Widespread acceptance of liquid biopsy technique in North America and steady adoption in developing regions is expected to drive global liquid biopsy market revenues. The global market is expected to reach US$ 407 Mn in 2016, up from US$ 351 Mn in 2015. North America will continue to remain the largest market for liquid biopsy, accounting for over 50% share of the global market.
The minimally-invasive nature and economical affordability of liquid biopsy tests will play a key role in bolstering demand globally. FDA approvals for non-invasive diagnostic tests for cancers is expected to have a positive influence on the growth of the market.
An increasing number of biotechnology and pharmaceutical companies are pushing the demand for liquid biopsy for anti-cancerous drug development. Moreover, oncologists are more inclined toward liquid biopsy for cancer detection. Government funding for R&D and clinical trials for diagnostics, treatment, and prevention are other key factors fuelling adoption of liquid biopsy. In contrast, higher cost of liquid biopsy compared to conventional diagnostic techniques, and low awareness regarding liquid biopsy tests can pose challenges to growth.
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By bio marker type, circulating tumour cells (CTCs) segment is expected to form the most attractive market segment, contributing more than 60% of the revenue share to the market. On the basis of the sample type, the segment for blood sample will reflect the highest growth potential, with over 93% of the market share by revenues. However, the urine sample segment is anticipated to witness noticeable growth throughout 2016.
By disease indication, lung cancer segment is expected to dominate the market, in terms of revenues. By end user, cancer institutes are estimated to represent a revenue share of around 38% — significantly higher compared to other end-use segments, such as hospitals, academic institutes, and diagnostic centres.
Some of the key players in the global liquid biopsy market include Genomic Health, Inc., Biocept, Qiagen, Inc., Trovagene, Inc., F. Hoffmann-La Roche Ltd., Silicon Biosystems, Pathway Genomics Corporation, and Sysmex Corporation. A majority of key companies are concentrating on mergers, acquisitions, and partnerships; while most of them are prioritising innovative diagnostics and technological upgrades for better penetration in developing regional markets.
Long term outlook: The global liquid biopsy market is projected to expand at a CAGR of 21.7% by 2026 end, reaching a value of US$ 2.89 Bn.
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Growth of the global liquid biopsy market is mainly driven by increasing prevalence of cancer globally. Increasing prevalence of various cancers such as lung cancer, breast cancer and prostate cancer is expected to drive growth of the liquid biopsy test market over the forecast period. Other prominent growth factors include increasing preference of oncologists towards non-invasive diagnostic procedure for detecting cancer. However, cost and lower awareness regarding liquid biopsy tests are the major factor expected to restrain growth of global liquid biopsy market over the forecast period.
FDA approvals for various non-invasive diagnostic tests to detect cancer is set to define the regulatory landscape for liquid biopsy tests. Companies in the liquid biopsy market space are expected to invest more on test kits and cost containment procedures to provide innovative diagnostic solutions to the oncologists and physicians for detecting metastasis.
Market Segmentation by Marker Type
Based on marker type, the market has been segmented into circulating tumour Cells (CTCs), ctNA circulating tumour nucleic acids (ctNA), and exosomes.
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