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(Medical-NewsWire.com, February 20, 2021 ) According to the new market research Liquid Biopsy Market is expected to reach $2,047.9 Million by 2022 from an estimated $715.7 Million in 2017, at a CAGR of 23.4%.
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The key factors driving the growth of this market include increasing prevalence of cancer, initiatives undertaken by government and global health organizations, increasing preference for non-invasive procedures, technological advancement to augment market revenues, rising emphasis on personalized medicine, and availability of funding for liquid biopsy R&D.
The liquid biopsy market is a consolidated market with a large number of companies offering liquid biopsy instruments and accessories. In 2016, QIAGEN N.V. (Netherlands), Roche Diagnostics (US), and Illumina, Inc. (US) dominated the liquid biopsy market.
The key players in the global liquid biopsy market are QIAGEN N.V. (Netherlands), Roche Diagnostics (US), Bio-Rad Laboratories Inc. (US), Myriad Genetics, Inc. (US), Menarini Silicon Biosystems (Italy), Genomic Health, Inc. (US), Thermo Fisher Scientific Inc. (US), Illumina, Inc. (US), Biocept, Inc. (US), Trovagene, Inc. (US), Guardant Health, Inc. (US), RainDance Technologies, Inc. (US), and MDx Health SA (US).
Illumina ranked third in the market. The company provides sequencing and array-based solutions for genetic analysis. The company develops, manufactures, and markets integrated systems and life science tools for the analysis of genetic variation and biological function. The company operates in the market through its spinoff company “GRAIL Inc.”
Roche Diagnostics ranked second in the liquid biopsy market. Roche Diagnostics focuses on the discovery, manufacturing, and marketing of medical devices used to screen, diagnose, and monitor therapies. The company operates in the liquid biopsy market through its molecular diagnostics segment.
QIAGEN is the leading player in the liquid biopsy market in 2016. The company is a global provider of sample-to-insight solutions that aids in the transformation of biological samples into molecular insights. The company operates through its two business segments, namely, instruments and consumables & related products.
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North America is expected to account for the largest share of the liquid biopsy market in 2017, followed by Europe. A number of factors such as the easy accessibility and high adoption of advanced diagnostic technologies (such as PCR and NGS) among healthcare professionals, rising prevalence of cancer in the US and Canada, technological advancements in liquid biopsy products, and growing public and private funding to support research activities in the field of liquid biopsy are aiding market growth in the region.
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