Liquid Biopsy Market to Reach $3,805 Mn, Globally, by 2023 at 28.9% CAGR, Says Allied Market Research
PORTLAND, Oregon, October 22, 2018 /PRNewswire/ --
Rise in demand for non-invasive, safe procedures, increase in prevalence of cancer, and benefits over traditional test procedures would drive the growth of the global liquid biopsy industry
Allied Market Research published a report, titled, Liquid Biopsy Market by Product & Service (Reagents, Instruments, and Service), Cancer Type (Lung, Breast, Colorectal, Prostate, Liver, and Others), Circulating Biomarker (Circulating Tumor Cells, Extracellular Vesicles, Circulating Tumor DNA [CtDNA], and Other Biomarkers) - Global Opportunity Analysis and Industry Forecast, 2017-2023. The report offers detailed analyses of the key winning strategies, market dynamics, market size & estimations, top investment pockets, and competitive landscape. As per the report, the global liquid biopsy market garnered $830 million in 2017 and is expected to reach $3,805 million by 2023, registering a CAGR of 28.9% from 2017 to 2023.
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Increasing use of non-invasive, safe procedures, rising incidence of cancer, and advantages associated with liquid biopsy drive the growth of the market. However, lack of awareness in emerging and underdeveloped economies hampers the market growth. On the other hand, use of this technique for early detection & diagnosis of cancer as well as characterization of new lesions would create new opportunities for the market players.
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Circulating tumor cell segment to maintain lion's share during the forecast period
The circulating tumor cell segment generated more than two-thirds of the total market share in 2017, owing to its ability to help understand the metastatic process and cancer development. This segment would maintain its lion's share by 2023. However, the extracellular vesicle (EV) segment is expected to register the fastest CAGR of 30.4% from 2017 to 2023 due to rise in adoption of EV analysis for disease diagnosis and therapeutic monitoring in cancer patients. The report also analyzes circulating tumor DNA and other biomarkers.
Kits & reagents segment to remain dominant by 2023
The kits & reagents segment contributed nearly 85% of the total market share in 2017 and is expected to dominate throughout the forecast period. This is attributed to the advent of novel liquid biopsy reagents and kits, which are used to carry out circulating biomarker analysis, size selection, target enrichment, and other functions. However, the platforms and instruments segment would grow at the fastest CAGR of 29.8% from 2017 to 2023, owing to their utility in automating the process of liquid biopsy testing and ability to offer holistic turnkey solutions. The service segment is expected to grow at a steady rate during the forecast period.
Lung cancer segment to contribute major revenue share throughout the forecast period
The lung cancer segment contributed nearly one-third share of the total market revenue in 2017, owing to the prevalence of non-small-cell lung cancer (NSCLC). This segment would remain dominant during the forecast period. The prostate cancer segment would grow at the highest CAGR of 31.8% from 2017 to 2023 due to the rise in commercialization of prostate cancer tests, especially AdnaTest Prostate Cancer Panel AR-V7 (Qiagen). The report also analyzes breast, colorectal, liver, and other cancer types.
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Hospitals & laboratories segment to remain dominant by 2023
Hospitals & laboratories segment held the major market share, contributing more than 90% of the total revenue in 2017. This is due to the rise in prevalence of cancer, increase in cancer recurrence among patients, and extensive coverage & applications of liquid biopsy tests in medical settings. However, government & academic research centers segment would register the highest CAGR of 30.1% from 2017 to 2023, owing to surge in R&D activities and precision in results.
Asia-Pacific to register the fastest growth
Large population base, rise in disposable income, increase in prevalence of cancer, and surge in R&D activities and healthcare facilities have enabled the Asia-Pacific region to grow at the fastest CAGR of 30.3% from 2017 to 2023. On the other hand, North America contributed more than one-third of the total market share in 2017, owing to upsurge in prevalence of cancer, preference for minimally invasive procedures, and ease in availability and accessibility of liquid biopsy testing.
Frontrunners of the industry
The leading market players analyzed in the report include Biocept, Inc., F. Hoffmann-La Roche AG, Qiagen, Myriad Genetics, Bio-Rad Laboratories Inc., Trovagene Inc., Janssen Diagnostics, LLC., GRAIL, Guardant Health Inc., and MDX Health SA. Various strategies such as expansions, joint ventures, mergers & acquisitions, collaborations, partnerships, and others have been implemented by these players to gain a stronghold in the industry.
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