CHICAGO, Nov. 30, 2021 /PRNewswire/ -- According to the new market research report "Liquid Biopsy Market by Product (Assay Kits, Instruments, Service), Circulating Biomarkers (CTC, ctDNA), Technology (NGS, PCR), Application (Cancer (Lung, Breast, Prostate), Non-Cancer), End User (Reference Lab, Hospitals) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 5.8 billion by 2026 from USD 2.5 billion in 2021, at a CAGR of 18.1%.
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The rising incidence and prevalence of cancer and the increasing preference for noninvasive treatment procedures are among the major factors propelling the growth of this market. Emerging economies such as China, Japan, and India are providing lucrative opportunities for the players operating in the market.
The assay kits segment accounted for the largest share of the liquid biopsy market, by product & service segment, in 2020
Based on product & service, the market is segmented into assay kits, instruments, and services. The assay kits segment accounted for the largest share of the liquid biopsy market in 2020. The standard purchase requirement of assay kits makes them a recurrent cost which is a key factor boosting the market growth of this segment.
Circulating tumor DNA (ctDNA) segment to register the highest growth rate during the forecast period
The liquid biopsy market is segmented into circulating tumor cells, circulating tumor DNA (ctDNA), cell-free DNA (cfDNA), extracellular vesicles (EVS), and other circulating biomarkers. The circulating tumor DNA (ctDNA) segment is expected to grow at the highest CAGR during the forecast period. The superiority of ctDNA to previous plasma biomarkers in sensitivity and clinical correlations is a major factor driving its growth.
The reference laboratories segment accounted for the largest share of the liquid biopsy, by end user segment, in 2020
Based on end users, the liquid biopsy market has been segmented into reference laboratories, hospitals and physician laboratories, academic & research centers, and other end users. In 2020, the reference laboratories segment accounted for the largest share of the market. The increasing outsourcing of liquid biopsy tests to reference laboratories is driving this segments growth.
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North America is the largest regional market for liquid biopsy market
The global market has been segmented into four major regions North America, Europe, the Asia Pacific, and the Rest of the World. In 2020, North America accounted for the largest share of the market. The large share of this region can be attributed to the highly developed healthcare systems in the US and Canada, increasing prevalence of cancer, and presence of many leading national clinical laboratories.
The major players operating in this liquid biopsy market are F. Hoffmann-La Roche Ltd. (Switzerland), Myriad Genetics, Inc. (US), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific, Inc. (US), Guardant Health, Inc. (US), MDxHealth SA (Belgium), Exact Sciences Corporation (US), Illumina Inc. (US), Sysmex Inostics (US), Bio-Rad Laboratories, Inc. (US), Biocept, Inc. (US), NeoGenomics, Inc. (US), ANGLE plc (UK), Menarini-Silicon Biosystems (Italy), Vortex Biosciences, Inc. (US), Exosome Diagnostics, Inc. (US), Agena Bioscience, Inc. (US), MedGenome Inc. (US), Epigenomics AG (Germany), and Personal Genome Diagnostics, Inc. (US).
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