Liquid Biopsy in Cancer Diagnostic Market: Current Analysis and Forecast (2022-2028)

Report Description

The liquid biopsy in cancer diagnostic market is expected to grow at a strong CAGR of around 15% during the forecast period owing to the surge in the incidence of cancers, rising research and development activities for the development of novel liquid biopsy in cancer diagnostic, and the development of a novel pipeline of cancer drugs. Moreover, the rapid launch of new products in the market is also driving the growth of the market during the forecast period. For instance, in August 2020, U.S. FDA granted approval to the first liquid biopsy companion diagnostic test that also uses next-generation sequencing (NGS) technology to identify patients with specific types of mutations of the epidermal growth factor receptor (EGFR) gene in a deadly form of metastatic non-small cell lung cancer (NSCLC). This is the first approval to combine two technologies — NGS and liquid biopsy — in one diagnostic test in order to guide treatment decisions. Thus, these aforementioned factors are driving the market growth during the forecast period.

Some of the major players operating in the market include Myriad Genetics Inc, Exact Sciences Corporation, Biocartis, Sysmex Corporation, Thermo Fisher Scientific Inc, Agilent Technologies Inc, Biocept Inc, MDx Health, Illumina Inc, and QIAGEN. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst sample, the blood segment held a significant share of the market in 2021”

Based on sample, the market is categorized into blood, urine, and saliva. The blood category held dominant share of the market in 2021. The blood test offers several characteristics such as non-invasiveness, painlessness, cost-effectiveness, and no risk. The circulating biomarkers in the blood have a critical role in understanding tumorigenesis and metastasis, which further can help determine tumor dynamics at the time of treatment and disease progression. In addition, ongoing research on blood-based tests for cancer is expected to drive the market. For instance, in August 2021, a research group at Exact Sciences and UW-Madison started working on liquid biopsies for cancer, including a blood test that helps detect genetic mutations in tumors targeted by drugs. This test can detect recurrence of cancer after treatment as well as help in the early detection of the disease.

“Amongst cancer, the breast cancer category to grow with high CAGR during the forecast period”

By cancer, the market is segmented into lung cancer, breast cancer, colorectal cancer, prostate cancer, and others. The breast cancer segment is anticipated to grow with a significant CAGR during the forecast period due to a significant rise in the prevalence of breast cancer. According to Globocan, in 2020, about 2,261,419 new breast cancer cases were reported worldwide, contributing to about 11.7% of the total cancer cases. In addition to this, rising research activities by scientists for the detection of breast cancer are also having a positive impact on the market growth. For instance, in September 2022, scientists designed special blood draw liquid biopsy test that could determine whether a patient has breast cancer at its early stage and if that cancer is unlikely to return.

“Amongst technique, the next generation sequencing segment held a dominant share of the market in 2021”

Based on technique, the market is bifurcated into polymerase chain reaction and next-generation sequencing. The next generation sequencing held a dominant share of the market in 2021 owing to its capability to detect several mutations which are critical for the development of cancer and for the detection of resistance mechanisms that might have developed from the pre-existing clones after treatment. Moreover, payers in the market have introduced enhanced products which is also propelling the market growth. For instance, in February 2021, Twist Bioscience Corp. launched Twist NGS Methylation Detection System for liquid biopsy cancer analysis and epigenetic studies. In addition, in April 2021, Biodesix, Inc. declared its plan to launch a blood-based 52-gene NGS test to enhance its portfolio of molecular testing.

“APAC to grow with high CAGR during the forecast period”

APAC is expected to grow with the highest CAGR during the forecast period due to rising disposable income, the surge in the prevalence of cancer, rising research and development activities, and increasing awareness among individuals. For instance, in September 2021, Chinese startup AnchorDx, together with renowned experts from a top-tier hospital in China, has developed a diagnostic model for early breast cancer detection, based on circulating cell-free DNA-based (cfDNA) methylation patterns. It can serve as a reliable approach for the early diagnosis of breast cancer and is expected to compensate for the deficiency of mammography. Apart from this, regulatory bodies in Japan are also granting approval to these tests, which is also driving the market growth during the forecast period. For instance, in March 2022, the  Ministry of Health, Labour and Welfare (MHLW) in Japan has granted regulatory approval of Guardant360 CDx, a liquid biopsy test for tumor mutation profiling, also known as comprehensive genomic profiling (CGP), in patients with advanced solid cancers.

Liquid Biopsy In Cancer Diagnostic Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Liquid Biopsy In Cancer Diagnostic Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global liquid biopsy in cancer diagnostic market were the three major steps undertaken to create and analyze the adoption of liquid biopsy in cancer diagnostic in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global liquid biopsy in cancer diagnostic market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the liquid biopsy in cancer diagnostic market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the liquid biopsy in cancer diagnostic market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, sample, cancer, biomarker, and technique. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the liquid biopsy in cancer diagnostic market. Further, we conducted factor analysis using dependent and independent variables such as product, sample, cancer, biomarker, and technique of the liquid biopsy in cancer diagnostic market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the liquid biopsy in cancer diagnostic market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global liquid biopsy in cancer diagnostic market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the liquid biopsy in cancer diagnostic market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global liquid biopsy in cancer diagnostic market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global liquid biopsy in cancer diagnostic market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, sample, cancer, biomarker, and technique in the global liquid biopsy in cancer diagnostic market.

The main objective of the Global Liquid Biopsy In Cancer Diagnostic Market Study

The current & future market trends of the global liquid biopsy in cancer diagnostic market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the liquid biopsy in cancer diagnostic market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product, sample, cancer, biomarker, and technique
• Define and analysis of the regulatory framework for the liquid biopsy in cancer diagnostic industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the liquid biopsy in cancer diagnostic market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the liquid biopsy in cancer diagnostic market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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