BANGALORE, India, July 20, 2021 /PRNewswire/ -- Liquid Biopsy Market by Product & Service (Kits & Reagents, Platforms & Instruments, and Services), Circulating Biomarker (Circulating Tumor Cells, Extracellular Vesicles, Circulating Tumor DNA [ctDNA], and Other Biomarkers), Cancer Type (Lung Cancer, Breast Cancer, Colorectal Cancer, Prostate Cancer, Liver Cancer, and Other Cancers), and End User (Hospitals & Laboratories and Government & Academic Research Centers). It is published in Valuates Reports under Medical Facilities & Services Category.
The global Liquid Biopsy Market size accounted for USD 1,204.2 Million in 2020 and is estimated to reach USD 6,804.9 Million by 2028, registering a CAGR of 20.9% from 2021 to 2028.
Major factors driving the growth of the liquid biopsy market are:
Advancements such as next-generation sequencing for advanced cancer patients in liquid biopsies are expected to drive the market.
An increase in the number of cancer patients and a rise in patient preference for minimally invasive therapies is fuelling the liquid biopsy market.
Furthermore, an increase in healthcare expenditure in developing countries, such as India and China, and the use of liquid biopsy tests to treat rare cancers are expected to present ample opportunities for market growth.
TRENDS INFLUENCING LIQUID BIOPSY MARKET
An increase in the number of cancer patients is driving the liquid biopsy market. A liquid biopsy could aid in the detection of cancer at an early stage. It can also be used to aid in treatment planning, as well as to determine how well treatment is working and whether cancer has returned. The ability to take many blood samples over time may also aid doctors in determining what molecular alterations are occurring in a tumor.
Furthermore, an increase in preference for minimally invasive therapies is also fuelling the growth of the liquid biopsy market size. A liquid biopsy is a simple and non-invasive technology that allows scientists to track all genetic and epigenetic changes in solid tumors using a simple blood sample. As a result, all molecular parameters of thyroid cancers can be considered for liquid biopsy.
Based on product & service, due to the need for reagents to perform liquid biopsy tests and their applicability, the kits & reagent segment produced the most revenue in 2020.
Based on end-user, the liquid biopsy market share is projected to be dominated by the hospital and laboratory segment. This is due to the widespread use of liquid biopsy testing for cancer diagnosis in hospital settings.
Based on region, North America accounted for the largest share of the liquid biopsy market in 2020. The expansion of the North American liquid biopsy market is fueled by factors such as a high cancer prevalence rate, widespread use of novel liquid biopsy tests, the availability of improved healthcare infrastructure, and high healthcare expenditure. However, due to rising disposable income, increased government initiatives to upgrade healthcare infrastructure, and rising healthcare expenditure, Asia-Pacific is expected to have the greatest CAGR during the projection period.
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