Liquid Biopsy Market

The global Liquid Biopsy market stood at USD 4.1 Billion in 2021. It is projected to reach USD 10.9 Billion by 2028 at a CAGR of 17.8% over the forecast period.

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Liquid Biopsy is an easy, quick, non-invasive, and repeatable sampling technique that can accurately reflect changes in the gene expression profile of the tumor and serve as a solid foundation for customized treatment and early cancer detection. In addition, recent years have emphasized early cancer detection, tracking tumor progression, evaluating therapy response & clinical prognosis, and spotting recurrent & refractory cancers. In addition, due to recent advancements in technology addressing both practicality and turnaround time, Liquid Biopsy has recently attracted considerable attention as a non-invasive alternative approach to tissue biopsy in patients with cancer.

The rising incidence of cancer among the world's population and growing knowledge of the existence of many non-invasive treatments are the main factors driving the global Liquid Biopsy market. According to information from the International Agency for Research on Cancer's GLOBOCAN 2021 predictions, there will be about 21.6 million new cancer cases and about 15 million cancer-related deaths worldwide in 2021. Breast cancer is currently the most common cancer diagnosed worldwide due to the rising incidence among females. The number of new instances of breast cancer in 2021 was estimated to be over 3.1 million. Lung, colorectal, and prostate cancer were the next most common cancers. According to the World Health Organization, cancer is the second most common reason of death worldwide. The novel Liquid Biopsy procedure has several advantages, including rapid findings, low cost, early prognosis, tumor heterogeneity reduction, minimal risk, and non-invasiveness. The acceptance of Liquid Biopsy among patients worldwide is fuelled by all these advantages over conventional diagnosis, which is predicted to increase demand during the projection period greatly.

Furthermore, the Liquid Biopsy market is expanding due to the rising incidence of cancer and the rising desire for quick, minimally invasive diagnostic procedures. The most prevalent kind of lung cancer in the United States, non-small-cell lung cancer, is predicted by the American Cancer Society to affect around 235,760 people in 2021. Lung cancer is a disease that affects roughly one in 17 men and one in 15 women worldwide. To detect and eliminate cancer in a particular population, Liquid Biopsy, tests are becoming increasingly necessary.

Moreover, the high costs associated with R&D capabilities, limited infrastructure, and lesser sensitivity of certain liquid biopsies are projected to hamper market expansion. Additionally, it is anticipated that during the forecast period, market growth will be hampered by a lack of favorable reimbursement scenarios and technology penetration in developing economies, the requirement for sizable capital investments to establish manufacturing facilities, the low sensitivity and specificity limitations of Liquid Biopsy, and a lack of suitable infrastructure in low- and middle-income countries.

Top Market Trends

1. Increasing incidence of cancer: Rising incidence of cancer among the populations across the world is one of the major reasons for fuelling the market expansion during the forecast period.

2. Rising awareness about cancer: Increased cancer awareness is driving the Liquid Biopsy market expansion because the Liquid Biopsy procedure can detect cancer early, monitor tumor progression, and assess clinical prognosis.

3. Technological advancements: Rapid advancements in NGS technology have resulted in significant cost savings in high-accuracy sequencing. This method is used in focused panels to detect particular and very sensitive ctDNA mutations and screen for unknown variations. NGS, for example, may detect 59% of stage 1 or 2 lung cancer patients with a MAF of less than 0.1%.

4. Rising government initiatives: Governments in several high-cancer-burden countries have vowed to support cancer research by allocating appropriate finances to improve results. For example, the National Institute of Health (NIH) reports that the federal government has allotted US$ 119 million to the National Cancer Institute for the fiscal year 2021.

5. Increasing healthcare expenditures: Increased healthcare spending in developing nations such as India and China, as well as the utilization of Liquid Biopsy testing to treat uncommon malignancies, are likely to provide abundant market growth possibilities.

Market Segmentation

The Liquid Biopsy Market is segmented based on the segmentation categories- Product & Services, Circulating Biomarkers, Applications, Cancer Applications, Non-Cancer Applications, Technology, Clinical Applications, Sample Types, End Users, and Region. The market is segmented into Products & Services: Assay Kits, Instruments, and Services. Furthermore, based on Circulating Biomarkers, the market is segmented into Circulating Tumor Cells, Circulating Tumor DNA (ctDNA), Cell-free DNA (cfDNA), Extracellular Vesicles (EVS), and Other Circulating Biomarkers. Moreover, based on Application, the market is divided into Cancer Applications and Non-Cancer applications. Based on Cancer Applications, the market is further categorized into Lung Cancer, Breast Cancer, Colorectal Cancer, Prostate Cancer, Melanoma, and Other Cancers. Based on the Non-Cancer Applications, the market is further divided into Non-invasive Prenatal Testing (NIPT), Organ Transplantation, and Infectious Disease Testing. In addition, based on the Technology, the market is segmented into Multi-Gene Parallel Analysis using NGS and Single-Gene Analysis using PCR Microarrays. Moreover, based on Clinical Applications, the market is segmented into Early Cancer Screening, Therapy Selection, Treatment Monitoring, and Recurrence Monitoring. The market is classified into Blood and Other Sample Types based on Sample Type. Furthermore, based on the End User, the market is divided into Reference Laboratories, Hospitals & Physician Laboratories, Academic & Research Centers, and Other End Users. In addition, based on Region, the market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Product & Services

Assay Kits are Major Revenue Contributor in the Market as It plays an important role in detecting Cancer Tumors.

Assay Kits accounted for the largest share of the market in 2021. Assay kits are essential for detecting malignant tumor cells or tumor DNA via Liquid Biopsy. Liquid Biopsy assays are low-cost, minimally invasive methods that help monitor patients during and after therapy and screening. Another important reason driving the growth of the Liquid Biopsy test kits market is the availability of a large range of reagents and kits, simple access to a wide range of assays, and the rising cancer occurrence. Due to the inaccessibility of direct laboratories with infrastructure to perform Liquid Biopsy tests on the majority of patients in need, the Liquid Biopsy market relies excessively on a distant collection of samples by carrying the diagnostics kits to the patient.

Based on Circulating Biomarkers

Circulating Tumor Cells Hold the Largest Share in the Market Due to Growing Usage in Cancer Detection

In 2021, the circulating tumor cells category dominated the market with the highest revenue share. Because Liquid Biopsy is regarded as the most reliable way of detecting circulating tumor cells, circulating tumor cells have acquired significant popularity in the market. Furthermore, it aids in cancer prognosis and can advise cancer therapies and monitor therapeutic regimens. The increase can be attributed to the increased demand for circulating tumor cell biomarkers for the early identification of cancer through non-invasive biopsies. Circulating tumor cells, or cancer tumor cells, are released from malignant tumors and circulate through the bloodstream. Advances in technology that aid in detecting cancer tumor cells from various body fluids have enabled the early detection of several forms of cancer using minimally invasive approaches. Cancer risk is primarily defined by the future development of various tumor cells in new microenvironments of the body.

Based on Applications

Cancer Applications Accounted for the Majority of Revenue Share Due to the Rising Incidence of Cancer Disease

The cancer category dominated the global Liquid Biopsy market in 2021, and it is anticipated that it will continue to hold this position throughout the forecast period. This is only explained by the growing use of Liquid Biopsy techniques to diagnose different cancer kinds. The prevalence of cancer cases has increased among the world's population, which has accelerated the growth of the cancer segment. Lung cancer, breast cancer, prostate cancer, and colorectal cancer are the most common types of cancer, according to the International Agency for Research on Cancer. Cancer cases worldwide are projected to increase by 46% between 2021 and 2040, reaching an estimated 28.4 million cases worldwide. Consequently, it is anticipated that this will maintain the segment's importance during the prediction.

Based on the Sample Type

Blood Samples Dominate the Market Owing to Increased Used of Blood Samples in Diagnosis

The market was dominated by tests using blood samples, with the highest revenue share in 2021. A blood test is non-invasive, risk-free, and uncomfortable. Additionally, it decreases the expense and length of the diagnostic process. The detection of CTCs, cfDNAs, exosomes, and microvesicles in the blood sample has increased the use of blood-based Liquid Biopsy. Understanding carcinogenesis and metastasis largely depends on the circulating biomarkers in blood, which can also be used to predict tumor dynamics throughout treatment and disease progression.

Additionally, the market is anticipated to be driven by increasing research on blood-based cancer testing. For instance, a research team at Exact Sciences and UW-Madison began focusing on liquid biopsies for cancer in August 2021, including a blood test that aided in the identification of genetic abnormalities in tumors that were the focus of drug development. This test aids in the early detection of the disease and can identify cancer recurrence following therapy.

Based on Region

North America is the Largest Revenue Contributor Owing to the Existence of Major Businesses

In 2021, North America had the highest revenue share at 42.6%. Due to higher investments and numerous biotechnology businesses producing the tests, the U.S. dominates the regional market. Liquid Biopsy is supported by several organizations, including the American Society of Clinical Oncology (ASCO). Consequently, it is projected to accelerate market expansion in this area. Since tests that have received FDA approval may be utilized there, Canada has followed the United States in adopting Liquid Biopsy procedures. Additionally, the industry is highly competitive and 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.

On the other hand, the Asia-Pacific is expected to grow at a higher CAGR during the forecast period. This is explained by increased disposable income, government measures to improve the healthcare system, and healthcare costs. Additionally, partnerships and strategic approvals with top industry players to advance Liquid Biopsy technology in this area are anticipated to promote market expansion.

Competitive Landscape

The global Liquid Biopsy market is dominated by companies such as Bio-Rad Laboratories, Biocept Inc., and Illumina, Inc. because of their unique products, financial stability, strategic advances, and global reach. The participants are focusing their efforts on promoting R&D. Additionally. They support strategic expansion activities, including product launches, joint ventures, and partnerships to expand their client base and boost their market position. Some of the major players in the Global Liquid Biopsy Market include- Bio-Rad Laboratories (U.S.), Biocept Inc. (U.S.), Guardant Health (U.S.), Illumina Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Johnson & Johnson (U.S.), Laboratory Corporation of America Holdings (U.S.), MDxHealth SA (Belgium), QIAGEN N.V. (Germany), Thermo Fisher Scientific Inc. (U.S.), to name a few.

Recent Market Developments

• In November 2022, Thermo Fisher Scientific released a slew of dPCR Liquid Biopsy assays for their Applied Biosystems Absolute Q dPCR system and a custom design tool to help with cancer research. The business announced the availability of more than 50 Absolute Q Liquid Biopsy Assays for use on the fully integrated digital PCR system, which is meant to produce results in 90 minutes with minimal hands-on time.
• In June 2021, BioMark Diagnostic Solutions, Inc. was awarded USD 825,000 to develop BioMark's Liquid Biopsy assay for lung cancer screening. The Consortium for Industrial Research and Innovation in Medical Technology is providing a significant portion of the funding, as are Spark awards from the Canadian Cancer Society, Brain Canada Foundation, and Canadian Institutes of Health Research - Institute of Cancer Research.

Segmentation of the Global Liquid Biopsy Market