Number of pages: 100 | Report Format: PDF | Published date: March 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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.
Liquid Biopsy 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 requiring invasive surgical procedures to collect tissue samples. The primary application of liquid biopsy is in detecting and monitoring 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 track cancer progression, monitor response to treatment, and detect cancer recurrence. Another application of liquid biopsy is in detecting 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 still being developed and refined.
Liquid Biopsy Market Dynamics
Liquid biopsy is a rapidly evolving field that involves detecting and analyzing 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 development of the global liquid biopsy market. With cancer incidence rates rising globally, there is a growing need for non-invasive and more accurate cancer detection and monitoring diagnostic tools. 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, which detects genetic mutations and other biomarkers, helps make informed treatment decisions, and enables 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 market revenue growth.
However, several factors 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 instance, it may be less effective in detecting early-stage cancers or identifying the genetic mutations driving cancer. Also, liquid biopsy tests can be expensive, and insurance reimbursement may not always cover the full cost. This could limit access to the tests for some patients and impact the revenue growth of the market.
Liquid Biopsy Market Ecosystem
The global liquid biopsy market has been analyzed from five perspectives: technology, biomarker, application, end user, and region.
Liquid Biopsy Market by Technology
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 the 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 cancer development and 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 sensitive ctDNA mutation detection. For instance, 59% of patients with stage 1 or 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 segment 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 to diagnose cancer early.
CTCs are cancerous cells that are shed and circulated 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 detecting 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 detecting cancer and cancer-related mutations early. It is quite effective at finding breast cancer. Thus, the increased incidence of breast cancer is anticipated to accelerate the revenue 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 diagnosing 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, this is predicted to help 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 hospitals segment accounts for the largest revenue share in the global liquid biopsy market. Liquid biopsy is increasingly used as a non-invasive diagnostic tool for cancer patients. Hospitals and cancer treatment centers use a liquid biopsy to monitor patient’s response to treatment, detect cancer recurrence, and tailor treatment plans.
Research and academic institutions also use liquid biopsy technology 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, such as NGS and digital PCR, to detect and analyze circulating biomarkers in patients’ blood. These segments thus account for a small revenue share of the global liquid biopsy market and are projected to rise significantly during 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 numerous biotechnology companies producing the tests, the United States accounts for the largest revenue share in the regional liquid biopsy market. Several organizations, such as the American Society of Clinical Oncology, aid in implementing liquid biopsy. In consequence, this is projected to accelerate regional market revenue 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 developing 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 during the forecast period. The market revenue growth is attributed to the region’s increasing prevalence of cancer and other chronic diseases, leading to the demand for accurate and non-invasive diagnostic techniques. Additionally, advancements in technology and the availability of personalized medicine have further propelled market revenue growth. China, Japan, and India are among the largest markets for liquid biopsy in the Asia Pacific region. These countries have a large population and a high burden of cancer cases, which has driven the demand for liquid biopsy tests.
Liquid Biopsy Market Competitive Landscape
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 numerous local businesses, the market is moderately fragmented. These market participants are pursuing methods, such as investments, collaborations, acquisitions, and mergers, to increase their market revenue share. Also, businesses are investing in the creation of enhanced products. They are also concentrating on keeping their prices competitive. The numerous market development strategies, including new product launches, partnerships, and collaboration, promote expansion and present profitable growth prospects to market participants.
Liquid Biopsy Market Strategic Developments
The global liquid biopsy market is expected to grow at a revenue CAGR of 13.8% during 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 is expected to observe the highest revenue growth rate in the global liquid biopsy market during the forecast period.
The global liquid biopsy market is estimated to reach US$ 26.24 billion by 2031.
Bio-Rad Laboratories, F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., Qiagen N.V., and Biocept Inc. are among the top players in the global liquid biopsy market.
*Insights on financial performance are subject to the availability of information in the public domain