Global Liquid Biopsy Market to

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Global Liquid Biopsy Market to Grow with a CAGR of 19.45% over the Period of 2020 to 2026

  • By admin

  • January, 1970

A liquid biopsy helps to determine and monitor cancer and other diseases. For the liquid biopsy, blood or other fluid such as urine is collected and sequenced or analyzed by using next-generation sequencing (NGS) systems and assays. Tissue biopsy, which is an invasive procedure, is being replaced by liquid biopsy owing to its efficiency. Liquid biopsies are a new set of tools in the field of personalized medicine. It helps to identify the genetics of individuals with cancer, which helps to mediate the cancer drug dosage plan. An increase in the number of cancer cases will increase the need for liquid biopsies in the market. The increasing geriatric population is one of the key factors for the increased adoption of liquid biopsy tests. Aging causes the immune system of the body to weak. This makes the majority of the people aged 60 and above prone to chronic diseases such as cancer and cardiovascular diseases. The occurrence of breast cancer and colorectal cancer is increasing owing to the increase in the number of older people. The pandemic of Covid-19 has adversely affected the global economy by hampering all the industrial sectors and enforcing them to stand still and the healthcare sector is also not an exception for this. The pandemic of covid-19 has a huge impact on all drug and product development phases, and the strict regulations of government to mandatorily stay at home, lockdown and social distancing have imposed most of the companies and clinical research organizations to put their clinical studies on hold. Infinium Global Research’s recent report on the “Liquid Biopsy Market (Product - CTCs and ctDNA, and Exosome; End-user - Clinical Diagnostic Laboratories, Physician’s Office Laboratories, and Hospitals): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026” provides a comprehensive outline of the factors responsible for the growth of the market.

 

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Hospitals Sector to Remain the Largest End Users of Liquid Biopsy Market

Hospitals hold the largest market share for the Liquid Biopsy Market. They are the key end-users, which highly influences the market growth. Hospitals include more than 500 beds and provide many inpatient and outpatient services, thereby generating more revenue. They acquire medical products and consumables in bulk and engage closely with reimbursement authorities, suppliers, and government organizations. In the US, the researchers in hospitals and clinics are focusing on the development of liquid biopsy products. For instance, the research team at Massachusetts General Hospital developed a new diagnostic test that can analyze the tumor RNA, which are picked from the circulating platelets. It is new product development in the market. The Affordable Care Act (ACA) emphasizes reducing overall hospital costs, which led hospitals to offer services at lower costs. The government must pay a few reimbursements to hospitals, which also helps them in generating revenues. Also, outpatient departments offer better individual care at a low cost, which can increase the adoption of liquid biopsy testing kits in hospitals.

 

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North America Region to Generate the Largest Revenue in the Global Liquid Biopsy Market

By region, North America holds the largest share of the Liquid Biopsy market. Owing to the increasing number of cancer cases, the demand for liquid biopsy will increase in the North American region. Furthermore, the adoption of technologically advanced products and the rise in research and development funding/investments are the other key factors driving market growth. In addition, recent regulatory approvals by CE for the commercial use of liquid biopsy tests also boosts the market in the region. The United States and Canada have higher biopsy technologies focusing on the detection of diseases at early stages, which can significantly reduce the death rates of these countries. On the other hand, Asia Pacific is likely to be the fastest-growing region during the forecast period. This is primarily due to the increasing occurrence of different cancer types, and growth in per capita health expenditure in countries like China and India.