key Findings of the Liquid Biopsy Market:
The government & academic research center segment is projected to grow at the highest rate during the analysis period.
Hospital & laboratory segment was the highest revenue-generating segment, and is expected to continue its dominance in future.
North America dominated global liquid biopsy market, and is projected to grow at a CAGR of 28.1%.
China is expected to grow at the highest CAGR of 34.1% in Asia-Pacific region.
The instruments segment is anticipated to grow at the highest CAGR of 29.8% during the forecast period.
The key companies profiled in the report include Biocept, Inc., Qiagen, F. Hoffmann-La Roche AG , Bio-Rad Laboratories Inc., Myriad Genetics , Janssen Diagnostics, LLC., Trovagene Inc., Guardant Health Inc., GRAIL, and MDX Health SA.
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