Liquid Biopsy Market Analysis North America,Europe,Asia,Rest of World (ROW) - US,Canada,Germany,UK,Japan - Size and Forecast 2023-2027

Liquid Biopsy Market Forecast 2023-2027

The global liquid biopsy market size is estimated to grow by USD 2.17 billion at a CAGR of 19.54% between 2022 and 2027. The field of personalized medicine is growing. Liquid biopsy products are now a new toolkit in the field of personalized medicine. This approach helps to identify the genetics of people with cancer, helping to streamline cancer drug dosing plans. In addition, it can make treatment plans safer. CTC and ctDNA liquid biopsy products can be used to treat individual cancers. Furthermore, major market players are focusing on purchasing and developing innovative liquid biopsy products for cancer diagnosis. Hence, the increasing concentration of contract research organizations (CROs) on personalized medicine is expected to drive the growth of the global market during the forecast period.

What will be the Size of the Market During the Forecast Period?

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Market Segmentation 

The report extensively covers market segmentation by application (cancer applications and non-cancer applications), technology (CTC and ctDNA and exosome and RNA) and geography (North America, Europe, Asia, and Rest of World (ROW))

Market Segmentation by Application, Technology, and Geography  Analysis

The market is witnessing remarkable growth, fueled by advancements in medical research and diagnostics. Key players like DiaCarta, Singlera Genomics, and Sysmex Inostics are leading the charge with innovative technologies. This non-invasive approach, endorsed by reputable institutions like NIH and FDA, is revolutionizing cancer detection and monitoring. As cancer awareness initiatives increase and buying behavior shifts towards preventive healthcare, liquid biopsy offers a promising solution. With companies like Foundation Medicine and Merck KgaA at the forefront of personalized medicine, patients benefit from improved quality of life and targeted treatments. SEER statistics underscore the impact, revealing a decline in deaths.

As the market expands, collaborations between industry leaders like Naveris and Lucence drive innovation, offering hope for a future where cancer is detected earlier and managed effectively. Further, the market is witnessing a transformative shift driven by advancements from key players such as MDNA Life Sciences, Miltenyi Biotec, ONCODE Scientific, Personal Genome Diagnostics, Predicine, and ScreenCell. These companies are at the forefront of developing innovative solutions for diagnosis and treatment. Their cutting-edge technologies and research initiatives are reshaping the landscape of liquid biopsy, offering promising prospects for early detection, personalized medicine, and improved patient outcomes.

Application Analysis 

Cancer applications

The market share growth by the cancer applications segment will be significant during the forecast period. Liquid biopsy provides a non-invasive method to detect cancer-related biomarkers from a patient's blood or other body fluids. Liquid biopsies allow the detection of at an early stage by identifying ctDNA and other cancer-related biomarkers in the blood. Early detection is crucial for prompt initiation of treatment, which leads to better patient outcomes and higher survival rates.

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The cancer applications segment was valued at USD 695.63 million in 2017. A liquid biopsy allows real-time monitoring of treatment response by analyzing changes in ctDNA levels and genetic changes during treatment. Liquid biopsies can be done more easily and often than traditional tissue biopsies. It allows for multiple checkpoints during treatment, providing valuable information for patient management. The increasing rates of cancer worldwide are driving the demand for advanced diagnostic tools, such as liquid biopsies, that can aid in early detection and effective treatment. Hence, these factors are expected to propel the growth of the cancer applications segment of the market during the forecast period. 

Technology Segment Analysis: 

CTC and ctDNA

Circulating tumor cells (CTCs) are considered an indicator of cancer progression at any time during clinical treatment of metastatic cancer. Cell-free tumor deoxyribonucleic acids (ctDNA) are non-cellular mutated fragments of DNA that can be identified in the blood when they enter the bloodstream by apoptosis or necrosis of solid tumor tissue. The capture and detection of CTCs and ctDNA in body fluids have prognostic and therapeutic implications, such as risk stratification in early cancer detection and monitoring response to treatment. The detection of these biomarkers for early cancer diagnosis, screening, and monitoring is an essential aspect of the liquid biopsy procedure. Thus, such factors are expected to propel the growth of the market during the forecast period.

Exosome and RNA

Exosomes are small extracellular vesicles released by cells containing various biomolecules, including ribonucleic acid (RNA), deoxyribonucleic acid (DNA), proteins, and lipids. The noninvasive nature of collecting exosomes and RNA from bodily fluids, such as blood or urine, is a strong driver for this segment. Exosome and RNA-based liquid biopsy approaches show promise for early detection of cancer changes in exosome content, and RNA profiles can occur at an early stage in cancer development, allowing intervention quickly and bringing better results for patients. Furthermore, exosomes and RNA-based liquid biopsies offer the opportunity for early and noninvasive disease detection. Thus, these factors will stimulate exosome and RNA segment growth in the market during the forecast period. 

Regional Analysis

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North America is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and analysis and drivers that will shape the market during the forecast period. The rising number of cancer cases, the increasing adoption of technologically advanced biopsy tests, an aging population, the high cost of cancer screening, and the increasing number of public companies in biotechnology and pharmaceuticals are the key factors that drive the need for cancer drug development and promote the development of the market in this region. Moreover, the US and Canada account for the highest market share in this region. Major suppliers such as BIOCEPT, Genomic Health, and Myriad Genetics generate a significant portion of their revenue from this region and have also established their headquarters in North America.

Furthermore, the increasing risk of death from cancer has led to an increasing need for early cancer detection and effective treatment. This increases the need for liquid biopsy products for cancer screening and monitoring. The growing incidence of cancer in this region, coupled with increasing government healthcare costs, will play a key role in driving the demand for liquid biopsy solutions, which will be expected to spur liquid biopsy market growth in the region during the forecast period.

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Key Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

A. Menarini Industrie Farmaceutiche Riunite Srl: The company offers a liquid biopsy called CELLSEARCH CTC Test.

• 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
• SAGA Diagnostics AB

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamics

The market is driven by advancements in technology and growing cancer awareness initiatives. With players like DiaCarta and Sysmex Inostics innovating in aspiration and biopsy needles, the market is expanding rapidly. However, challenges persist, including regulatory scrutiny from institutions like the FDA and changing buying behavior in the injection pen market. Despite these hurdles, the market is buoyed by increasing demand for non-invasive diagnostic methods, improving cancer detection rates, and enhancing the quality of life for patients, as reflected in SEER statistics. There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. 

Key Market Drivers

Advancements in liquid biopsy technologies is one of the key factors driving the growth of the market. As technology develops and improves, it improves the sensitivity, accuracy, and applicability of liquid biopsy, making it a more valuable tool for diagnosis and monitoring. Advances in technology have led to increased sensitivity and specificity in the detection of cancer-associated biomarkers. Modern platforms can analyze multiple biomarkers simultaneously from a single sample.

Furthermore, advances in cfDNA extraction and analysis techniques have improved the quality and quantity of ctDNA obtained from liquid biopsies. This has made ctDNA analysis a reliable method for monitoring treatment response and disease progression in patients. Hence, such developments are expected to boost the market growth and trends during the forecast period. 

Significant Market Trends

Increasing funding/investment for liquid biopsy is one of the key trends that shaping the growth of the market. It has gained momentum in recent years as both a research tool and a sophisticated diagnostic technology. As a result, the market has attracted investors to fund research and development of new technologies as well as the development and commercialization of products. Many providers, such as GRAIL, Guardant Health, Exosome Diagnostics, Pathway Genomics, and Inivata, have received funding from a variety of investors.

For example, in February 2023, Dxcover raised USD14.34 million in Series A and grant financing. This funding will support the continued growth of the Dxcover liquid biopsy platform for the detection of early-stage cancers, including brain and colorectal cancer. Thus, such investments are expected to fuel the growth of the market during the forecast period. 

Major Market Challenges

Limitations of liquid biopsy regarding discrepancies in results between two assays is the challenge that affects the growth of the market. Liquid biopsy is an emerging biopsy technique that is considered a practical alternative to tissue biopsy due to its non-invasive nature. While the technology is useful for personalized medicine, there are some limitations, such as the lack of large-scale studies demonstrating clinical utility, differences in results between the two tests, variability in coverage between circulating analytes and tumor biopsies, low-frequency events for circulating analytes, and limited standardization of workflow, which may impede the application of liquid biopsy products.

Moreover, the market landscape is complex as many players are entering the market and developing innovative liquid biopsy products, which makes it difficult to track the features and limitations of each test. In turn, this may affect the use of liquid biopsy products on the market. There are limited publications that have confirmed the sensitivity of liquid biopsy tests. Therefore, the lack of appropriate standardization of liquid biopsy products and the lack of appropriate validity for effective clinical outcomes by regulatory authorities is expected to impede the growth of the market during the forecast period. 

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Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

Customer Landscape

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Application Outlook 
  • Cancer applications
  • Non-cancer applications

• Technology Outlook
  • CTC & ctDNA
  • Exosome & RNA

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of the World 
    • Brazil 
    • Australia 
    • Argentina

Market Analyst Overview 

The market is witnessing a transformative surge driven by advancements in cancer diagnostics and treatment. With growing awareness and changing buying behavior, liquid biopsy emerges as a pivotal tool for cancer screening, particularly for breast and cervical cancers. This non-invasive procedure, leveraging plasma samples, offers insights into tumor types like gliomas and sarcomas, assessing tumor vascularity and location and even penetrating the blood-brain barrier. In developing economies with limited healthcare infrastructure, liquid biopsy provides cost-effective, minimally invasive monitoring solutions aligning with NCD guidelines. Innovators like Helio Genomics, Lucence Health, and NeoGenomics spearhead novel technologies, offering customized therapies based on cancer signatures. Collaborations between public and private organizations drive funding and investments, fostering patient stratification and personalized treatments, and ultimately reshaping cancer management paradigms.

Further, the landscape of cancer diagnosis and treatment is undergoing a profound shift with the advent of liquid biopsy. This innovative approach offers a non-invasive method for monitoring cancer patient, providing crucial insights into tumor DNA and cancer biomarkers. Liquid biopsy enables early detection through panel-based tests and NGS-panel tests, contributing to improved patient outcomes. Despite challenges like limited reimbursement and the need for FDA approval, it has gained traction in both developed and emerging markets. With leading market companies' potential to revolutionize cancer management, it represents a significant leap forward in personalized medicine.

Market Scope
Report Coverage	Details
Page number	158
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 19.54%
Market growth 2023-2027	USD 2.17 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	18.31
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 56%
Key countries	US, Canada, Germany, UK, and Japan
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
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 dynamics	Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the market size and its contribution of the market in focus to the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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