Market Overview:
Liquid biopsy refers to a non-invasive blood test that detects circulating tumor DNA (ctDNA), circulating tumor cells (CTCs), and exosomes in blood to diagnose cancer. It provides crucial molecular insights into cancers that help oncologists develop personalized treatment plans. Liquid biopsies offer real-time monitoring of a patient’s cancer progression or response to therapy through serial blood sampling without the need for invasive tissue biopsies.
Market key trends:
One of the major trends in the Liquid Biopsy Market Share is the increasing adoption of multi-cancer early detection (MCED) tests. MCED tests can simultaneously screen for multiple cancer types from a single blood draw and have the potential to significantly improve early cancer detection rates. For example, companies such as Grail and Freenome are developing highly sensitive MCED tests using advanced computational analysis of ctDNA signatures to detect a wide range of cancer types at earlier, more treatable stages. Widespread adoption of such advanced MCED tests could transform cancer screening practices and help reduce cancer mortality globally.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the liquid biopsy market requires high R&D investments, established distribution channels and recognisable brands.
Bargaining power of buyers: The bargaining power of buyers is moderate given the presence of many established players in the market. However, the availability of substitutes keeps buyer power in check.
Bargaining power of suppliers: The bargaining power of suppliers is low considering the availability of alternative raw material suppliers in the market.
Threat of new substitutes: The threat of new substitutes is moderate as alternative diagnostic tests such as tissue biopsy are still being used widely.
Competitive rivalry: High as the market is growing and key players are focusing on new product launches and mergers and acquisitions for greater market share.
Key Takeaways
The global Liquid Biopsy Market is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing preference for non-invasive cancer detection procedures over surgical biopsies.
Regional analysis: North America dominates the global liquid biopsy market currently owing to extensive R&D activities and high adoption of technologically advanced cancer diagnostic tests. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by rising healthcare spending and increasing cancer prevalence in the region.
Key players: Key players operating in the Liquid Biopsy Market are Bio-Rad Laboratories, Guardant Health, Horizon Discovery, Qiagen NV and LungLife AI Inc. These companies focus on new product launches and acquisitions to strengthen their market position. Bio-Rad Laboratories recently acquired Phadia, a pioneer in allergen-specific IgE blood testing in order to enhance its diagnostic solutions portfolio.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
