Liquid Biopsy Market to Reach Valuation of USD 10.9 Billion by 2028 – Growing Influence and Prevalence of Cancer Drives the Market

In terms of revenue, the Global Liquid Biopsy Market is expected to reach USD 10.9 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 17.70% from 2022 to 2028.

The increasing prevalence of cancer and the expansion in need for fast, minimally invasive diagnostic tests drive market growth. It aids in detecting and isolating circulating tumor DNA, exosomes, and circulating tumor cells and is a source of proteomics and genomics information in cancer patients. 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. As liquid biopsies are the most promising novel cancer care techniques, established and emerging companies have increased their R&D to develop novel Liquid Biopsy solutions. Moreover, the proliferation of advanced technologies has boosted the demand for non-invasive diagnosis and treatments expected to spur the need for Liquid Biopsy in the forthcoming years. In addition, the rising investments by market players in clinical trials to develop innovative diagnostic solutions exponentially contribute to market growth.

Key Highlights from the Report

• Based on Product & Services, the Assay Kits segment dominates the Liquid Biopsy market with the most market share and will continue its dominance in the forecast period. This is because it plays an important role in the Detection of Cancer Tumors.
• Among Applications, the Cancer segment accounted for the highest CAGR in the estimated period. The prevalence of cancer cases has increased among the world's population, which has accelerated the growth of the cancer segment.
• In terms of region, North America holds the significant market share within the Liquid Biopsy market. Due to higher investments and numerous biotechnology businesses producing the tests, the U.S. dominates the regional market.

Market Dynamics

The growth in the prevalence of cancer among the worldwide population and increasing awareness regarding the availability of different non-invasive treatments primarily drive the worldwide Liquid Biopsy markets. As per the data provided by the International Agency for Research on Cancer in the GLOBOCAN 2020 estimates, around 19.3 million new cases of cancer and about 10 million deaths were reported due to cancer in 2020. The growing occurrence of breast cancer among the female population has made it the most common type of cancer diagnosed across the globe. In 2020, around 2.3 million new breast cancer cases were recorded, closely followed by lung, colorectal, and prostate cancer. According to the World Health Organization, cancer is the second leading cause of death across the globe. Several benefits are associated with the new Liquid Biopsy technique, such as rapid results, low cost, early prognosis, overcoming tumor heterogeneity, low risk, and non-invasiveness. All these benefits of Liquid Biopsy over traditional diagnosis fuel the adoption of Liquid Biopsy among patients across the globe. They are expected to drive the demand during the forecast period significantly.

Increasing cancer awareness is boosting the Liquid Biopsy market growth as the Liquid Biopsy technique can detect cancer early, monitor the progression of tumors, and assess clinical prognosis. In addition, the federal government's increased funding is also set to drive the market growth rate. Moreover, the growth and expansion of the healthcare industry are driven by both public and private players, especially in developing economies, which will create lucrative market growth opportunities. High returns on investments assured by the research activities will also work in favor of the market. Additionally, initiatives by the government to spread awareness, especially in developing economies, the surge in the personal disposable income level, the introduction of technologically driven products in hospitals, increasing investment for the development of advanced medical products and devices, and increase in demand for non-invasive surgical procedures, positively affect the market growth rate.

Geographically, North America market is anticipated to witness significant market growth with the highest growth rate during the forecast period. The regional market is led by the United States owing to greater investments and the presence of several biotechnology companies developing the tests. Furthermore, given that the FDA has approved tests that may be utilized in the area, Canada has similarly adopted Liquid Biopsy testing to the United States. In addition, the implementation of Liquid Biopsy is aided by various organizations, including the American Society of Clinical Oncology (ASCO). Consequently, this will accelerate market expansion in this area. Also, the market is crowded with biotechnology firms, which is anticipated to fuel market expansion throughout the forecast period. Furthermore, the government's increased grants and investments in developing Liquid Biopsy tests are expected to raise demand in the nation.

The Global Liquid Biopsy Market is Segmented as follows

• Product & Services
  • Assay Kits
  • Instruments
  • Services
• Circulating Biomarkers
  • Circulating Tumor Cells
  • Circulating Tumor DNA (ctDNA)
  • Cell-free DNA (cfDNA)
  • Extracellular Vesicles (EVS)
  • Other Circulating Biomarkers
• Applications
  • Cancer Applications
  • Non-Cancer Applications
• Cancer Applications
  • Lung Cancer
  • Breast Cancer
  • Colorectal Cancer
  • Prostate Cancer
  • Melanoma
  • Other Cancers
• Non-Cancer Applications
  • Non-Invasive Prenatal Testing (NIPT)
  • Organ Transplantations
  • Infectious Disease Testing
• Technology
  • Multi-Gene Parallel Analysis using NGS
  • Single-Gene Analysis using PCR Microarrays
• Clinical Applications
  • Early Cancer Screening
  • Therapy Selection
  • Treatment Monitoring
  • Recurrence Monitoring
• End Users
  • Reference Laboratories
  • Hospitals & Physician Laboratories
  • Academic & Research Centers
  • Other End Users
• Sample Types
  • Blood
  • Other Sample Types
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Liquid Biopsy Market is

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.)

The Global Liquid Biopsy Market Scope can be Tabulated as below