Liquid biopsy is gaining popularity in healthcare and medical research because it provides an efficient and non-invasive means of detecting and diagnosing cancer. This field is always revealing new opportunities in the healthcare system. Liquid biopsy is a non-invasive medical procedure which holds the ability to detect the presence of molecular cancer biomarkers in biological fluids. The report includes market estimation for tests/services, instruments, kits and consumables used for liquid biopsies of different oncology and non-oncology disorders.
A liquid biopsy enables physicians to assess tumor-related data using a simple blood test. As researchers generate data that has the potential to lead to unparalleled biological insight, the complexity of data analysis is increasing. One of the significant prospects in the global liquid biopsy market is increased investment in R&D of liquid biopsy goods and services, as well as various research funding's.
Acknowledging the rapidly growing popularity of liquid biopsy in the healthcare market, BIS Healthcare has compiled a report titled Liquid Biopsy Market - A Global and Regional Analysis According to the market research report, The global liquid biopsy market was estimated to be at $2,508.2 million in 2021, which is expected to grow with a CAGR of 19.83% and reach $19,066.0 million by 2032. The growth in the global liquid biopsy market is expected to be driven by increasing adoption of NGS in various research fields, advancement in NGS, and increase in the adoption of personalized medicine. The countries such as China, Japan, India, Australia, and South Africa possess population with high risk of developing mutations in high numbers and offer a great opportunity for the expansion of the liquid biopsy market.
The factors propelling the growth of the liquid biopsy market are the rising prevalence of cancers coupled with the increasing NCI budget allocation and the growing adoption of inorganic growth strategies among key players in the market. Moreover, factors hindering the market growth are uncertain reimbursement and regulatory policies, false negatives and positives, and existing diagnostic confidence in standard tumor biopsies.
During COVID-19, the government enacted a number of restrictions, including travel bans, quarantines, curfews, business closures, and closures. As a result, the price of services associated to COVID-19 rose. The COVID-19 epidemic has caused a number of problems, including production problems, shipping problems, incorrect demand predictions, and operational difficulties.
Additionally, because COVID-19 decreased the effectiveness of employees' work potential, it had an effect on their health and safety. However, as a result of the pandemic's increased demand for testing services, the COVID-19 market expanded. Overall, COVID-19 has had a low-moderate impact on market size. A modest reduction in sales has been noticed by some market participants.
The financial situation is already improving, though. The earliest COVID-19 pandemic phases, which included complete lockdowns across nations and large cities, disrupted the supply chain and led to the drop in earnings. For the majority of the world's major markets, the effect period ran from the end of the first quarter to the second quarter of 2020. However, the pandemic has significantly improved the potential prospects for liquid biopsy and is anticipated to indirectly help improve the outlook for market growth.
North America is the leading contributor in the global liquid biopsy market. It contributed approximately 54.17% to the North American market value in 2021. This region is anticipated to grow at a CAGR of 19.22% during the forecast period 2022-2032 and will continue dominating the market in 2032.
The prominent players in this market are Bio-Rad Laboratories, Inc., F-Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Illumina, Inc., QIAGEN, Laboratory Corporation of America Holdings, Natera, Inc., Guardant Health, Biocept, Inc., Eurofins Scientific, NeoGenomics Laboratories, Sysmex Corporation, and PerkinElmer Inc., Elypta, Micronoma, Dxcover Limited, LungLife AI, Inc., Epic Sciences, Abcodia Ltd., and Bioscience Institute S.p.A.
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BIS healthcare vertical offers intelligence in the healthcare technology market for precision medicine, robotics and imaging, life sciences and biopharma, medical devices, digital health, and other emerging healthcare technologies, covering the entire industry spectrum. In the past eight years, BIS Healthcare has published more than 50 reports under the precision medicine banner. Additionally, BIS Research has been nominating ‘Top 25 Voices’ in precision medicine on its InsightMonk platform for the past two years successfully.
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