Adoption of Microchip-Based Technology in Liquid Biopsy to Spur the Sales at 13.49% CAGR through 2031: Future Market Insights
PUNE, INDIA--(Korea Newswire) January 20, 2022 -- As per a recent market survey by ESOMAR-certified consulting firm Future Market Insights (FMI), the global liquid biopsy market is expected to reach a market valuation of US$ 1,026 Mn in 2021.
With the introduction of innovative molecular diagnostic tests and growing demand from biotech and pharmaceutical companies, the market is poised to expand at a stellar 13.49% CAGR, reaching US$ 3,637 Mn by 2031.
The growth of the liquid biopsy market is attributable to the rising incidence of cancer across several countries, which is highlighting the pressing need for faster, simpler, and more convenient diagnostic procedures. Liquid biopsy procedures are minimally invasive and cost-effective, which is making them a favorable choice for cancer diagnosis procedures.
Besides, increasing government-backed initiatives to support cancer research across the U.S., Japan, India, and the UK will drive innovation and developments in liquid biopsy services. Also, fast-track approval from regulatory bodies for novel procedures will bolster the growth over the coming years.
Additionally, technological advancements such as the incorporation of machine learning and microchip-based liquid biopsy systems will further strengthen growth prospects in the market.
As per the market survey, countries including the U.S., the U.K, and Japan will be at the forefront of innovation and adoption of liquid biopsy services, owing to the presence of leading players and the prevalence of numerous high-potential cancer research institutes.
Germany, India, and China will emerge as high growth potential markets, with increasing investments by the government for improving the healthcare infrastructure, which will create attractive opportunities for global biotech players for market expansion.
Key Takeaways from the Liquid Biopsy Market Analysis
· Based on markers, circular tumor cells (CTC) are poised to emerge dominant in the forthcoming years.
· Blood samples will emerge as the most preferred sample type
· In terms of applications, liquid biopsy will be widely preferred for lung cancer diagnosis.
· Cancer institutes are expected to remain dominant end-users, accounting for over 40% of the total revenue share.
· The U.S. will showcase high growth during the forecast period, due to the presence of major liquid biopsy product manufacturers.
· The U.K. will emerge as an avenue for product innovations and development, further solidifying growth prospects.
· Japan is anticipated to witness upswings in sales, owing to government-led cancer research initiatives.
· India is expected to showcase high demand for liquid biopsy products, owing to the increased funding by the government and expansion of healthcare infrastructure.
BIOCEPT, INC., Qiagen N.V., Trovagene, Inc, Janssen Global Services, LLC, MDxHealth SA, Natera, Inc, F. Hoffmann-La Roche Ltd, Silicon Biosystems, Pathway Genomics Corporation, and Sysmex Corporation are among top manufacturers of liquid biopsy products, as profiled by FMI. As per the market survey, tier-1 companies are anticipated to account for approximately 20-25% of the total market share.
Strategic collaborations, partnerships, and product innovations are some of the prominent growth strategies applied by leading market players to establish a strong foothold in the liquid biopsy market.
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