Liquid Biopsy Market is Estimated To Witness High Growth Owing To Increasing Adoption of Non-Invasive Cancer Screening

Liquid Biopsy Market


Market Overview:

A liquid biopsy is a non-invasive blood test used to screen for cancer. It analyses blood samples and detects tiny fragments of DNA released by tumor cells into the bloodstream and helps determine the presence of cancer. Liquid biopsies are useful in monitoring disease recurrence and treatment response as it can detect genetic mutations that help personalize cancer therapy.

Market key trends:
The increasing adoption of non-invasive cancer screening and monitoring procedures is a key trend fueling market growth. Liquid biopsies offer several advantages over solid tissue biopsies as they pose minimal risks, are easily repeatable and can detect multiple tumor samples circulating in the blood which helps gain a comprehensive understanding of cancer. Furthermore, liquid biopsies have wide applications in mutation detection, residual disease detection and recurrence monitoring which is boosting their demand across various cancer types. Growing investments by companies in commercialization and development of precision and personalized cancer therapies based on liquid biopsy analysis is another major factor supporting the market expansion over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the Liquid Biopsy Market Share industry requires high capital investment with extensive R&D. Strict regulations by FDA for product approval also poses barrier for new companies.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are few major players dominating the market. However, increasing prevalence of cancer is driving demand for liquid biopsy tests.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw materials required are commoditized. Suppliers do not have control over pricing.
Threat of new substitutes: Threat of new substitutes is moderate as tissue biopsy is still most common method for cancer screening. However, liquid biopsy provides non-invasive and timely diagnosis.
Competitive rivalry: Intense as major players are focusing on new product launches and geographical expansions.

SWOT Analysis
Strength: Non-invasive collection of sample. Early detection of cancer leads to improved survival rates. Growing applications in treatment monitoring.
Weakness: High cost of testing limits adoption. Sensitivity and specificity need improvement for widespread use. Requirement of skilled professionals.
Opportunity: Increasing healthcare expenditure in emerging nations. Rising incidence of cancer globally. Integration with AI and big data analytics.
Threats: Reimbursement issues pose challenge for market growth. Slow regulatory approvals hamper new product launches. Intense competition affects pricing.

Key Takeaways
The global Liquid Biopsy Market is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing prevalence of cancer worldwide and growing demand for non-invasive diagnostic techniques. North America is currently the dominate region for liquid biopsy market owing to presence of major players, developed healthcare infrastructure and increasing adoption of advanced diagnostic technologies.
Regional analysis: Asia Pacific is poised to be the fastest growing regional market for liquid biopsy driven by growing healthcare expenditure, raising awareness and expanding patient base. Countries like China and India offer huge potential for market players.
Key players: Key players operating in the liquid biopsy market are Bio-Rad Laboratories, Guardant Health, Horizon Discovery, Qiagen NV and LungLife AI Inc. The companies are focused on new product launches and strategic collaborations to strengthen their market position. For instance, Guardant Health launched liquid biopsy tests for advanced cancer in 2018.

 

Read More:

https://www.pressreleasebulletin.com/liquid-biopsy-market-growing-demand/

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