COMPASS 360° Report Estimates 14.5% CAGR through 2028
SAN DIEGO, Nov. 21, 2023 /PRNewswire/ -- The Deerborne Group, a leading boutique consultancy specializing in genomics and precision diagnostics strategy, has published a comprehensive analysis of the global liquid biopsy testing market. This assessment encompasses insights, trends, and projections for 2023–2028.
The liquid biopsy market is poised for significant growth, driven by NGS technological advancements, increasing disease prevalence, and a growing demand for personalized medicine. According to this report, the global liquid biopsy market is estimated at $5.4 billion in 2023, with a projected 14.5% CAGR, reaching $10.6 billion by 2028.
The report also features actionable insights gathered from numerous industry key opinion leaders (KOLs). Report sources were assembled via COMPASS 360°, The Deerborne Group's proprietary process for collecting, analyzing, and interpreting market insights and competitive intelligence.
"The most significant potential within the liquid biopsy market is tied to penetrating hospitals and academic medical centers," said Jeffrey Jones, Managing Partner at The Deerborne Group. "An overwhelming 84% of oncologists have expressed a reduced emphasis on the necessity for an FDA-cleared liquid biopsy test when compared to a laboratory-developed test (LDT) in their clinical practice."
North America, accounting for 43% of the global liquid biopsy market, represents the greatest opportunity regionally. While Guardant and Foundation Medicine are currently the dominant players, there are numerous market entrants gaining traction in the clinic. However, challenges in market access and reimbursement remain significant barriers to widespread adoption despite the increasing interest in liquid biopsy's clinical utility.
About The Deerborne Group
The Deerborne Group is a leading boutique consultancy specializing in genomics and precision diagnostics strategy. Established in 2020, the group advises corporations, venture capital, and private equity firms, offering insights into corporate, commercial, and operational strategies. Their services assist clients in identifying business opportunities, mitigating risks, and successfully navigating complex management challenges.
The firm's areas of expertise include advisory boards, branding, business cases, CLIA laboratory operations, clinical trials, commercialization, due diligence, go-to-market strategy, health economics, interim management services, KOL strategy and development, market access, market analysis, marketing, portfolio planning, private equity strategy, product development, publication planning, regulatory strategy and submissions, reimbursement strategy and dossiers, sales operations effectiveness, segmentation and targeting, strategy development, value propositions, and venture capital strategy.
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SOURCE The Deerborne Group