Middle East Liquid Biopsy Market Size More Than Doubles to Cross USD 108 billion by 2029
Middle East liquid biopsy market is flourishing owing to rising awareness of the availability of various non-invasive treatments and rising cancer prevalence rates worldwide.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimates Middle East liquid biopsy market size at USD 47.6 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Middle East liquid biopsy market size to grow at a significant CAGR of 12.9% reaching a value of USD 108.5 billion by 2029. Rising awareness of the availability of various non-invasive treatments as well as the prevalence of cancer are key factors propelling the market's expansion. Due to the rising prevalence of the disease among women, breast cancer is now the most common type of cancer diagnosed globally. Quick results, low cost, early prognosis, overcoming tumor heterogeneity, low risk, and non-invasiveness are just a few benefits of the new liquid biopsy technique. All these benefits over traditional diagnosis are driving the adoption of liquid biopsy among patients throughout the Global Middle East, and it is expected that this will lead to a significant increase in demand during the forecast period.
Middle East Liquid Biopsy Market – Overview
A liquid biopsy is a procedure that analyzes a sample of living tissue while it is still liquid to detect and track the development of diseases like cancer. Human genome sequencing and increased sensitivity of detection methods and assays are two developments in medical science that liquid biopsy directly makes use of. There is no post-operative discomfort with liquid biopsies because the painful tissue sample extraction is not required. For instance, blood and urine, which can both be collected easily and with little discomfort, make up most of the liquid samples used in the method. However, some situations call for difficult procedures, such as spinal fluid. Thus, liquid biopsy aids patients in experiencing less anxiety brought on by pain. Furthermore, it gives patients who are unable to undergo a tissue biopsy due to the risks involved—such as those with lung cancer whose tumors are too dangerously close to the heart—a safe and efficient alternative.
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Opportunity: Government investments in healthcare infrastructure
The increased funding from the federal government is expected to drive the market's growth rate. The market will benefit from the high return on investment guaranteed by research activities. Increased personal disposable income, the introduction of technologically driven products in hospitals, increased investment in the development of advanced medical products and devices, and an increase in demand for non-invasive surgical procedures all have a positive impact on the market growth rate.
Positive and false negative outcomes
Market expansion is expected to be hampered by high R&D costs, a lack of infrastructure, and the lower sensitivity of some liquid biopsies. During the forecast period of 2022–2029, challenges to the market are also expected to include a lack of favorable reimbursement scenarios and technology penetration in developing economies, the requirement for sizable capital investments to establish production facilities, the low sensitivity and specificity limitations of liquid biopsy, and a lack of suitable infrastructure in low- and middle-income countries.
Impact of COVID-19 on Middle East Liquid Biopsy Market
Market expansion and revenue were significantly impacted by the COVID-19 pandemic. The evaluation of the current market considered data from key industry players on both the supply and demand sides. Although low-scale losses were incurred by manufacturers because of the decline in demand, the losses were offset by increased demand in the following two quarters of FY2021. However, between 2020 and 2022, the industry is still anticipated to be significantly impacted. The Cologuard test sales at Exact Sciences have been significantly impacted by the low number of cancer patients in hospitals and diagnostic labs.
Middle East Liquid Biopsy Market – By Technology
Middle East liquid biopsy market is segmented into Fluorescence In-Situ Hybridization (FISH), Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), and Other Technologies. The Multi-gene-parallel Analysis (NGS) segment currently dominates the Middle East liquid biopsy market in terms of revenue, and it is expected that it will do so for the duration of the forecast. Both potential resistance mechanisms that might have developed from pre-existing clones after therapy and a wide variety of mutations that might contribute to tumorigenesis can be found using NGS technology. High-accuracy sequencing now costs significantly less due to recent rapid advancements in NGS technology. With the aid of targeted panels, this technology allows for the accurate and sensitive detection of ctDNA mutations as well as the screening of unidentified variants.
Middle East liquid biopsy market is fiercely competitive. Prominent players include Bio-Rad Laboratories, Inc., Bioscience Institute S.p.A., Eurofins Scientific, F. Hoffmann-La Roche Ltd, Guardant Health, Illumina, Inc., Natera, Inc., NeoGenomics Laboratories, Inc., PerkinElmer Inc., QIAGEN N.V., Sysmex Corporation, and Thermo Fisher Scientific Inc. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Middle East liquid biopsy market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Middle East Liquid Biopsy Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Middle East Liquid Biopsy Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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