Global Next Generation Cancer Diagnostics Market

Next Generation Cancer Diagnostics Market Size, Share, Growth Analysis, By Application(Biomarker Development, CTC Analysis, Proteomic Analysis, Epigenetic Analysis), By Cancer Type(Lung, Breast, Colorectal, Cervical), By Technology(Next-generation Sequencing, qPCR & Multiplexing, Lab-on-a-chip (LOAC) & Reverse Transcriptase-PCR (RT-PCR), Protein Microarrays), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2226 | Region: Global | Published Date: March, 2024
Pages: 219 |Tables: 67 |Figures: 77

Next Generation Cancer Diagnostics Market Insights

Global Next Generation Cancer Diagnostics Market size was valued at USD 11.60 Billion in 2023 and is poised to grow from USD 13.66 Billion in 2024 to USD 43.02 Billion by 2031, at a CAGR of 17.8% during the forecast period (2024-2031). 

The market is moving towards the replacement of traditional method laboratory testing by rapid point-of-care testing, which is on account of commercialization of technologically advanced products like diagnostic devices, kits and reagents. This shift led to the significant rise of the market rate. With the emergence of companion diagnostics, high-value opportunities are projected to grow as companion diagnostics become more imminent even within delivering advanced and personalized genomic medicine. The rising global prevalence of diverse types of cancers only proves this by reinforcing the need for such supportive diagnostic tools. For instance, In 2020, Over 544,00 cases of non-Hodgkin Lymphoma, over 83,0 Of Hodgkin lymphoma reported globally are; diabetic Leukemia that saw over patient and have Multiple myeloma guarantees a report of about 176,. WHO declared that the second-largest factor of mortality – cancer, is about providing 9.6 million deaths globally per year.

The mammoth value is also attributed to the increasing occurrence of cancer, which strengthens demand for advanced diagnostic tools as well as newer cancer biomarker development. If advanced diagnostics are the factors that promoted early cancer detection, such a detection usually results in better treatment solutions. The development of next-generation cancer diagnostics has improved the accuracy and cost-effectiveness of detecting any cases. In its turn, studying ensues every day in order to come up with new minimally invasive techniques about cancer diagnosis which underlines the importance of early detection that leads to positive patient outcomes. The segment tends to reflect upon the ongoing approach that has been adopted by many, in addressing the challenges faced when it comes to healthcare posed on the globe with more than 137,000 cases reported each year such as cancer mortality rates noted above 44%.

US Next Generation Cancer Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 9.90 billion

Largest Segment

Next-generation Sequencing

Fastest Growth

DNA Microarrays

Growth Rate

17.8% CAGR

Global Next Generation Cancer Diagnostics Market ($ Bn)
Country Share for North America Region (%)

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Next Generation Cancer Diagnostics Market Segmental Analysis

Global Next Generation Cancer Diagnostics Market is segmented on the basis of technology, application, cancer type, and region. By technology, the market is segmented into Next-generation Sequencing, qPCR & Multiplexing, Lab-on-a-chip (LOAC) & Reverse Transcriptase-PCR (RT-PCR), Protein Microarrays, and DNA Microarrays. By application, the market is segmented into biomarker development, ctc analysis, proteomic analysis, epigenetic analysis, and genetic analysis. By cancer type, the market is segmented into lung, breast, colorectal, cervical, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.  

Next Generation Cancer Diagnostics Market Analysis by Technology 

In 2023, next-generation sequencing (NGS) technology dominated the market, capturing a revenue share of 36.55%. This technology is expected to grow at the fastest CAGR of 10.4% over the forecast period. NGS enables the simultaneous analysis of multiple genes or genetic alterations, offering a comprehensive view of the genomic landscape. It aids in detecting various genetic alterations, such as gene mutations, amplifications, deletions, and rearrangements, which are crucial for accurate diagnosis and personalized treatment selection.  

The usage rate of DNA and protein microarrays is expected to decline due to a growing preference for NGS-based technology. Technological advancements in NGS systems and the development of library preparation protocols and data interpretation tools have significantly increased NGS adoption among research entities. Market analysis by prominent entities indicates that DNA microarrays will experience a substantial decline in market share as NGS-based diagnostics become more dominant over the next decade. 

Next Generation Cancer Diagnostics Market Analysis by Cancer Type 

In 2023, the other cancer segment dominated the next-generation cancer diagnostic market with a revenue share of 44.28%. This segment's dominance is attributed to advancements in next-generation technologies, which have enhanced the accuracy and comprehensiveness of detecting and profiling various biomarkers, including specific genetic mutations and molecular signatures. The precise diagnosis and monitoring capabilities of advanced diagnostic tools are driving market growth. Additionally, the increasing focus on personalized medicine and targeted therapies for specific cancer types within this segment further boosts the demand for advanced diagnostic solutions. 

During the forecast period, the breast cancer segment is anticipated to grow at the fastest CAGR of 10.5%. Breast cancer, being one of the most prevalent cancers globally, affects a significant number of individuals. The rising prevalence of breast cancer, along with heightened awareness and screening programs, contributes to the segment's robust growth. Advances in diagnostic technologies and screening methods have led to better detection and early diagnosis, enabling timely intervention and more effective treatment, thereby improving patient outcomes. The adoption of advanced imaging techniques, such as mammography, ultrasound, and MRI, coupled with the development of biomarker-based tests, has significantly enhanced the accuracy and efficiency of breast cancer diagnosis. 

Global Next Generation Cancer Diagnostics Market Size By Technology (%), 2023 (%)

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Next Generation Cancer Diagnostics Market Regional Insights

The largest market is expected to be in North America in 2023 and for the duration of the forecast. High per capita healthcare spending and supportive healthcare policies are responsible for the regional market expansion. 

Asia Pacific is predicted to have the fastest growth rate in 2023 and will continue to do so throughout the projection period. The Asia Pacific region has experienced faster growth due to a number of variables, including a sizable untapped consumer base and recent technical advancements in healthcare research. During the projected period, it is also anticipated that significantly larger investments in healthcare research and the economic development of these regions will increase market potential. 

Global Next Generation Cancer Diagnostics Market Size By Geography, 2024-2031
  • Largest
  • Fastest

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Next Generation Cancer Diagnostics Market Dynamics

Next Generation Cancer Diagnostics Market Drivers

Rising Demand for Personalized Medicines to Bolster Market Growth

  • The rising demand for personalized medicines is another factor driving the growth of the next generation cancer diagnostics market. Personalized medicine involves tailoring treatments to individual patients based on their genetic profile and other characteristics. Next generation cancer diagnostics tools can help identify patients who are most likely to benefit from personalized treatments.

Growing Awareness about Early Cancer Detection

  • Growing awareness about early cancer detection is also contributing to market growth. Many cancers are more treatable when detected early, and as a result, there is a growing emphasis on early cancer detection and screening programs. Next generation cancer diagnostics tools can play a crucial role in these programs by enabling the early detection of cancer and improving patient outcomes.

Next Generation Cancer Diagnostics Market Restraints

Reimbursement Issues to Hinder Market Growth

  • These challenges are related to the lack of clear reimbursement policies and the slow pace of their development. This lack of clarity can impact the adoption and use of these new technologies, making it difficult for healthcare providers and patients to justify the costs associated with these tests. The reimbursement policies for next-generation cancer diagnostics vary widely across different countries, regions, and healthcare systems. In many cases, these policies are still being developed, and there is a lack of consensus on how to reimburse for these new technologies.

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Next Generation Cancer Diagnostics Market Competitive Landscape

These companies are involved in the development, manufacturing, and commercialization of a range of next-generation cancer diagnostic technologies and tests, including liquid biopsies, NGS, and imaging techniques. The market is characterized by intense competition, with companies competing on the basis of product features, quality, pricing, and customer service.

Top Player’s Company Profiles in Next Generation Cancer Diagnostics Market

  • Abbott Laboratories
  • Agilent Technologies, Inc.
  • Bio-Rad Laboratories, Inc.
  • Danaher Corporation
  • Exact Sciences Corporation
  • F. Hoffmann-La Roche Ltd.
  • GE Healthcare
  • Grail, Inc.
  • Guardant Health, Inc.
  • Hologic, Inc.
  • Illumina, Inc.
  • Merck & Co., Inc.
  • Myriad Genetics, Inc.
  • NanoString Technologies, Inc.
  • Natera, Inc.
  • NeoGenomics, Inc.
  • Qiagen N.V.
  • Quest Diagnostics Incorporated
  • Siemens Healthineers AG
  • Sysmex Corporation
  • Thermo Fisher Scientific, Inc.
  • Veracyte, Inc.

Next Generation Cancer Diagnostics Market Recent Developments

  • In June 2024, ASCO Annual Meeting – Massive Bio, a renowned leader in AI-driven oncology solutions and Mika Health, the premier oncology digital therapeutic platform, announced a partnership to significantly expand patient access to psycho oncology services, next-generation sequencing (NGS) biomarker testing, and clinical trials. This collaboration will expand free patient access to Mika’s Digital Therapeutic to treat oncology specific fatigue, anxiety and depression as well as accelerate early access to the right on-market or investigative treatment and appropriate testing at the right time through Massive Bio’s platform. 

  • In April 2024, Hartwig Medical Foundation, a pioneer in deploying complete genomic profiling to improve oncology outcomes, and Ultima Genomics, a developer of a revolutionary new ultra-high throughput next-generation sequencing (NGS) architecture, today announced the deployment of Ultima’s UG 100 sequencing system and its proprietary ppmSeq technology for improving precision oncology testing and research. This collaboration aims to reduce test costs and make complete genome-based cancer diagnostics accessible for more patients to have better informed cancer treatment. 

  • In March 2024, Next-Generation Cologuard Surpasses FIT for Colorectal Cancer Detection in Pivotal BLUE-C Trial. The multitarget next-generation stool DNA test Cologuard Plus demonstrated sensitivity of 94% for colorectal cancer (CRC) at a specificity of 91% for advanced neoplasia in a cohort of 20,000 adults aged 40 years and older at average risk who were undergoing routine screening colonoscopy. 

  • In October 2023, Next-Generation Cologuard Improves Colorectal Cancer Detection, False Positive Rates in BLUE-C. A next-generation, multitarget stool DNA test—that which combines a trio of novel methylated DNA markers and fecal hemoglobin for the screening of average-risk colorectal cancer (CRC)—provided improved sensitivity scores for the detection of any CRC versus standard fecal immunochemcial test (FIT), according to new data. 

Next Generation Cancer Diagnostics Key Market Trends

  • Liquid biopsy tests have emerged as a promising alternative to traditional tissue biopsy tests for cancer diagnosis and treatment monitoring. These tests involve the analysis of a patient's blood, urine, or other bodily fluids to detect cancer cells and other biomarkers. Liquid biopsy tests are less invasive and less expensive than traditional biopsy tests, and they can provide more frequent and accurate results. As a result, there has been a growing adoption of liquid biopsy tests in the market, with several companies investing in the development of these tests.

Next Generation Cancer Diagnostics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analyses, the global next generation cancer diagnostics market was experiencing significant growth and was expected to continue to grow in the coming years. Key factors driving this growth included the increasing prevalence of cancer worldwide, the growing demand for personalized cancer care, and the development of new and innovative diagnostic technologies. The market was also characterized by intense competition, with a large number of established and emerging players operating in the space. These companies were investing heavily in R&D to develop new and innovative diagnostic tools and tests, as well as in marketing and sales efforts to promote their products and capture market share. The global next generation cancer diagnostics market was expected to continue to grow in the coming years, driven by a combination of factors including increasing cancer prevalence, growing demand for personalized cancer care, and the development of new and innovative diagnostic technologies.

Report Metric Details
Market size value in 2023 USD 9.90 billion
Market size value in 2031 USD 43.25 billion
Growth Rate 17.8%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Application
    • Biomarker Development, CTC Analysis, Proteomic Analysis, Epigenetic Analysis, Genetic Analysis
  • Cancer Type
    • Lung, Breast, Colorectal, Cervical, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Abbott Laboratories
  • Agilent Technologies, Inc.
  • Bio-Rad Laboratories, Inc.
  • Danaher Corporation
  • Exact Sciences Corporation
  • F. Hoffmann-La Roche Ltd.
  • GE Healthcare
  • Grail, Inc.
  • Guardant Health, Inc.
  • Hologic, Inc.
  • Illumina, Inc.
  • Merck & Co., Inc.
  • Myriad Genetics, Inc.
  • NanoString Technologies, Inc.
  • Natera, Inc.
  • NeoGenomics, Inc.
  • Qiagen N.V.
  • Quest Diagnostics Incorporated
  • Siemens Healthineers AG
  • Sysmex Corporation
  • Thermo Fisher Scientific, Inc.
  • Veracyte, Inc.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Next Generation Cancer Diagnostics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Next Generation Cancer Diagnostics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Next Generation Cancer Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Next Generation Cancer Diagnostics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Next Generation Cancer Diagnostics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Next Generation Cancer Diagnostics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Next Generation Cancer Diagnostics Market size was valued at USD 9.90 billion in 2022 and is poised to grow from USD 11.66 billion in 2023 to USD 43.25 billion by 2031, at a CAGR of 17.8% during the forecast period (2024-2031).

These companies are involved in the development, manufacturing, and commercialization of a range of next-generation cancer diagnostic technologies and tests, including liquid biopsies, NGS, and imaging techniques. The market is characterized by intense competition, with companies competing on the basis of product features, quality, pricing, and customer service. 'Abbott Laboratories', 'Agilent Technologies, Inc.', 'Bio-Rad Laboratories, Inc.', 'Danaher Corporation', 'Exact Sciences Corporation', 'F. Hoffmann-La Roche Ltd.', 'GE Healthcare', 'Grail, Inc.', 'Guardant Health, Inc.', 'Hologic, Inc.', 'Illumina, Inc.', 'Merck & Co., Inc.', 'Myriad Genetics, Inc.', 'NanoString Technologies, Inc.', 'Natera, Inc.', 'NeoGenomics, Inc.', 'Qiagen N.V.', 'Quest Diagnostics Incorporated', 'Siemens Healthineers AG', 'Sysmex Corporation', 'Thermo Fisher Scientific, Inc.', 'Veracyte, Inc.'

The rising demand for personalized medicines is another factor driving the growth of the next generation cancer diagnostics market. Personalized medicine involves tailoring treatments to individual patients based on their genetic profile and other characteristics. Next generation cancer diagnostics tools can help identify patients who are most likely to benefit from personalized treatments.

Liquid biopsy tests have emerged as a promising alternative to traditional tissue biopsy tests for cancer diagnosis and treatment monitoring. These tests involve the analysis of a patient's blood, urine, or other bodily fluids to detect cancer cells and other biomarkers. Liquid biopsy tests are less invasive and less expensive than traditional biopsy tests, and they can provide more frequent and accurate results. As a result, there has been a growing adoption of liquid biopsy tests in the market, with several companies investing in the development of these tests.

The largest market is expected to be in North America in 2021 and for the duration of the forecast. High per capita healthcare spending and supportive healthcare policies are responsible for the regional market expansion.

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