Advantages of liquid biopsy launches and technology drive the growth of the global liquid biopsy market

Increase in incidences and prevalence of various cancer types, rise in demand for safe and non-invasive procedures, and advantages of liquid biopsy launches and technology drive the growth of the global liquid biopsy market. However, lack of awareness in developing and underdeveloped regions hinder the market growth. On the other hand, use of liquid biopsy for treatment of rare cancer and untapped potential of emerging markets present new opportunities in the coming years.

he global Liquid Biopsy Market garnered $1.20 billion in 2020, and is estimated to reach $6.80 billion by 2028, witnessing a CAGR of 20.9% from 2021 to 2028.

Covid-19 Scenario:

• The market has suspended early diagnosis programs owing to the lockdown imposed by government bodies. In addition, there has been a decrease in screenings, visits, therapies, and surgeries related to cancer.
• The pandemic has also affected the logistics and supplies of cancer diagnostic raw materials and components and other essential commodities required for the production of liquid biopsy.

Based on end user, the hospitals and laboratories segment accounted for the largest market share in 2020, contributing to 94% of the global Liquid biopsy market, and is estimated to continue its leadership status during the forecast period. However, the government and academic research center segment is projected to witness the largest CAGR of 21.9% from 2021 to 2028.

Based on region, North America contributed to the largest market share in 2019, holding more than two-fifths of the total share, and is expected to maintain its dominant share in terms of revenue by 2028. However, Asia-Pacific is estimated to portray the highest CAGR of 22.7% during the forecast period. Other provinces covered in the report include LAMEA and Europe.

Leading players of the global liquid biopsy market analyzed in the research include Johnson & Johnson, Laboratory Corporation of America Holdings, MDxHealth SA, QIAGEN N.V., Bio-Rad Laboratories, Inc, Biocept Inc., Guardant Health Inc., Illumina, Inc., F. Hoffmann-La Roche Ltd. (FOUNDATION MEDICINE, INC.),and Thermo Fisher Scientific Inc.