The global Liquid Biopsy Market generated $634 million in 2016, and is anticipated to reach $3,805 million by 2023, growing at a CAGR of 28.9% during the forecast period, 2017-2023. Asia-Pacific possesses a high market potential for the growth of liquid biopsy market, owing to high incidence of cancer and rise in healthcare expenditure.
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The surge in global prevalence rate of cancer, increase in demand for safe and non-invasive procedures, and advantages of liquid biopsy tests over traditional tests drive the growth of the liquid biopsy market. However, liquid biopsy testing limitations and lack of awareness in underdeveloped nations impede market growth. Nonetheless, the use of liquid biopsy for treatment of rare cancer would provide lucrative opportunities to emerging market players.
The report segments the global liquid biopsy market by product & service, cancer type, circulating biomarker, end user, and geography. Based on product & service, the report sub-segmented the market into reagents, instruments, and service. The reagent segment contributed the largest revenue to the global market in 2016, and is projected to continue its dominance throughout the forecast period, owing to its requirement in executing liquid biopsy tests. However, the instruments segment is anticipated to grow at the highest CAGR of 29.8% during the forecast period. Based on cancer type, the market was divided into lung, breast, colorectal, prostate, liver, and others. The lung cancer segment dominated the global liquid biopsy market in 2016.
Based on circulating biomarker, the market was categorized into circulating tumor cells, extracellular vesicles, circulating tumor DNA [CtDNA], and other biomarkers. Based on end user, the report bifurcated the market into hospitals & laboratories and government & academic research centers. The hospital & laboratory segment was the highest revenue-generating segment and is expected to continue its dominance in future. However, the government & academic research center segment is projected to grow at the highest rate during the analysis period.
In 2016, North America accounted for highest contribution to the total revenue generated, owing to the high prevalence rate of cancer and high adoption rate of novel liquid biopsy tests. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in disposable income, increase in government initiatives to modernize healthcare infrastructure, and rise in healthcare expenditure.
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The report also profiles key players involved in the global liquid biopsy market, such as Biocept, Inc., Qiagen, F. Hoffmann-La Roche AG, Bio-Rad Laboratories Inc., Myriad Genetics, Janssen Diagnostics, LLC., Trovagene Inc., Guardant Health Inc., GRAIL, and MDX Health SA. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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