Liquid Biopsy Market
Number of pages: 100 | Report Format: PDF | Published date: March 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market size value in 2022 |
US$ 8.20 billion |
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Revenue forecast in 2031 |
US$ 26.24 billion |
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Growth Rate |
CAGR of 13.8% from 2023 to 2031 |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Technology, Biomarker, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global liquid biopsy market was valued at US$ 8.20 billion in 2022 and is expected to register a revenue CAGR of 13.8% to reach US$ 26.24 billion by 2031.
Market Fundamentals
Liquid biopsy is a medical procedure that involves the analysis of various biomolecules, such as DNA, RNA, and proteins, in bodily fluids such as blood, urine, or saliva. It is a minimally invasive alternative to traditional tissue biopsies, which require invasive surgical procedures to collect tissue samples. The primary application of liquid biopsy is in the detection and monitoring of cancer. The procedure can help identify cancerous cells and mutations that may be present in a patient's blood or other bodily fluids. Liquid biopsy can also be used to track the progression of cancer, monitor response to treatment, and detect cancer recurrence. Another application of liquid biopsy is in the detection of genetic disorders and infectious diseases. In these cases, the procedure can help identify specific genetic mutations or disease-causing pathogens in a patient's blood or other bodily fluids. Liquid biopsy is a relatively new technology that is still being developed and refined.
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Market Dynamics
Liquid biopsy is a rapidly evolving field that involves the detection and analysis of circulating biomarkers such as cell-free DNA, RNA, and proteins in bodily fluids such as blood, urine, and cerebrospinal fluid. Liquid biopsy has several advantages over traditional tissue biopsy, including its minimally invasive nature, ability to monitor disease progression and treatment response over time, and potential for early cancer detection. The increasing prevalence of cancer is leading to the growth of the global liquid biopsy market. With cancer incidence rates on the rise globally, there is a growing need for non-invasive and more accurate diagnostic tools for cancer detection and monitoring. Liquid biopsy offers a promising solution in this regard.
The development of high-throughput sequencing technologies, such as next-generation sequencing (NGS), has greatly improved the sensitivity and specificity of liquid biopsy tests. Additionally, the emergence of new biomarkers and analytical platforms has expanded the range of applications for liquid biopsy. Liquid biopsy enables the detection of genetic mutations and other biomarkers that can inform treatment decisions and enable personalized treatment plans. This is particularly important for patients with advanced or metastatic cancer who may not respond to standard therapies.
Governments and private organizations are investing heavily in the research and development of liquid biopsy technologies, which are driving innovation and accelerating the commercialization of liquid biopsy tests. Regulatory agencies such as the FDA have shown a willingness to accelerate the approval of liquid biopsy tests, recognizing the potential benefits of these tests in cancer diagnosis and monitoring. This has created a more favorable regulatory environment for liquid biopsy companies. As liquid biopsy becomes more widely available and accepted by healthcare providers, it is expected to become a standard part of cancer care, further driving the global liquid biopsy market.
However, there are several factors that could potentially restrain the growth of the global liquid biopsy market. While liquid biopsy has shown great promise in detecting and monitoring cancer, its clinical utility is still limited in some cases. For example, it may not be as effective in detecting early-stage cancers or in identifying the specific genetic mutations that are driving cancer. Also, the cost of liquid biopsy tests can be high, and insurance reimbursement may not always cover the full cost. This could limit access to the tests for some patients and impact the growth of the market.
The global liquid biopsy market has been analyzed from five perspectives: technology, biomarker, application, end user, and region.
Liquid biopsy Market by Technology
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Based on technology, the global liquid biopsy market has been segmented into multi-gene-parallel analysis using NGS, and single gene analysis using PCR Microarrays.
The multi-gene-parallel analysis using NGS segment accounted for the largest revenue share in the global liquid biopsy market. NGS technology has the potential to uncover a variety of mutations that might be involved in the development of cancer as well as potential resistance mechanisms that might have developed from pre-existing clones after therapy. Recent rapid advancements in NGS technology have resulted in significant cost savings for high-accuracy sequencing. This approach enables the screening of unidentified variations and is utilized in targeted panels for precise and very sensitive ctDNA mutation detection. For instance, 59% of patients with stage 1 or stage 2 lung cancer can be found using NGS with a MAF of 0.1%. Important operational companies have also released cutting-edge products, driving the market. For instance, Twist Bioscience Corp. introduced the Twist NGS Methylation Detection System in February 2021 for epigenetic research and liquid biopsy cancer analysis.
Liquid biopsy Market by Biomarker
Based on biomarkers, the global liquid biopsy market has been segmented into circulating tumor cells (CTCs), circulating tumor DNA, extracellular vesicles, and others.
The circulating tumor cells (CTCs) segment accounts for the largest revenue share in the global liquid biopsy market. The market for circulating tumor cells has grown quickly since liquid biopsy is thought to be the most accurate way to find them. Also, it aids in cancer prognosis and helps direct cancer treatments and track treatment plans. The growth can be attributed to the increased demand for CTCs as a biomarker for non-invasive biopsies used to diagnose cancer early.
Circulating tumor cells (CTCs) are cancerous tumor cells that are shed and subsequently circulate throughout the bloodstream. The development of technology that aids in the detection of CTCs from various body fluids has made it possible to use minimally invasive approaches for the early detection of various malignancies. The subsequent expansion of various tumor cells in new microenvironments of the body is the primary factor that predicts the likelihood of developing cancer. Due to CTCs' low quantities in biological fluids, detecting them and obtaining the necessary data remains challenging. Very sensitive tools are required for their identification. Cell culture enrichment, purification, detection, and sample analysis are all steps in the detection of CTCs.
However, the circulating tumor DNA segment is projected to record a high revenue CAGR during the forecast period. The DNA from circulating tumors aids in the early detection of cancer and cancer-related mutations. It is quite effective at finding breast cancer. Thus, it is anticipated that the increased incidence of breast cancer will accelerate the growth of the global liquid biopsy market.
Liquid biopsy Market by Application
Based on application, the global liquid biopsy market has been segmented into cancerous and non-cancerous diseases.
The cancerous diseases segment accounted for the largest revenue share in the global liquid biopsy market. The rising use of liquid biopsy techniques for the diagnosis of different types of cancer is primarily responsible for this. The growth of the cancer segment has been aided by the rising incidence of cancer cases among the world's population. The most common types of cancer are lung cancer, breast cancer, prostate cancer, and colorectal cancer, according to the International Agency for Research on Cancer. From 2020 to 2040, it is predicted that there will be a 50% increase in the number of cancer cases worldwide, surpassing 28.4 million cases through that time. As a result, it is predicted that this will sustain this segment's significance during the forecast period.
Liquid biopsy Market by End User
Based on end user, the global liquid biopsy market has been segmented into hospitals, diagnostic laboratories, and academic and research institutes.
The hospital segment accounts for the largest revenue share in the global liquid biopsy market. Liquid biopsy is increasingly being used as a non-invasive diagnostic tool for cancer patients. Hospitals and cancer treatment centers use a liquid biopsy to monitor patients’ response to treatment, detect cancer recurrence, and tailor treatment plans.
Liquid biopsy technology is also used in research and academic institutions to study cancer biology, develop new diagnostic tools, and discover new therapies. Also, diagnostic laboratories use liquid biopsy technology to offer liquid biopsy tests for cancer diagnosis and monitoring. They use advanced techniques like next-generation sequencing (NGS) and digital PCR to detect and analyze circulating biomarkers in patients' blood. These segments thus account for a small share in the global liquid biopsy market and are projected to rise significantly in the forecast period.
Liquid biopsy Market by Region
Based on region, the global liquid biopsy market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share in the global liquid biopsy market. Due to increased investments in R&D and the existence of numerous biotechnology companies producing the tests, the U.S. accounts for the largest revenue share in the regional liquid biopsy market. Several organizations, such as the American Society of Clinical Oncology (ASCO), aid in the implementation of liquid biopsy. In consequence, it is projected that this will accelerate regional market growth. As tests that have received FDA approval may be utilized there, Canada has followed the United States in adopting liquid biopsy procedures. Moreover, the industry is highly competitive, which is anticipated to fuel market expansion throughout the forecast period. The government's increased grants and investments in the development of liquid biopsy tests are anticipated to raise demand in the nation.
The liquid biopsy market in the Asia Pacific region is expected to experience significant growth in the forecast period. The market growth is attributed to the increasing prevalence of cancer and other chronic diseases in the region, which has led to the demand for accurate and non-invasive diagnostic techniques. Additionally, advancements in technology and the availability of personalized medicine have further propelled market growth. China, Japan, and India are among the largest markets for liquid biopsy in the Asia Pacific region. These countries have a large populations and a high burden of cancer cases, which has driven the demand for liquid biopsy tests.
Competitive Landscape
Some of the prominent players operating in the global liquid biopsy market are: -
By diversifying their cancer diagnostics offerings, market participants are fostering market expansion and boosting demand for their proprietary liquid biopsy solutions. Due to the presence of numerous local businesses, the market is moderately fragmented. These market participants are pursuing methods like investments, collaborations, acquisitions, and mergers in an effort to increase their market share. Also, businesses are investing in the creation of enhanced products. They are also concentrating on keeping their prices competitive. The numerous market development tactics, including as new product launches, partnerships, and collaboration, promote market expansion and present profitable expansion prospects to market participants.
Strategic Developments
The global liquid biopsy market is expected to grow at a revenue CAGR of 13.8% in the forecast period.
The global liquid biopsy market is primarily driven by the increasing incidence of cancer among people worldwide and growing knowledge of the range of non-invasive treatment options.
Asia Pacific region is expected to observe the highest global liquid biopsy market during the forecast period.
The global liquid biopsy market is estimated to reach US$ 26.24 billion in the year 2031.
Bio-Rad Laboratories, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., Qiagen N.V., and Biocept Inc. are a few key players in the global liquid biopsy market.
*Insights on financial performance are subject to the availability of information in the public domain