The growing incidence of cancer coupled with the increased popularity of minimally invasive medical treatment is facilitating the expansion of the liquid biopsy market. The burgeoning cancer cases can be attributed to numerous factors such as rise in number of cigarette smokers, and the prevalence of infectious diseases including Hepatitis B and C. Liquid biopsy has emerged as preferred diagnostics owing to its several advantages over conventional biopsies. For instance, it gathers the most genetic information about cancer with the least amount of surgical intervention. Furthermore, the rapid advancement in Next-Generation Sequencing (NGS) technology is also promoting the cancer diagnostic biopsies. The cumulative force of these factors is projected to unlock tremendous growth opportunities for the global liquid biopsy market.
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Increased Government Spending on Healthcare Facilities Favors Liquid Biopsy Market Expansion
World over, government authorities are raising awareness about cancer and its early detection. In this regard, several private and public initiatives are being done to promote development across the healthcare sector. The authorities are also funding R&D efforts to advance the existing liquid biopsy testing techniques. A liquid biopsy also has numerous benefits such as lower cost, early prognosis, therapy monitoring, tumor heterogeneity discovery, and acquired drug resistance. In addition to this, the rising investments in developing advanced medical products and devices, and a surge in demand for minimally invasive surgical procedures is driving the liquid biopsy market growth. Such a landscape is anticipated to holistically expand the global liquid biopsy market over the forecasted period.
Circulating Tumor DNA (ctDNA) Biomarker to Drive Liquid Biopsy Market to Sound Maturity
Over the recent years, liquid biopsy based on circulating tumor DNA (ctDNA) analysis has crystalized in the molecular diagnosis and monitoring of cancer. Now with the rising need for cancer diagnostics, the demand for circulating tumor DNA (ctDNA) biomarkers is expected to grow. This demand is further projected to boost due to the ctDNA testing in its ability to increase early detection when combined with other multi-omic indicators. Moreover, government authorities are also funding for development of test kits to detect cancer. Moreover, various key market players are working on developing a ctDNA-based early cancer detection technology that is financially feasible. This, in turn, drives the global liquid biopsy market toward fruition.
North America to Forge Ahead as the Key Region in Liquid Biopsy Market Owing to Strong Presence of Global Leaders
North America is expected to remain at the vanguard in the global liquid biopsy market. This can be mainly attributed to the presence of prominent market players in the region. The government's increased grants and investments in developing liquid biopsy tests are also likely to play an eminent role. Apart from that, the U.S. is experiencing a rise in the number of cancer patients. Various macro factors such as easy access to cutting-edge technology, multiple top-tier national clinical laboratories infrastructure, and highly sophisticated healthcare systems, are also providing impetus to the growth of liquid biopsy market in the region.
Leading Market Players
Some of the major players in the liquid biopsy market include Myriad Genetics, Inc. (US), QIAGEN N.V. (Netherlands), F. Hoffmann-La Roche Ltd. (Switzerland), Guardant Health, Inc. (US), Thermo Fisher Scientific, Inc. (US), MDxHealth SA (Belgium), Exact Sciences Corporation (US), Illumina Inc. (US), Sysmex Inostics (US), Biocept, Inc. (US), NeoGenomics, Inc. (US), Bio-Rad Laboratories, Inc. (US), and Menarini-Silicon Biosystems (Italy).
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