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.
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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