Breast Cancer Liquid Biopsy Testing Devices Market: Current Analysis and Forecast (2023-2030)
Emphasis on into Circulating Biomarkers (Circulating Tumor Cells (CTCs), Circulating Cell-Free DNA (cfDNA), Extracellular Vesicles (EVS), and Other Circulating Biomarkers); Application (Early Detection/Screening, Diagnosis, Treatment Selection, and Monitoring); and Region/Country.
The Breast Cancer Liquid Biopsy Testing Devices market was valued at USD 3265 Million and is expected to grow at a strong CAGR of around 16% during the forecast period (2023-2030). Liquid biopsy is a valuable tool in the diagnosis and treatment of breast cancer. Mutational analysis of liquid biopsy can help identify appropriate targeted therapy for patients based on the specific mutations present in their tumors. For instance, in patients with metastatic breast cancer, testing for the PIK3CA mutation, which is present in approximately 40% of all HR-positive tumors, can aid in determining the most effective course of treatment. Additionally, the detection of minimal residual disease (MRD) through circulating tumor DNA in liquid biopsy holds promising and transformative applications within oncology. Further, an increase in regulatory approvals is expected to have a positive effect on the market. For example, in June 2019, the United States Food and Drug Administration (FDA) provided regulatory approval to QIAGEN’s therascreen PIK3CA RGQ PCR Kit. The approval was granted with the device’s use as a companion diagnostic assay to detect PIK3CA mutations in breast cancer for both tissue and liquid biopsies.
Some of the major players operating in The Menarini Group; NeoGenomics Laboratories; F. Hoffmann-La Roche Ltd.; Myriad Genetics, Inc.; QIAGEN; Biocept, Inc.; Sysmex Corporation; Fluxion Biosciences, Inc.; Epic Sciences, Inc.; and Thermo Fisher Scientific Inc. 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 circulating biomarkers, the circulating tumor cells segment to grow with high CAGR during the forecast period”
Based on the circulating biomarkers, the market is segmented into circulating tumor cells (CTCs), circulating cell-free DNA (cfDNA), extracellular vesicles (EVS), and other circulating biomarkers. The circulating tumor cells (CTCs) is anticipated to grow with significant CAGR during the forecast period. As CTCs monitoring progresses, their levels can provide insight into the effectiveness of treatments. Recent studies have explored the potential of CTCs as biomarkers for early cancer detection, with higher CTC counts indicating a higher risk of developing cancer. The detection of CTCs in early-stage breast cancer has been a focus of ongoing research, with the FDA-approved CellSearch system being used to isolate CTCs from peripheral blood samples. In recent years, significant advancements have been made in improving the efficiency and accuracy of CTC isolation techniques, providing hope for more accurate detection and monitoring of cancer in the future.
“Amongst application, the treatment selection category held a significant share of the market in 2022”
By application, the market is categorized into early detection/screening, diagnosis, treatment selection, and monitoring. The treatment selection segment held a significant share of the market in 2022 due to the importance of providing early treatment options. Liquid biopsies have emerged as a crucial tool for detecting, characterizing, and managing breast cancer in its early stages, making this clinical setting the most suitable for improving treatment selection and prognosis. For instance, in August 2020, FoundationOne Liquid CDx received FDA approval for its ctDNA-based CGP assay intended to be used in conjunction with other diagnostic tests to help doctors decide which patients will benefit from receiving targeted medicines.
“Asia Pacific to grow with high CAGR during the forecast period”
The Asia Pacific region is expected to experience significant growth over the forecast period due to a combination of factors, including healthcare reforms, improving healthcare infrastructure, a growing population, and the entry of more companies into the market. With a large population and high cancer prevalence, as per Global Cancer Statistics 2020, an estimated 58.3% of cancer deaths occurred in Asia in 2020, making cancer screening a growing priority in the region. As a result, the use of screening tests for cancer has increased in recent years, with governments implementing initiatives such as free breast cancer screening and companies collaborating to increase the distribution and supply of these tests. For example, in 2021, Chinese startup AnchorDx collaborated with a top-tier hospital in China to develop a liquid biopsy test for early detection of breast cancer based on cfDNA.
Breast Cancer Liquid Biopsy Testing Devices 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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Table of Contents
Research Methodology for the Breast Cancer Liquid Biopsy Testing Devices Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global breast cancer liquid biopsy testing devices market were the three major steps undertaken to create and analyze the adoption of breast cancer liquid biopsy testing devices 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 breast cancer liquid biopsy testing devices 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 breast cancer liquid biopsy testing devices 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 breast cancer liquid biopsy testing devices 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 circulating biomarkers and application. 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 breast cancer liquid biopsy testing devices market. Further, we conducted factor analysis using dependent and independent variables such as circulating biomarkers and application of the breast cancer liquid biopsy testing devices 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 breast cancer liquid biopsy testing devices 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 breast cancer liquid biopsy testing devices 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 2030 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 Breast Cancer Liquid Biopsy Testing Devices market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global breast cancer liquid biopsy testing devices 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 breast cancer liquid biopsy testing devices market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of circulating biomarkers and application in the global breast cancer liquid biopsy testing devices market.
The main objective of the Global Breast Cancer Liquid Biopsy Testing Devices Market Study
The current & future market trends of the global Breast Cancer Liquid Biopsy Testing Devices 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 breast cancer liquid biopsy testing devices 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 circulating biomarkers and application
- Define and analysis of the regulatory framework for the breast cancer liquid biopsy testing devices 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 breast cancer liquid biopsy testing devices 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 breast cancer liquid biopsy testing devices 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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