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Liquid Biopsy Market Strategies and Forecast to 2030
The global liquid biopsy market is still in the nascent phase. Significant increase in the research and development activities pertaining to next-generation sequencing are underway to develop NGS products and services, which are expected to increase due to the rising number of chronic disease burdens such as cancer.Liquid biopsy has a critical role in the precision medicine approach, as it confirms the safe and effective application of targeted therapeutics. A liquid biopsy helps physicians to analyze tumor-related information through a simple blood test. As researchers are generating data that have the potential to lead to unprecedented biological insight, albeit at the cost of the greater complexity of data analysis.
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.
Impact of COVID-19
The current global liquid biopsy market comprises various indications such as lung cancer, breast cancer, prostate cancer, and many others. It has been noticed that there has been a reduction in the capacity or shutdowns of laboratories and other research institutions, which have led to reduced usage of various products and services related to research.
The decline in revenues was mostly a result of the initial phases of the COVID-19 pandemic, which comprised complete lockdowns across countries and major cities, thus interrupting the supply chain. The timeline of impact spanned the end of the first quarter and the second quarter of 2020 for most key markets across the globe. However, the pandemic has played a key role in enhancing the growth prospects of liquid biopsy and is expected to indirectly aid in improving the market growth outlook.
Recent Developments in the Global Liquid Biopsy Market
• Product Launch in 2020: Sysmex Corporation launched liquid biopsy RUO kits in EMEA region. The kits name is Plasma-SeqSensei, and it is used for non-small cell lung cancer (NSCLC), melanoma, and thyroid cancer.
• Partnership: In 2021, Illumina, Inc. collaborated with Bristol Myers Squibb to innovate and enhance companion diagnostics for therapy selection to further precision oncology. TSO 500 ctDNA is one of the first liquid biopsy assays to enable comprehensive genomic profiling for therapy selection.
• Collaboration: In 2021, QIAGEN collaborated with Sysmex Corporation for the development and commercialization of cancer companion diagnostics using NGS and Plasma-Safe-SeqS technology.
Demand – Drivers and Limitations
Following are the demand drivers for the liquid biopsy market:
• Rising Cancer Prevalence
• Increasing Adoption of Inorganic Growth Strategies in the Market
• Increase in Research Funding from National Cancer Institute
The market is expected to face some limitations too due to the following challenges:
• Uncertain Reimbursement and Regulatory Policies
• Expected Implementation of Patient Protection and Affordable Care Act in the U.S
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
The top segment players include liquid biopsy manufacturers and service providers that capture around 95% of the presence in the market.
Some of the prominent names established in this market are:
• Abcodia Ltd.
• Bio-Rad Laboratories, Inc.
• Biocept, Inc.
• Dxcover Limited
• Elypta
• Epic Sciences
• F. Hoffmann-La Roche Ltd
• Guardant Health
• Illumina, Inc.
• Laboratory Corporation of America Holdings
• LungLife AI, Inc.
• Micronoma
• Natera, Inc.
• Neogenomics Laboratories
• PerkinElmer Inc.
• QIAGEN
• Sysmex Corporation
• Thermo Fisher Scientific Inc.
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Key Questions Answered in the Report
- What are the major market drivers, challenges, and opportunities in the global liquid biopsy market?
- What are the key development strategies which are implemented by the major players to sustain in the competitive market?
- Which is the dominant product type developed by the leading and emerging players for liquid biopsy?
- What are the key technologies that have been used by leading players in the global liquid biopsy market to develop diagnostic and research solutions for cancer?
- How is each segment of the market expected to grow during the forecast period from 2022 to 2032? Following are the segments:
- Offering (testing service, kits, other consumables, and platform)
- Technology (next-generation sequencing (NGS), polymerase chain reaction (PCR), other technologies, and emerging technologies)
- Usage (research and clinical)
- Circulating Biomarker (circulating tumor cells, cell-free DNA, circulating cell-free RNAs, exosomes and extracellular vesicles and others, and other circulating biomarkers)
- Workflow (sample preparation, library preparation, sequencing, and data analysis and management)
- Sample (blood, urine, saliva and others)
- Indication (lung cancer, breast cancer, prostate cancer, colorectal cancer, melanoma, other types of cancer, and non-oncology disorder)
- Clinical Application (treatment monitoring, prognosis and recurrence monitoring, treatment selection and diagnosis and screening)
- End User (academic and research institutions, clinical laboratories, pharmaceutical and biotechnology companies, and other end users)
- Region (North America, Europe, Asia-Pacific, Latin America and Middle East, and Rest-of-the-World)
- Which companies are anticipated to be highly disruptive in the future, and why?
- What are the reimbursement scenario and the regulations for liquid biopsies globally?
- Considering next-generation sequencing (NGS), what is the most important factor among price, sensitivity, and turnaround time, to increase the adoption of NGS-based liquid biopsy in the near future?
- From the end-users’ point of view, does efficiency or convenience hold the key to driving the global liquid biopsy market?
- What are your treatment guidelines for the different types of cancer?
- What is the average number of liquid biopsies being conducted on each patient throughout the duration of their stay?
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Digital Biomarkers Market Dynamic, Key Players, Business Prospects & Development Strategies
The digital biomarkers market is expected to grow rapidly over the forecast period, owing to rising digitalization, rising usage of digital biomarkers, elevating the global population coupled with the geriatric population, improving reimbursement policies, and public initiatives and funding to develop technologically advanced products. Due to the COVID-19 pandemic, the market's growth was propelled in 2020 and has been rising since then. The following figure represents the market size of the global digital biomarkers market in the period 2022-2028.
High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific and the Middle East and Africa hold immense potential for digital biomarkers market growth. In an era of machine learning (ML) and artificial intelligence (AI), extracting quantitative digital biomarkers that help in illness detection, characterization, monitoring, and therapy response assessment is becoming increasingly desirable.
The global digital biomarkers market is one of the advanced markets in the medical ecosystem. According to BIS Research, this market was valued at $1,808.3 million in 2021 and is projected to reach $16,174.0 million by the end of 2028, growing at a CAGR of 36.06% during the forecast period 2022-2028.
Digital biomarkers are physiological and behavioral data that are gathered and measured using digital devices such as portable, wearables, implantable, or digestible. Typically, the information gathered is utilized to explain, affect, and/or forecast health-related outcomes. Digital biomarkers also provide a way to collect clinically relevant and objective data. Digital biomarkers can predict the efficacy of a drug more swiftly than a conventional clinical endpoint, thereby accelerating product development in the case of certain therapeutic areas. Moreover, the advancements in digital biomarker technology such as voice-based digital biomarkers, mHealth applications, and the adoption of smart wearable devices are gaining popularity among people.
Global Digital Biomarkers Market Drivers
Conventional chronic disease diagnoses are very subjective and based on a series of visits. As a result, drug development decisions are based on limited, subjective evidence, resulting in large-scale Phase 3 trials of medications that were unsuccessful. Digital biomarkers can predict the efficacy of a drug more swiftly than a conventional clinical endpoint, thereby accelerating product development in the case of certain therapeutic areas. Moreover, the advancements in digital biomarker technology such as voice-based digital biomarkers, mHealth applications, and the adoption of smart wearable devices are gaining popularity among people.
Furthermore, with the rise in prevalence and incidence of chronic diseases, technological adoption will also increase. As a result, disease diagnosis will become more prevalent, and the global market for digital biomarkers will expand. Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.
Global Digital Biomarkers Market Restraints
The factors restraining the growth of the global digital biomarkers devices market include the risks associated with return on investment (RoI) and the lack of standardized and interoperability solutions. Moreover, people are specifically concerned about the increased risk of medical errors and invasion of patients' privacy when digital health devices are being used instead of conventional methods.
Global Digital Biomarkers Market Opportunities
High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific and the Middle East and Africa hold immense potential for digital biomarkers market growth. In an era of machine learning (ML) and artificial intelligence (AI), extracting quantitative digital biomarkers that help in illness detection, characterization, monitoring, and therapy response assessment is becoming increasingly desirable.
Market Size and Forecast Based on Region
The Asia-Pacific region dominates the global digital biomarkers market with a market share of 54.10% in 2020. The highest market share of the Asia-Pacific digital biomarkers market can be attributed to the conventional chronic disease diagnostics are very subjective and based on a series of visits. As a result, drug development decisions are based on limited, subjective evidence, resulting in large-scale Phase 3 trials of medications that were unsuccessful.
The Asia-Pacific medical device market is the early adopter of the latest technologies and has now turned into a technological hub for companies offering advanced solutions to the healthcare market. With the presence of all major companies in the market, this region acquires the major share in the market. The region also offers potential growth opportunities to the companies, owing to the increased adoption of these technologies across various verticals of the healthcare industry.
The Europe digital biomarkers market is one of the markets with high growth potential.
The Europe market accounted for 14.44% of the global digital biomarkers market in 2021. The major driving factor for driving the market forward is the adoption of wearables and mHealth in the region. The North America and Latin America digital biomarkers market is one of the lucrative markets with immense potential for expansion by key players of the global digital biomarkers market and holds 27.61% and 1.98% of the market share in 2021. The Latin America digital biomarkers market is expected to grow at a CAGR of 42.03% during the forecast period.
Key Trends in the Global Digital Biomarkers Market
Digital biomarkers are rapidly evolving technology in health and wellness, opening up new methods to leverage existing disease prevention and monitoring sensors. New technologies are expected to increase the level of competition in the segment and aid in the growth of the market during the 17 forecast period 2022-2028. The following table indicates the key trends observed in the global digital biomarkers segment during research.
Key Questions Answered in the Report
• How has COVID-19 impacted the growth of the global digital biomarkers market?
• What are the key regulations governing the digital biomarkers market in key regions?
• What technological developments are projected to have the maximum influence on the global digital biomarkers market?
• Who are the leading players holding significant dominance in the global digital biomarkers market?
• What are some of the growth opportunities which market players can capitalize on?
• What are the drivers and restraints for the global digital biomarkers market?
• Which region has the highest growth rate in the digital biomarkers market?
• Which are the fastest growing countries in terms of the global digital biomarkers market?
• What are the key strategies being adopted by market players in the global digital biomarkers market?
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How This Report Can Add Value
Assuming that the reader is a manufacturer of digital biomarkers, the report will assist them in the following ways:
• Understand their position compared to other key players in the market
• Stay updated with novel technology integration, features, and the latest developments in the market
• Understand the impact of COVID-19 on digital biomarkers and the entry barriers for new companies
• Gain insights into end-user perception concerning the digital biomarkers market
• Identify some key players in the market and understand their valuable contribution
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Axial Spondyloarthritis Market Growth Strategies & Future Scope
The global axial spondyloarthritis market is expected to witness high growth, attributed to the growing prevalence of axial spondyloarthritis, favorable regulatory environment, and increase in adoption of biological agents in the field of axial spondyloarthritis. The continued significant investments by the emerging and legacy companies to meet industry demand and the growing adoption of novel therapeutics by rheumatologists are the major factors propelling the growth of the global axial spondyloarthritis market.
The global axial spondyloarthritis market was estimated to be at $1,873.8 million in 2021, which is expected to grow with a CAGR of 13.44% and reach $7,937.8 million by 2032. The growth in the global axial spondyloarthritis market is expected to be driven by the introduction of novel products, the increasing awareness about the disease, and the rising research and development investments, among others.
There has been a rise in research and development of novel medications in the rheumatology field. The development of the classification criteria for axial spondyloarthritis (axSpA) through Assessment in Spondyloarthritis International Society (ASAS) has led to major breakthroughs in medications over the past decade. In the past three decades, progress in molecular and immunologic research has repeatedly pointed to cytokine dysregulation as a critical factor in the pathophysiology of autoimmune and autoinflammatory diseases, including axSpA.
EXPERT INSIGHT by Khalid Shirazy Rheumatologist on Axial Spondyloarthritis Market
ANALYST – How is your work related to the axial spondyloarthritis market?
KHALID – I am a rheumatologist and a physiatrist at Cairo University in Egypt for more than 15 years. I am an experienced international pharmaceutical medic with experience across multiple therapeutic areas, regions, and phases of pharmaceutical development. For more than 6 years I have been fully dedicated to inflammation & immunology therapy area [rheumatology, dermatology & gastroenterology (biologics, biosimilars & janus kinases)] during which nine publications were authored/co-authored.
ANALYST – Which are the top companies according to you?
KHALID – According to my knowledge, UCB S.A., Johnson & Johnson, Novartis, Eli Lilly and Company, Pfizer, and AbbVie are among the top players in the market that are dealing with axial spondyloarthritis novel therapies. This is different as per country/region.
ANALYST – According to you, which country has the highest market share in the global axial spondyloarthritis market, considering ranking and growth rate?
KHALID – The majority of the products are commercialized in the U.S.; therefore, according to me, the U.S. generates around 50-60% of the revenue globally. Europe takes around 30 to 35% of the total market share. Japan constitutes less% considering the low prevalence of axial spondyloarthritis in the country.
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Dominating country in the global axial spondyloarthritis market
In 2021, the global axial spondyloarthritis market was valued at $1,873.8, which is expected to reach $7,937.8 million in 2032 by witnessing a growing CAGR of 13.44% during the forecast period, 2022-2032. The U.S. axial spondyloarthritis market was valued at $1,231.2 million in 2021 and is currently the leading contributor to the market. The growth can be attributed to the increased research and development activities in the country. The growing prevalence of axial spondyloarthritis is further leading to the dominance of the U.S. in the global axial spondyloarthritis market. Furthermore, the U.S. is home to several biopharmaceutical manufacturers that are focused on developing emerging therapeutics to improve the quality of life of axial spondyloarthritis patients. This is another factor that is expected to drive the growth of the market value.
Key competitors in axial spondyloarthritis
The global axial spondyloarthritis market is dominated by juggernauts, including Novartis International AG, UCB S.A., Johnson & Johnson Services, Inc., Pfizer Inc., Eli Lilly and Company, and other medium and small-medium enterprises that are offering a wide range of axial spondyloarthritis products in the market. The following figure depicts the market share analysis of the players that are associated actively with the global axial spondyloarthritis market.
Key growth strategies in axial spondyloarthritis
The global axial spondyloarthritis market has seen major developments by key players operating in the market, such as partnership and alliance, product approval, merger and acquisition, and regulatory and legal activities. To lead the market as well as engage in the process of overall market growth, a company needs to improve the framework of the existing product, work in collaboration with top market leaders, or win new contracts from various industries and acquire other companies to strengthen its own business position.
Key drivers that are accelerating growth in global axial spondylarthritis
The Assessment in Spondyloarthritis International Society (ASAS) has helped in the better disease understanding, improvements in early diagnosis, analysis of disease progression predictors, and treatment in axial spondyloarthritis (axSpA). With the increased disease understanding, there has been a rise in awareness of the axSpA disease. There are many organizations working toward increasing healthcare professionals’ and patients’ awareness concerning the disease. Therefore, the ongoing awareness campaigns will establish a strong disease understanding among the healthcare providers and patients and will further push referrals to more rheumatologists, thereby supporting more uptake of treatment options, which will eventually accelerate the growth of global axial spondyloarthritis (axSpA).
Recent Developments in the Global Axial Spondyloarthritis Market
• In December 2020, AbbVie's Upadacitinib (RINVOQ) met primary as well as secondary endpoints in the Phase III study for non-radiographic axial spondyloarthritis.
• In August 2020, AbbVie, Inc. submitted an application to the U.S. Food and Drug Administration (FDA) to seek approval for RINVOQ (Upadacitinib) to treat adult patients with active ankylosing spondylitis.
• In March 2020, Novartis International AG received a positive CHMP opinion which recommended a positive opinion for Cosentyx for the treatment of active non-radiographic axial spondyloarthritis (nr-axSpA).
• In June 20219, Kyowa Hakko Kirin Co., Ltd. stated a positive result of a 16-week efficacy and safety analysis of the Phase 3 study of Brodalumab in patients with ankylosing spondylitis and non-radiographic axial spondyloarthritis.
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Key Questions Answered in the Report
- What are the major market drivers, challenges, and opportunities in the global axial spondyloarthritis market?
- What are the underlying structures resulting in the emerging trends within the global axial spondyloarthritis market?
- How has the COVID-19 pandemic impacted the global axial spondyloarthritis ecosystem?
- What are the key development strategies that are being implemented by the major players to sustain themselves in the competitive market?
- What is the pricing and reimbursement scenario in the field of axial spondyloarthritis?
- What are the potential emerging therapies present in the pipeline for axial spondyloarthritis?
- What are the key regulatory implications in major geographies pertaining to axial spondyloarthritis?
- What are the potential entry barriers which are expected to be faced by the companies willing to enter a particular country?
- How is each segment of the market expected to grow during the forecast period 2022-2032, and what is the anticipated revenue to be generated by each of the segments?
- Following are the segments:
- Commercialized Therapies
- Potential Pipeline Drugs
- Indication (ankylosing spondylitis and non-radiographic axial spondyloarthritis)
- Countries (U.S., Germany, France, the U.K., Italy, Spain, and Japan)
- What are the growth opportunities for the companies in the country of their operation?
- Who are the leading players with significant offerings in the global axial spondyloarthritis market?
- Which companies are anticipated to be highly disruptive in the future, and why?
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