A three-pronged approach was followed for deducing the liquid biopsy market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for liquid biopsy market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of liquid biopsy market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The liquid biopsy market was categorized into eight segments, namely sample type (Blood Sample), biomarker (Circulating Tumor Cells, Circulating Nucleic Acids, Exosomes/ Microvesicles, Circulating Proteins), technology (Multi-gene-parallel Analysis, Single Gene Analysis), application (Cancer, Reproductive Health), end-use (Hospitals and Laboratories, Specialty Clinics, Academic and Research Centers), clinical application (Therapy Selection, Treatment Monitoring, Early Cancer Screening, Recurrence Monitoring), product (Instruments, Consumables Kits and Reagents, Software and Services), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The liquid biopsy market was segmented into sample type, biomarker, technology, end-use, application, clinical application, product, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The liquid biopsy market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; Denmark; Sweden; Norway; China; Japan; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The liquid biopsy market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
QIAGEN is a holding company that caters to the biotechnology industry. It provides samples & assay technologies for academic research, applied testing, molecular diagnostics, and pharmaceutical research. The company markets over 500 products, including consumable kits and automation systems. Its products for molecular diagnostics cover relevant areas of healthcare, including early diagnosis of diseases, diagnostic testing for determination of suitable treatment, and point-of-need testing. The company’s customers include healthcare providers, pharmaceutical & biotechnology companies, industrial organizations, governments, and researchers. It has direct operations in 34 countries.
Myriad Genetics, Inc. is a molecular diagnostics company that develops personalized medicines. It provides services to assess the risk of developing cancer & disease aggressiveness, and to optimize efficacy of chemotherapy. It offers platforms for hereditary cancer testing, prognostic medicines, personalized medicines, and companion diagnostics. Myriad possesses a diagnostic pipeline across a varied disease spectrum, including autoimmune diseases, diabetes, neuropsychiatry, and nephrology. Myriad RBM is a biomarker discovery platform that provides oncologists and physicians with multiplexed data for drug development and patient care.
Biocept, Inc. is a molecular diagnostics company involved in providing tests that target lung, breast, colorectal, and prostate cancer. It offers proprietary liquid biopsy technology that provides oncologists and physicians with precise information for cancer treatment. Its service portfolio offers a patented methodology for the isolation of rare cells from the blood for further analysis of biomarkers without tissue samples. The company is involved in partnerships with diagnostic firms, cancer centers, pharmaceutical companies, CROs, and testing laboratories.
Guardant Health provides sequencing and rare cell diagnostic services for cancer. It allows physicians to personalize treatment options for cancer patients. The company’s proprietary digital sequencing technology offers information about individual genomic alterations that cause tumors to proliferate, which further transforms cancer treatment. The company is involved in developing diagnostic tests for melanoma, breast, and lung cancers.
F. Hoffmann-La Roche Ltd. is a healthcare company with business operations in pharmaceuticals and diagnostics. Roche Diagnostics comprises Roche Professional Diagnostics (RPD), Roche Molecular Diagnostics (RMD), Roche Tissue Diagnostics, and Roche Diabetes Care. Its product portfolio includes blood glucose meters, point-of-care testing devices, high-throughput analyzers for commercial & hospital diagnostic laboratories, and reagents & instruments for life sciences research. RMD, a segment of Roche Diagnostics, is engaged in development, manufacture, and distribution of tests based on PCR technology & medical diagnostic products, platforms, & services. RMD’s automated platforms and diagnostic tests focus on various areas, such as virology, genomics & oncology, blood screening tests, HPV & CT/NG, and microbiology. The company caters to several clients, including physicians, researchers, laboratories, hospitals, patients, & blood banks.
ANGLE plc is a specialized medical diagnostics company with products in the fetal health and cancer diagnostics markets. It develops products for use in rare cell diagnostics that enable early, accurate detection of conditions for treatment, prevention, and monitoring of diseases. The company’s major focus is on the cancer market. The company’s lead product, the Parsortix cell separation system, captures rare cells from patient blood. The company holds expertise in cancer diagnostics, medical oncology, liquid biopsy, DNA & molecular analysis, medical oncology, drug developments, rare cell separation, cell separation technology, and clinical research.
Oncimmune is one of the leading immunodiagnostics developers mainly engaged in the growing field of autoimmune diseases, immuno-oncology, and infectious diseases. The company is implementing its technology through a partnership-led approach with early-stage startups, global pharmaceutical & biotechnology companies, non-profit companies, and academic groups. Its ImmunoINSIGHTS platforms enable the life-science industry to optimize drug delivery and development, built off the company’s proprietary autoantibody profiling technology. Its EarlyCDT immunodiagnostic technology can help detect cancer on average 4 years prior to standard clinical diagnosis.
Thermo Fisher Scientific, Inc. manufactures & supplies scientific equipment, analytical instruments, and other laboratory equipment. The company operates in pharmaceutical & biotechnology, industrial & applied research, diagnostics & healthcare, and academic & government segments. It provides chromatographs, Erlenmeyer flasks, gene sequencers & spectrometers, clinical analytical tools, and diagnostic testing products. The company serves more than 400,000 customers around the world through its brands such as Applied Biosystems, Fisher Scientific, Thermo Scientific, Unity Lab Services, and Invitrogen.
Lucence Health, Inc. is an oncology company focused on the development of advanced liquid biopsy blood technology-based tests. It offers noninvasive liquid biopsy tests that provide doctors and patients with information to allow early detection & efficient treatment. It offers personalized cancer care services through twin CLIA-licensed laboratories in Singapore and the U.S. The company’s device facilitates proprietary blood testing at its laboratory specializing in forms of cancer that are frequent in Asia and focuses on inventing advanced cancer diagnostics.
Epigenomics AG is a German molecular diagnostics company engaged in blood-based detection, prognosis, and monitoring of cancers utilizing DNA methylation technology. It produces and commercializes blood-based diagnostic products in multi-cancer detection. The company offers services related to research, product development, regulatory approval, and production of IVD products. By employing blood as a liquid biopsy, the company expands patient access to cancer screening and enables the diagnosis of many cancer types.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2021, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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