IQ4I Research & Consultancy published a new report on “Liquid Biopsy Global Market – Forecast To 2024”
Liquid biopsy is a minimally invasive technology for detection of molecular biomarkers. Raising incidence of cancer and late pregnancies are driving the market.
According to IQ4I analysis, the liquid biopsy global market was estimated to reach $8,730.4 million by 2024. The factors driving the market are raising incidence of cancer, increasing preference for blood or urine based liquid biopsy, rising number of late pregnancies, technological advancements, increasing funding, agreements and collaborations. Whereas, factor such as high cost of tests with limited reimbursements and regulatory issues are restraining the market growth.
The liquid biopsy market is divided based on biomarkers, applications, sample, end-users and geography. The biomarkers market is further segmented into circulating tumor cells (CTCs), Cell-free DNA and exosomes and other, among them Cell-free DNA commanded the largest share and circulating tumor cells are project to grow at highest CAGR from 2017 to 2024. The applications market is segmented into oncology testing, prenatal non-invasive testing and transplantation diagnostics. The oncology testing commanded the largest revenue of in 2017 and transplantation diagnostics is expected to show highest CAGR growth. The oncology testing market is further segmented based on type of cancer into lung, breast, colorectal, ovarian, prostate, melanoma and others. The breast cancer commanded the largest share in 2017 and lung cancer is expected to grow at double digit CAGR from 2017 to 2024. In segmentation based on cancer care, the application market consists of early screening, companion diagnostics, prognosis and recurrence monitoring. The companion diagnostics commanded the largest revenue in 2017 where as recurrence monitoring is projected to grow at strong double digit CAGR from 2017 to 2024.
The liquid biopsy market by sample source is segmented into blood and urine & others. The blood based tests commanded largest share of the market in 2017 and is project to maintain its leading position from 2017 to 2024. The end-user market consist of Hospitals and academic & research institutes, here hospitals leads the market with revenue in 2017 and also projected to maintain the position till 2024.
Geographically, the market is segmented into North America, Europe, Asia-Pacific and RoW. The North America dominates the market with share in 2017 due to rising aging population, late pregnancies, preference for non-invasive tests where as Asia-Pacific is projected to be fastest growing market with high CAGR from 2017 to 2024 due to increasing affluence, awareness and increasing incidence of cancer in the region.
Technological advancements in liquid biopsy are expansion of applications beyond cancer diagnostics and monitoring to include other conditions such as cardiac health and infectious diseases and exploring of new sources for liquid biopsy such as miRNA, protein biomarkers and circulating MRNA. A paper based dip test called has been developed by scientists from Broad institute of MIT and Harvard, SHERLOCK, that make use of Cas13 CRISPR associated protein that bind to specific RNA to identify specific targets. This test is expected to detect tumor DNA in the near future.
The possibility of detection of health condition of an individual based on simple blood test has ignited imagination of scientific community and a flurry of activity has been unleashed. The absence of rigorous regulatory requirement as in case of a drug or a medical device also reduces the time to market for these tests which is attracting private investments. Some of the recent investments are funding of $40 million to MedGenome Labs Ltd by group of investors (HDFC, Sequoia, Sofina s.a. Zodiac Capital for expansion of clinical genomic testing of NIPT, Series C funding of DiaCarta in February 2018, to Support Company’s core XNA technology and expansion of diagnostic products. Biggest of them all investment of $900 million in GRAIL, Inc a spinoff of Illumina by Johnson & Johnson and Jeff Bezos of Amazon for development of ctDNA based tests.
The liquid biopsy market is consolidated and is dominated by players such Myriad Genetics (U.S.), Exact Sciences (U.S.), LabCorp (U.S.), Natera (U.S.), Roche Diagnostics (Switzerland) to name a few. Companies in this market are employing both organic strategies such as new product launches, approvals collaborations and partnerships while inorganic strategies like acquisition to gain market share. For instance, Launch of Panorama NIPT from Natera for screening of twin pregnancies, approval for BGI to offer NIFTY test in Thailand. Inorganic strategy such as acquisition expands product offering or help in gaining access to new markets. For instance, acquisition of share of GATC Biotech in LifeCodexx by Eurofins or acquisition of Sequenom by Laboratory Corporation has facilitated these companies to expand their product offering.
BGI (China), Biocept (U.S.), CareDx (U.S.), Cynvenio (U.S.), Eurofins (LifeCodexx) (Luxembourg), Exact Sciences (U.S.), Exosome Diagnostics (U.S.), Guardant Health (U.S.), LabCorp. (U.S.), MDx Health (U.S.), Natera (U.S.) Myriad Genetics (U.S.), Laboratory Corporation of America Holding (Sequenom) (U.S.), Roche (Switzerland), Immucor (U.S.), Cynvenio (U.S.) are major companies offering liquid biopsy tests.
Mr. Satish Biruddukota
IQ4I Research & Consultancy Pvt Ltd.,
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1 http://www.iq4i.com/reports-category/medicaldevices/r/174
2 http://www.iq4i.com/reports-category/medicaldevices/r/174
3 http://www.iq4i.com/reports-category/medicaldevices/r/174