The Liquid Biopsy Market Size was estimated to be US$ 4.57 billion in 2021 and US$ XX billion in 2023 and is expected to reach US$ 12.69 million by 2031; it is estimated to record a CAGR of 11.2% till 2031. Consistent launch of new products is likely to remain a key Liquid Biopsy Market trends.
Liquid Biopsy Market Analysis
Liquid biopsy is a type of diagnostic test that can identify various types of cancer without being invasive. The growing prevalence of cancer among the population is leading to the growth of the liquid biopsy market across the world. For instance, As per the World Health Organization (WHO), in 2022, ~20 million new cancer cases and 9.7 million deaths caused by cancer were reported worldwide. Additionally, the latest estimates from WHO’s Global Cancer Observatory indicated that in 2022, 10 different types of cancer accounted for approximately two-thirds of new cancer cases and deaths worldwide. Among these, lung cancer was the most commonly occurring cancer globally, accounting for 2.5 million new cases and 12.4% of the total new cases. Female breast cancer ranked 2nd with 2.3 million cases and 11.6% of the total new cases, followed by colorectal cancer, accounting for 9.6% of the total new cases. Prostate cancer ranked fourth with 1.5 million cases, and stomach cancer ranked fifth with 970,000 cases. Thus, there is largest potential market for liquid biopsy is as a screening tool for testing asymptomatic individuals for various types of cancer. Hence, increasing demand for Liquid biopsies driving the liquid biopsy market growth.
Liquid Biopsy Market Overview
Global liquid biopsy market is segmented by region into North America, Asia Pacific, Europe, South & Central America, and Middle East & Africa. The North American region dominates the liquid biopsy market with the largest share. The US held the largest market for liquid biopsy market in North America and is expected to grow due to factors such as propelling number of cancer cases, growing developments for liquid biopsy by the companies and others.
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Liquid Biopsy Market: Strategic Insights
Market Size Value in US$ 3,861.49 million in 2019 Market Size Value by US$ 8,123.85 million by 2027 Growth rate CAGR to 9.9% from 2020 to 2027. Forecast Period 2020-2027 Base Year 2020
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Liquid Biopsy Market: Strategic Insights
| Market Size Value in | US$ 3,861.49 million in 2019 |
| Market Size Value by | US$ 8,123.85 million by 2027 |
| Growth rate | CAGR to 9.9% from 2020 to 2027. |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Liquid Biopsy Market Drivers and Opportunities
Rising preference for minimally invasive cancer diagnostics to Favor Market
There is a growing preference for minimally or noninvasive tests among patients for diagnostic purposes. Early cancer detection, tumor monitoring throughout treatment, recurrence monitoring, and mutation detection are possible using liquid biopsy, which uses a noninvasive method. Patients tend to prefer minimally invasive procedures as they involve the use of advanced instruments that allow for more intricate work to be performed with less pain, lower risk, and minimal scarring. In recent times, there has been considerable interest in circulating tumor cell diagnostics and liquid biopsy as a non-invasive substitute for tissue biopsy in cancer patients. The adoption of liquid biopsy will be facilitated by advancements in minimally invasive cancer detection technologies. The market growth will be influenced by increasing demand for non-invasive diagnostic tools and laboratory acceptance of CTCs tests and liquid biopsy.
A liquid biopsy is a simple and non-invasive alternative to surgical biopsies that enables medical professionals to gather various information about tumors from a blood sample. Blood tests are painless, non-invasive, and bear no risks, which significantly cuts down the cost and time to diagnose a problem. Moreover, CTCs, exosomes, cfDNAs, and microvesicles can be detected in a blood sample, making blood-based liquid biopsies more popular. Therefore, the rising demand for minimally invasive diagnostic tests is driving the market growth.
Increasing Liquid Biopsy Due to Growing Application and Advancements – An Opportunity
According to the College of American Pathologists, ctDNA testing is likely to expand in clinical care. Due to continued research on circulating tumor DNA (ctDNA)/RNA, CTCs, and extracellular vesicles, the images of tumor status with increased resolution can be obtained through liquid biopsies. The uses of liquid biopsy range from monitoring cancer growth to detecting genetic mutations, identifying signs of relapse, and predicting sensitivity to immunotherapy. The advantages of liquid biopsies and technological improvements will continue to expand their applicability and utility in monitoring patients for relapse and determining the best treatments. The growing applications are likely to offer significant opportunity for the growth of the market.
Liquid Biopsy Market Report Segmentation Analysis
Key segments that contributed to the derivation of the liquid biopsy market analysis are product& services, sample, circulating biomarker, application, and end user.
- Based on product & services, the liquid biopsy market is segmented into equipment, reagents & kits, and services. The reagents & kits segment held a largest market share in 2023.
- By sample, the market is segmented into segmented into urine based, blood based, and other samples. The blood based segment held the largest share of the market in 2023.
- By circulating biomarker, the market is segmented into exosomes, free nucleic acid, and circulating tumor cells (CTC). The circulating tumor cells (CTC) segment held the largest share of the market in 2023.
- By application, the market is segmented into oncology, transplant diagnostics, noninvasive prenatal testing (NIPT), and other applications. The oncology segment held the largest share of the market in 2023.
- By end user, the market is segmented into hospitals, reference laboratories, academic & research institutes, and other end users. The hospitals segment held the largest share of the market in 2023.
Liquid Biopsy Market Share Analysis by Geography
The geographic scope of the Liquid Biopsy Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the liquid biopsy market. In North America, the US is the largest market for liquid biopsy. The growth of liquid biopsy market is primarily driven by growing prevalence of cancer, high R&D spending for new diagnostics and presence of major market players in the US are going to proliferate the growth of liquid biopsy market in this country. Every year, the American Cancer Society predicts the number of new cancer cases and deaths in the US. According to their projections, in 2023, there were 1,958,310 new cancer cases in the US. Further, Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Liquid Biopsy Market Report Scope
Liquid Biopsy Market News and Recent Developments
The Liquid Biopsy Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for liquid biopsy:
- In February 2024, Twist Bioscience Corporation launched the cfDNA Library Preparation Kit to facilitate liquid biopsy research using its silicon platform. (Source: Twist Bioscience Corporation, 2024)
- In September 2023, Pillar Biosciences, a provider in decision medicine, globally launched oncoReveal Core LBx, a next-generation sequencing (NGS) kit designed to enable laboratories with a solution for liquid biopsy-based pan-cancer tumor profiling. (Source: Pillar Biosciences, 2023)
- In July 2022, BillionToOne, Inc., a next-generation molecular diagnostics company, launched its first oncology liquid biopsy products - Northstar Select and Northstar Response. These products are currently available for research use with select academic cancer centers. (Source: BillionToOne, Inc., 2022)
Liquid Biopsy Market Report Coverage and Deliverables
The “Liquid Biopsy Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product and Services ; Sample ; Circulating Biomarker ; Application ; End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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