The global liquid biopsy market is projected to grow with a CAGR of 18.91%, over the forecasted years of 2021 to 2028. The increasing prevalence of cancer in the older populace, the shifting consumer demand for diagnostic centers, the non-invasive nature of liquid biopsy testing, the emergence of tissue/tumor-agnostic drugs, and patients’ preference for liquid biopsy testing, are among the chief forces driving the market growth.
A liquid biopsy entails a non-invasive method, that helps monitor and determine cancer and other diseases. In order to perform a liquid biopsy, blood or other fluids, including, urine is collected, sequenced, and analyzed by the use of next-generation sequencing (NGS) systems and assays. Tissue biopsy, an invasive procedure, is now being replaced by liquid biopsy, owing to the latter’s efficiency.
Continually transitioning consumer demands have generated a shift in diagnostic testing, from commercial laboratories and hospitals, closer to the patients’ home. As a result, the change has considerably minimized the overall cost of testing. The majority of healthcare services being delivered at homes, across several countries, are mainly for urban areas, with a reduced focus on rural areas. However, developing countries have a high proportion of people living in rural areas with few diagnostic centers, and low accessibility. Such regions also observe a high rate of cancer deaths, accredited to the lack of disease awareness, thereby leading to the ignorance of treatment and diagnosis.
The global liquid biopsy market growth is assessed through the evaluation of North America, Europe, the Asia-Pacific, and the rest of the world. The Asia-Pacific is set to be the leading region over the forecast period, owing to factors such as, the increasing need for liquid biopsy products, the surging incidence of cancer, mainly due to low awareness and delayed detection, and the initiatives undertaken by the government.
Since the global liquid biopsy market is still developing and emerging, customers often prefer trying popular products, as it is convenient to switch from one product to another. However, with this aspect, the customers’ loyalty is jeopardized. Hence, industrial rivalry is considered to be medium to high.
Some of the leading companies operating in the market are, Becton, Dickinson, and Company (BD), Agilent Technologies Inc, Qiagen NV, etc.
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