Liquid Biopsy Market Size to Reach $10.9 Billion at a CAGR of 17.8% by 2028
Liquid Biopsy Market is projected to reach USD 10.9 Billion by 2028 at a CAGR of 17.8% over the forecast period.
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.
The growth of the market is primarily attributed to the rising incidence of cancer globally, increasing demand for non-invasive diagnostic techniques, and advancements in liquid biopsy technologies.
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The Asia Pacific region is expected to witness the highest growth during the forecast period, driven by the growing prevalence of cancer, rising healthcare expenditure, and increasing adoption of liquid biopsy tests in emerging economies such as China and India.
Top Companies in Liquid Biopsy Market
- Bio-Rad Laboratories (U.S.)
- Guardant Health (U.S.)
- Biocept Inc. (U.S.)
- Hoffmann-La Roche Ltd. (Switzerland)
- Illumina Inc. (U.S.)
- Johnson & Johnson (U.S.)
- MDxHealth SA (Belgium)
- Laboratory Corporation of America Holdings (U.S.)
- QIAGEN N.V. (Germany)
- Thermo Fisher Scientific Inc. (U.S.)
Liquid Biopsy Market Dynamics:
Liquid Biopsy Market 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 Market 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 Market procedure has several advantages, including rapid findings, low cost, early prognosis, tumor heterogeneity reduction, minimal risk, and non-invasiveness. The acceptance of Liquid Biopsy Market 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 Market, 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 Market, and a lack of suitable infrastructure in low- and middle-income countries.
Overview on Liquid Biopsy
Liquid biopsy refers to a non-invasive diagnostic method for detecting cancer by analyzing tumor-derived materials such as circulating tumor cells (CTCs), cell-free DNA (cfDNA), exosomes, and other biomarkers present in the blood, urine, or other bodily fluids of cancer patients. Unlike traditional biopsy methods, which involve the removal of tissue samples from the body, liquid biopsy tests offer several advantages, including reduced risk of complications, real-time monitoring of tumor progression, and the ability to detect cancer at an earlier stage.
Liquid biopsy tests work by identifying cancer-specific biomarkers in the patient's blood or bodily fluids. The presence of these biomarkers indicates the presence of cancer cells or DNA in the patient's body. Liquid biopsy tests can be used to diagnose cancer, monitor treatment response, detect recurrence, and identify potential drug resistance.
Liquid biopsy tests are rapidly evolving, and several technologies are currently available for their detection, including polymerase chain reaction (PCR), next-generation sequencing (NGS), and other emerging technologies. The liquid biopsy market is expected to grow significantly in the coming years, driven by the rising incidence of cancer globally, increasing demand for non-invasive diagnostic techniques, and advancements in liquid biopsy technologies.
Despite the significant potential of liquid biopsy, several challenges need to be addressed to ensure their widespread adoption, including limited sensitivity and specificity, high cost, regulatory challenges, limited awareness and education, and ethical concerns.
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Liquid Biopsy Market Challenges
Limited sensitivity and specificity: While liquid biopsy tests offer several advantages over traditional biopsy methods, their sensitivity and specificity are still relatively low compared to tissue biopsies. This can lead to false negatives or false positives, which could result in incorrect diagnoses and treatment decisions.
High cost: Liquid biopsy tests are generally more expensive than traditional biopsy methods, which could limit their adoption, particularly in low-income regions. The high cost of liquid biopsy tests is primarily due to the complexity of the technology involved, the need for specialized equipment and expertise, and the high cost of reagents and consumables.
Regulatory challenges: Regulatory approval is critical for the commercialization of liquid biopsy tests. However, the regulatory environment for liquid biopsy tests is still evolving, and there are differences in regulatory requirements across different countries and regions. This could slow down the development and commercialization of liquid biopsy tests.
Limited awareness and education: While liquid biopsy tests offer significant benefits over traditional biopsy methods, there is still limited awareness and education among patients and healthcare professionals regarding their availability, reliability, and benefits. This could limit their adoption and impact the growth of the liquid biopsy market.
Ethical concerns: The use of liquid biopsy tests raises ethical concerns regarding patient privacy, informed consent, and the potential for misinterpretation of results. These concerns need to be addressed to ensure the ethical and responsible use of liquid biopsy tests in clinical practice.
- In November 2022, Thermo Fisher Scientific released a slew of dPCR Liquid Biopsy Market 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 Market 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 Market 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.
Liquid Biopsy Market Regional Analysis
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 Market 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 Market 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 Market 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 Market technology in this area are anticipated to promote market expansion.
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