Liquid Biopsy Market is projected to reach USD 10.0 billion by 2027 from USD 4.3 billion in 2022, at a CAGR of 18.3% according to a new report by MarketsandMarkets™. Rise in incidences and prevalence of various cancer types, improvements in liquid biopsy technology, rise in demand of non-invasive procedures, and promising government initiatives improve the market growth. However, lack of awareness about cancer and its risk factors, along with reduced access to advanced cancer diagnostics technologies in developing regions are expected to hinder the market growth. Furthermore, advantages of liquid biopsy over conventional invasive diagnostics methods are expected to present lucrative growth opportunities for the market.
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The increasing prevalence of cancer coupled with the rise in demand for fast, minimally invasive diagnostic tests drives the market growth. Rapid development in digital Polymerase Chain Reaction (PCR) and NGS-based technology has improved the accuracy of liquid biopsy. It can be performed repeatedly for disease monitoring and is anticipated to help overcome the limitations of tissue biopsies.
The assay kits segment accounted for the largest share of the liquid biopsy market, by product & service segment, in 2021
Based on product & service, the liquid biopsy market is segmented into assay kits, instruments, and services. The large share of the assay kits segment can be attributed to the recurrent requirement and large purchases of assay kits among end users.
Circulating tumor DNA (ctDNA) segment to register the highest growth rate during the forecast period
The liquid biopsy market is segmented into circulating tumor cells, circulating tumor DNA (ctDNA), cell-free DNA (cfDNA), extracellular vesicles (EVS), and other circulating biomarkers. Studies found that the screening of genetic mutations using ctDNA is highly sensitive and specific, suggesting that ctDNA analysis may significantly improve tumor diagnosis, even facilitating early-stage detection. The superiority of ctDNA to previous plasma biomarkers in sensitivity and clinical correlations is a major factor driving its growth.
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The blood sample accounted for the largest share of the liquid biopsy, by sample type segment, in 2021
Based on sample type, the liquid biopsy market is segmented into blood and other sample types. In 2021, the blood samples accounted for the largest share of the liquid biopsy market. The large share of this segment can be attributed to factors such as the convenient, inexpensive, safe, and minimally invasive nature of this sample type.
North America is the largest regional market for liquid biopsy market
The global liquid biopsy market has been segmented into four major regions—North America, Europe, the Asia Pacific, and the Rest of the World. In 2021, North America accounted for the largest share of the liquid biopsy market. Easy accessibility and high adoption of advanced diagnostic technologies among healthcare professionals and the increasing prevalence of cancer in the US and Canada are the key factors driving the growth of the liquid biopsy market in North America.
The major players operating in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Myriad Genetics, Inc. (US), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific, Inc. (US), Guardant Health, Inc. (US), MDxHealth SA (Belgium), Exact Sciences Corporation (US), Illumina Inc. (US), Sysmex Inostics (US), Bio-Rad Laboratories, Inc. (US), Biocept, Inc. (US), NeoGenomics, Inc. (US), ANGLE plc (UK), Menarini-Silicon Biosystems (Italy), Vortex Biosciences, Inc. (US), Exosome Diagnostics, Inc. (US), Agena Bioscience, Inc. (US), MedGenome Inc. (US), Epigenomics AG (Germany), and Personal Genome Diagnostics, Inc. (US).
Market Dynamics
Drivers
- Rising incidence and prevalence of cancer
- Cancer awareness initiatives undertaken by global health organizations
- Increasing preference for non-invasive treatment procedures
Restraints
- Lower sensitivity of certain liquid biopsy procedures
Opportunities
- Growing significance of companion diagnostics
- Growth opportunities in emerging countries
Challenges
- Unclear reimbursement scenario
Recent Developments
- In August 2022, Thermo Fisher Scientific Inc. (US) launched the first NGS-based tests to support both DNA and RNA input. The Ion Torrent Oncomine Myeloid MRD Assays (RUO) provide comprehensive and highly sensitive myeloid measurable residual (MDR) assessments from blood and bone marrow samples.
- In May 2022, QIAGEN N.V. (Netherlands) launched the therascreen EGFR Plus RGQ PCR Kit, a new in vitro diagnostic test for sensitive EGFR mutation analysis.
- In June 2021, Guardant Health, Inc. (US) launched its Guardant360 Response test that detects changes in circulating tumor DNA (ctDNA) levels.
- In October 2020, F. Hoffmann-La Roche Ltd. (Switzerland) received the US FDA approval of expanded claims for the cobas EGFR Mutation Test v2 to be used as a companion diagnostic (CDx) for a broader group of therapies to treat non-small cell lung cancer (NSCLC).
- In March 2020, Biocept, Inc. (US) entered into an agreement with a second California-based independent physician association (IPA) to provide its Target Selector liquid biopsy assay services to physicians and patients in the network.
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