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Global Liquid Biopsy Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report - Segmented By Cancer Type, Sample Type, Diagnostic Approach, End Users and Region - Industry Forecast (2021 to 2026)
The size of the global liquid biopsy market is estimated to be growing at a CAGR of 24.3% from 2021 to 2026 and worth USD 4300.5 million by 2026.
Impact of COVID-19 on the global liquid biopsy market:
COVID-19, a coronavirus disease, has spread throughout the world. As a result of the rise in coronavirus patients, governments worldwide have enacted several regulations and restrictions, limiting market growth in the early stages of the projected period. Early diagnostic initiatives have been stopped as a result of this. However, there has been a decline in cancer screenings, visits, treatments, and surgeries, with variations by cancer type and appointed under the section worldwide, resulting in a rise in cancer morbidity and death in 2020. The pandemic has also influenced the logistics and supply of cancer diagnostic raw materials and components and other essential commodities needed in liquid biopsy manufacturing. During the COVID-19 pandemic, these issues are limiting the expansion of the liquid biopsy market.
KEY DRIVING FACTORS:
The global market for liquid biopsy is expected to be driven by the rising prevalence of cancer, increasing prevalence of non-invasive minimal surgical procedures, and the increasing demand for healthcare centers. In addition, due to technical advancements in feasibility and turnaround time, liquid biopsy has recently gained considerable interest as a non-invasive alternative to tissue biopsy in cancer patients.
Furthermore, the organizations like the American Society of Clinical Oncology (ASCO) are working to promote liquid biopsy, which is expected to drive market growth. In addition, ongoing research and development in biotechnology to launch advanced products into the market is expected to influence market growth. CTC quantitation is currently the only clinical use of isolation and detection technology, although the quantity of CTCs has been proven strongly correlated with disease severity. As a result, the market is expected to grow in the future years.
On the other hand, the market is expected to increase as more people become aware of the benefits of multiple gene analyses with the aid of NGS. Moreover, the increasing investment and funding by the government and private organizations for the development of healthcare sectors are expected to encourage market growth.
However, there is a lack of understanding of liquid biopsy in developing countries, which limits the market growth. On the contrary, rising healthcare spending in emerging nations like India and China and the usage of liquid biopsy testing to treat uncommon cancers are projected to drive global liquid biopsy market growth.
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KEY MARKET INSIGHTS:
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By Cancer Type:
By Diagnostic approach:
By Sample Type:
By End User:
KEY MARKET LEADERS PROFILED IN THIS REPORT:
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