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Liquid Biopsy Market Is Estimated To Witness High Growth Owing To Emergence Of Non-Invasive Early Cancer Diagnosis Opportunity

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kiran gire
Liquid Biopsy Market Is Estimated To Witness High Growth Owing To Emergence Of Non-Invasive Early Cancer Diagnosis Opportunity

Liquid biopsy tests uses blood samples to detect various types cancer at early stages through the analysis of circulating tumor cells, circulating tumor DNA or exosomes. It is a non-invasive alternative to surgical tissue biopsies for cancer diagnosis and prognosis. Liquid biopsy helps in easy and faster detection of cancer mutations without any complex surgical procedures. Compared to traditional tissue biopsy, liquid biopsy is minimally invasive, convenient for patients and repeated sampling for monitoring disease progression and therapeutic response is possible.

The global liquid biopsy market is estimated to be valued at US$ 5.25 Bn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The emergence of non-invasive early cancer diagnosis presents a major growth opportunity for liquid biopsy market. Early detection of cancer highly increases survival rates and enables timely intervention through less intensive treatment options. Liquid biopsy tests help detect even the smallest signs of cancer at initial stages by analyzing blood for cancer cells or cellular debris shed by tumors into bloodstream. This offers significant advantages over late stage cancer diagnosis. Increased adoption of liquid biopsy for screening asymptomatic population as well as monitoring of cancer patients post treatment can hugely drive the overall market growth during the forecast period.

Porter's Analysis

Threat of new entrants: The threat of new entrants is moderate as the liquid biopsy market requires massive R&D investments and established distribution channels.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternative diagnostic tools. However, liquid biopsy has advantages over traditional diagnostic methods.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes and established buyers.

Threat of new substitutes: The threat from new substitutes is moderate since liquid biopsy is advantageous over other traditional diagnostic methods.

Competitive rivalry: The competitive rivalry is high among key players to gain maximum market share.

SWOT Analysis

Strengths: Non-invasive sample collection, ability to detect rare mutations, and real-time disease monitoring.

Weaknesses: High cost of kits and instruments, regulatory challenges, and need for skilled labor.

Opportunities: Emerging economies present lucrative growth prospects. Rising incidence of cancer is expected to drive the market during the forecast period.

Threats: Reimbursement issues and reluctance among medical professionals to adopt new techniques.

Key Takeaways

The global liquid biopsy market demand is expected to witness high growth during the forecast period due to the rising prevalence of cancer worldwide. The global Liquid Biopsy Market is estimated to be valued at US$ 5.25 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.

North America dominates the global market due to rapid adoption of advanced technologies and presence of key market players in the region. Asia Pacific is expected to grow at the fastest CAGR during the forecast period. Rising healthcare spending and huge patient population are factors driving the regional market. Growing awareness regarding liquid biopsy and increasing partnerships between regional and global companies would boost market growth.

Key players- Key players operating in the liquid biopsy market are BASF SE, Spectrum Chemical Manufacturing Corp., Kudos Chemie Limited, AVT Natural Products, Tianjin Zhong€TMan, Pharmaceutical Company Ltd., Shandong Xinhua Pharma, Aarti Industries Limited, Bakul Group, Taj Pharmaceuticals Limited., and Jilin Shulan Synthetic Pharmaceutical Co. Ltd.

Get more insights on this topic: https://www.trendingwebwire.com/liquid-biopsy-market-industry-insights-trends-liquid-biopsy-market/

Explore more information on this topic, Please visit: https://allmeaninginhindi.com/navigating-the-evolving-landscape-of-enterprise-artificial-intelligence-solutions/

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