Significant increase in the research and development activities pertaining to next-generation sequencing are underway to develop NGS products and services, which are expected to increase due to the rising number of chronic disease burdens such as cancer. Liquid biopsy is a non-invasive medical procedure which holds the ability to detect the presence of molecular cancer biomarkers in biological fluids. The report includes market estimation for tests/services, instruments, kits and consumables used for liquid biopsies of different oncology and non-oncology disorders. Liquid biopsy has a critical role in the precision medicine approach, as it confirms the safe and effective application of targeted therapeutics. A liquid biopsy helps physicians to analyze tumor-related information through a simple blood test.
The global liquid biopsy market was estimated to be at $2,508.2 million in 2021, which is expected to grow with a CAGR of 19.83% and reach $19,066.0 million by 2032. The growth in the global liquid biopsy market is expected to be driven by increasing adoption of NGS in various research fields, advancement in NGS, and increase in the adoption of personalized medicine.
Impact of COVID-19
The current global liquid biopsy market comprises various indications such as lung cancer, breast cancer, prostate cancer, and many others. It has been noticed that there has been a reduction in the capacity or shutdowns of laboratories and other research institutions, which have led to reduced usage of various products and services related to research.
The government imposed various restrictions during COVID-19, such as travel bans, quarantines, curfews, business shutdowns, and closures. This led to an increased cost of the COVID-19-related services. There have been many issues during the COVID-19 pandemic, such as operational failures, shipping issues, inaccurate demand forecasts, and other production issues.
Furthermore, the health and the safety of employees were impacted as COVID-19 reduced the efficacy of employees' work potential. However, the market related to COVID-19 grew during the pandemic as customers were in need of testing services. Overall, the impact of COVID-19 on the market size has been low-moderate. Some market players have reported a slight decline in sales. However, financials are already on their way to recovery. The decline in revenues was mostly a result of the initial phases of the COVID-19 pandemic, which comprised complete lockdowns across countries and major cities, thus interrupting the supply chain. The timeline of impact spanned the end of the first quarter and the second quarter of 2020 for most key markets across the globe. However, the pandemic has played a key role in enhancing the growth prospects of liquid biopsy and is expected to indirectly aid in improving the market growth outlook.
Recent Developments in the Global Liquid Biopsy Market
• Product Launch in 2020: Sysmex Corporation launched liquid biopsy RUO kits in EMEA region. The kits name is Plasma-SeqSensei, and it is used for non-small cell lung cancer (NSCLC), melanoma, and thyroid cancer.
• Partnership: In 2021, Illumina, Inc. collaborated with Bristol Myers Squibb to innovate and enhance companion diagnostics for therapy selection to further precision oncology. TSO 500 ctDNA is one of the first liquid biopsy assays to enable comprehensive genomic profiling for therapy selection.
• Collaboration: In 2021, QIAGEN collaborated with Sysmex Corporation for the development and commercialization of cancer companion diagnostics using NGS and Plasma-Safe-SeqS technology.
Demand – Drivers and Limitations
Following are the demand drivers for the liquid biopsy market:
• Rising Cancer Prevalence
• Increasing Adoption of Inorganic Growth Strategies in the Market
• Increase in Research Funding from National Cancer Institute
The market is expected to face some limitations too due to the following challenges:
• Uncertain Reimbursement and Regulatory Policies
• Expected Implementation of Patient Protection and Affordable Care Act in the U.S
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
The top segment players include liquid biopsy manufacturers and service providers that capture around 95% of the presence in the market.
Some of the prominent names established in this market are:
• Abcodia Ltd.
• Bio-Rad Laboratories, Inc.
• Biocept, Inc.
• Dxcover Limited
• Elypta
• Epic Sciences
• F. Hoffmann-La Roche Ltd
• Guardant Health
• Illumina, Inc.
• Laboratory Corporation of America Holdings
• LungLife AI, Inc.
• Micronoma
• Natera, Inc.
• Neogenomics Laboratories
• PerkinElmer Inc.
• QIAGEN
• Sysmex Corporation
• Thermo Fisher Scientific Inc.
Get Free Sample Report - https://bisresearch.com/requestsample?id=1303type=download
How Can This Report Add Value to an Organization?
Product/Innovation Strategy: Product launches and upgrades in the liquid biopsy industry are aimed at advancing the overall technologies in the market to ensure efficient detection of various applications such as treatment monitoring and treatment selection. Several companies, including Illumina, Inc. and NeoGenomics Laboratories, were involved in product innovations.
Competitive Strategy: Enterprises led by the market juggernauts frequently update their product portfolios with innovative and application-specific products to sustain current market competition. Moreover, a detailed competitive benchmarking of the players operating in the global liquid biopsy market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
BIS Related Studies
NGS Sample Preparation Market - A Global and Regional Analysis