Rising incidence and prevalence of cancer worldwide, increasing preference for Non-Invasive procedures/therapies, growing awareness regarding liquid biopsy, and technological advancement in cancer diagnosis using liquid biopsy are some of the key factors driving the global liquid biopsy market.
Liquid Biopsy is a procedure of sampling and analyzing non-solid biological tissues (such as blood and others), for the screening of cancer and other inflammatory conditions, associated with cardiac and other medical disorders. The sampling procedures are minimally invasive, quick, and incur minimal patient pain and risk. Liquid Biopsy also helps in the early diagnosis of various types of cancers such as breast cancer, non-small cell lung carcinoma, lymphomas, head and neck cancer, and leukemia.
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The Advent of Advanced Technologies for Liquid Biopsy Drives the Market
Liquid biopsy is an emerging technology and has the potential to revolutionize early cancer detection by analyzing available ctDNA for specific mutation profiles, fragmentation patterns, and methylation signatures. The rapid development in a digital polymerase chain reaction (PCR) and next-generation sequencing (NGS) technologies has led to a significant reduction in sequencing cost with the improvement in the accuracy of liquid biopsy. Further advancements in technology are expected to fuel the growth of the market in the coming years.
Growing Adoption of Circulating Biomarkers for Early Detection & Screening of Cancer
Currently, circulating cell-free DNA (cfDNA) and circulating tumor cells (CTCs) are the most commonly used liquid biopsy-derived biomarkers. In recent years, CTCs have gained immense significance in detecting tumors, replacing invasive tissue biopsies not only due to their ease in sampling but also in providing data regarding tumor conditions in a ‘real-time’ manner. CTCs can also be used in vivo for the generation of patient-derived tumor models that assist in treatment.
“Liquid Biopsy is a dynamic and continuously evolving field. Technological advancements directed towards faster and more convenient diagnosis will drive the market. Liquid biopsies could be a game-changer in cancer testing.” – Head of Diagnostic Biomarkers, Liquid Biopsy Company, United States
Key Challenges/ Constraints: Liquid Biopsy Market
Some of the key challenges restricting the growth of the liquid biopsy market are stringent government regulations, suboptimal patient adherence, low sensitivity for early-stage disease, and high false-positive rates. The wrong diagnosis can lead to false-negative results which can impact the informative value of the liquid biopsy tests for cancer.
North America Leads the Adoption of Liquid Biopsy Market
From a geographical perspective, North America holds the largest market share of the liquid biopsy market. The rising prevalence of cancer cases among the population in the US, increased adoption of liquid biopsy for the diagnosis of cancer, higher patient preference for non-invasive diagnosis and monitoring and the presence of leading players in this region are some of the key factors driving the market growth.
Competitive Landscape Analysis: Liquid Biopsy Market
Some of the leading players operating in the liquid biopsy market are F. Hoffmann-La Roche Ltd., Myriad Genetics Inc., QIAGEN N.V., Thermo Fisher Scientific Inc., Guardant Health Inc., MDxHealth SA, and Illumina Inc., among others.
Companies Adopting Inorganic Growth Strategies to Increase their Market Share
Players operating in this market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, and new product launches to garner market share. For instance, In May 2022, Guardant Health, Inc. a leading precision oncology company, announced the availability of Shield™, the company’s first blood-based test for the detection of early-stage colorectal cancer (CRC).
Growing Interest of Private Equity Firms in Liquid Biopsy Market
To leverage growth opportunities in the global liquid biopsy market, private equity firms are also making investments in potentially high-growth areas/companies in this space. For instance, In May 2022, BioMarks Diagnostics secured $1.5 million from a private financing round to accelerate the commercialization of its liquid biopsy technology.
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