NEW YORK, July 10, 2024 /PRNewswire/ — The global liquid biopsy market size is estimated to grow by USD 3.69 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 25.2% during the forecast period. Liquid biopsy techniques offer significant advantages over traditional biopsy methods in terms of accuracy and patient outcomes. Unlike traditional biopsies that often require invasive procedures, liquid biopsies use minimally invasive methods such as blood draws to detect circulating tumor DNA, RNA, or proteins shed by tumors into the bloodstream. This approach allows for earlier detection of cancer recurrence, monitoring treatment response, and identifying genetic mutations. Despite challenges such as limited reimbursement, the market for liquid biopsy is propelled by increasing cancer incidence and substantial investments in technology and research by key players like A. Menarini, Guardant Health, and Roche.
Technavio has announced its latest market research report titled Global liquid biopsy market 2024-2028
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Liquid Biopsy Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 25.2% |
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Market growth 2024-2028 |
USD 3696.4 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
19.78 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 55% |
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Key countries |
US, Canada, Germany, UK, and Japan |
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Key companies profiled |
A. Menarini Industrie Farmaceutiche Riunite Srl, ANGLE Plc, Bio Rad Laboratories Inc., Bio Techne Corp., Biocept Inc., Biodesix Inc., CellMax Inc., CIRCULOGENE, Exact Sciences Corp., F. Hoffmann La Roche Ltd., Guardant Health Inc., Illumina Inc., Inivata Ltd., MDXHEALTH SA, Mesa Laboratories Inc., Myriad Genetics Inc., Novogene Co. Ltd., OncoCyte Corp., QIAGEN NV, and SAGA Diagnostics AB |
Market Driver
Liquid biopsy has gained significant attention in recent years as a valuable research tool and advanced diagnostics technology. This trend has attracted investors to fund the research and development of new liquid biopsy technologies and the production and commercialization of related products. Notable companies, including GRAIL, Guardant Health, Exosome Diagnostics, Pathway Genomics, and Inivata, have secured funding from various investors. For instance, Dxcover raised USD14.34 million in Series A and grant financing in February 2023. This funding will support the advancement of Dxcover’s liquid biopsy platform for the detection of early-stage cancers, such as brain and colorectal cancers. These investments are anticipated to fuel the expansion of the global liquid biopsy market throughout the forecast period.
The Liquid Biopsy Market is experiencing significant growth due to the increasing demand for minimally invasive cancer diagnostic solutions. Companies like DiaCarta, Singlera Genomics, Sysmex Inostics, Helio Genomics, Foundation Medicine, Merck KgaA, Naveris, Grail, MiRXES, Epic sciences, Lucence Health, Amoy Diagnostics, Biocartis, Cell Search, Datar Cancer Genetics, Exosome Diagnostics, GeneCast Biotechnology, Integrated DNA Technologies, Lucence, MDNA Life Sciences, Miltenyi Biotec, NeoGenomics, ONCODE Scientific, Personal Genome Diagnostics, Predicine, ScreenCell, and NIH are leading the charge. The market is driven by factors such as cancer awareness initiatives, rising cancer deaths, and the need for better quality of life. CtDNA in plasma is the key biomarker used in Liquid Biopsy for early cancer diagnosis and monitoring treatment response. The Injection pen market is also expected to grow as these devices are becoming the preferred method for administering the tests. Buying behavior is influenced by cancer patient needs for accurate and timely diagnosis, as well as the potential for personalized treatment options, including surgery.
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Market Challenges
• The liquid biopsy market is currently experiencing limited adoption due to restricted reimbursement and awareness in both developed and developing countries. In developed nations, reimbursement coverage for liquid biopsy tests varies, with some countries offering low coverage or none at all. In contrast, in developing countries like China and India, tissue biopsies remain the preferred method, necessitating efforts from companies and laboratories to promote liquid biopsy’s benefits. The lack of reimbursement and awareness can hinder market growth, with Medicare, the primary insurer in the US, influencing private insurers’ coverage decisions. Revisions to Medicare coverage and reimbursement rates occur annually and geographically, making predictability challenging. Third-party payers face difficulties in determining coverage and reimbursement rates due to the absence of automatic reimbursement for liquid biopsy tests. To secure inclusion in treatment guidelines, liquid biopsy tests must demonstrate medical necessity, improved clinical outcomes, and not just biomarker detection. The global liquid biopsy market has been impacted by stagnant or decreasing reimbursement rates, making unfavorable reimbursement a significant hindrance to market growth during the forecast period.
• The Liquid Biopsy Market faces several challenges in expanding its reach, particularly in identifying and targeting various tumor types like Gliomas and Sarcomas. Tumor vascularity and location pose difficulties in obtaining adequate samples. The Blood-Brain Barrier and developing economies also present challenges due to limited patient populations and cancer prevalence. Medical tourism and data requirements add complexity to the market landscape. Limited reimbursement and the prevalence of panel-based tests hinder the adoption of advanced NGS-panel tests and LDT scenario. Assay kits, cancer tumor cells, and tumor DNA require cost-effective solutions for wider accessibility. Monitoring patients, prevalence of cancer, and liquid biopsy products offer opportunities for customized therapies and emerging technologies. Reference laboratories, private laboratories, hospitals, and private practitioners are key players in the market. NABL-accredited diagnostic tests are essential in developed markets, while funding and investments from public and private organizations are crucial for market growth. Patient stratification based on SEER statistics and the discovery of novel cancer biomarkers through Guardant Health and other advanced technologies will drive the market forward.
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Segment Overview
This liquid biopsy market report extensively covers market segmentation by
Application
1.1 Cancer applications
1.2 Non-cancer applications
Technology
2.1 CTC and ctDNA
2.2 Exosome and RNA
Geography
3.1 North America
3.2 Europe
3.3 Asia
3.4 Rest of World (ROW)
1.1 Cancer applications- The Liquid Biopsy Market refers to the diagnostic industry segment that utilizes liquid samples, such as blood or urine, to identify genetic information from cancer cells. This non-invasive approach offers several advantages, including early detection, real-time monitoring, and minimal patient discomfort. Companies like Qiagen, Guardant Health, and F. Hoffmann-La Roche are key players in this market, investing in research and development to improve accuracy and accessibility. The global Liquid Biopsy Market is expected to grow significantly due to its potential to revolutionize cancer diagnosis and treatment.
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Research Analysis
The Liquid Biopsy Market is experiencing significant growth due to the increasing prevalence of cancer and the advancements in biomarker discovery. Liquid biopsies offer a non-invasive alternative to traditional biopsies, making them an attractive option for patients. The injection pen market is also expected to grow in tandem with the liquid biopsy market, as these devices simplify the sample collection process. Cancer awareness initiatives and advancements in cancer research have led to an increase in the number of cancer diagnoses and subsequent demand for liquid biopsies. According to SEER statistics, there were approximately 1.9 million new cancer cases in the US in 2020. Liquid biopsies offer improved quality of life for patients by enabling early detection and personalized treatment plans. Companies such as Guardant Health, DiaCarta, Singlera Genomics, Sysmex Inostics, Helio Genomics, Foundation Medicine, Merck KgaA, Naveris, Grail, Lucence, MDNA Life Sciences, Miltenyi Biotec, NeoGenomics, ONCODE Scientific, Personal Genome Diagnostics, Predicine, and ScreenCell are leading the way in liquid biopsy technology development. Despite the promising advancements, buying behavior for liquid biopsies is influenced by factors such as cost, insurance coverage, and patient preferences. Cancer deaths continue to be a significant global health concern, making the development and adoption of liquid biopsy technology crucial for improving patient outcomes.
Market Research Overview
Liquid biopsy, a revolutionary diagnostic technique, analyzes cancer biomarkers in various biofluids, primarily blood, for early detection and monitoring of cancer. Biomarkers such as circulating tumor DNA (ctDNA) and exosomes are identified from plasma, providing valuable information on tumor types, tumor vascularity, and cancer signatures. This minimally invasive procedure is gaining popularity due to its cost-effectiveness and ability to monitor patients in real-time. Cancer awareness initiatives, breast and cervical cancer screening, and advancements in NGS technologies are driving the growth of the liquid biopsy market. However, factors such as limited reimbursement, data requirements, and the LDT scenario pose challenges. Developing economies, with increasing cancer prevalence and patient population, offer significant opportunities. Reference laboratories, private laboratories, hospitals, and private practitioners are key players in the market. NABL-accredited diagnostic tests and emerging technologies, including NGS-panel tests and single-cell analysis, are transforming the landscape. Funding and investments from public and private organizations are fueling innovation and patient stratification. Cancer types, such as breast, cervical, gliomas, and sarcomas, are under focus for liquid biopsy-based diagnosis and customized therapies. The market is expected to grow significantly, driven by the prevalence of cancer, the need for minimally invasive procedures, and the potential for customized therapies. According to SEER statistics, cancer deaths continue to rise, underscoring the need for early and accurate diagnosis. Liquid biopsy products are poised to play a crucial role in improving quality of life and reducing cancer mortality. However, challenges such as the blood-brain barrier and the need for assay kits and sample preparation remain to be addressed. Injection pen markets are also expected to benefit from the growing liquid biopsy market, as they offer a convenient and cost-effective solution for sample collection and preparation. The market for liquid biopsy is expected to grow significantly, driven by the increasing prevalence of cancer, the need for minimally invasive procedures, and the potential for customized therapies. Cancer tumor cells and tumor DNA are the primary targets for liquid biopsy analysis, providing valuable information on tumor types, tumor vascularity, and cancer signatures. The market for liquid biopsy is expected to grow significantly, driven by the increasing prevalence of cancer, the need for minimally invasive procedures, and the potential for customized therapies. The injection pen market is expected to benefit from the growing liquid biopsy market, as they offer a convenient and cost-effective solution for sample collection and preparation. The market for liquid biopsy is expected to grow significantly, driven by the increasing prevalence of cancer, the need for minimally invasive procedures, and the potential for customized therapies. Buying behavior for liquid biopsy tests is influenced by factors such as cancer awareness initiatives, patient demographics, and healthcare policies. In developed markets, advanced technologies and NGS are driving the growth of the market, while in developing economies, cost-effectiveness and accessibility are key factors. Medical tourism is also expected to play a role in the growth of the liquid biopsy market, as patients from developing economies seek affordable and high-quality diagnostic services in developed markets. The market for liquid biopsy is expected to grow significantly, driven by the increasing prevalence of cancer, the need for minimally invasive procedures, and the potential for customized therapies. In conclusion, the liquid biopsy market is poised for significant growth, driven by the increasing prevalence of cancer, the need for minimally invasive procedures, and the potential for customized therapies. Challenges such as limited reimbursement, data requirements, and the LDT scenario remain to be addressed, but the potential benefits of early and accurate diagnosis, improved quality of life, and cost-effective monitoring make liquid biopsy a promising area for innovation and investment.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Cancer Applications
Non-cancer Applications
Technology
CTC And CtDNA
Exosome And RNA
Geography
North America
Europe
Asia
Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE Technavio