Liquid Biopsy Market is Expected to Reach $11.3 billion | MarketsandMarkets™
/EIN News/ -- Chicago, May 27, 2024 (GLOBE NEWSWIRE) -- Liquid Biopsy market in terms of revenue was estimated to be worth $6.4 billion in 2024 and is poised to reach $11.3 billion by 2029, growing at a CAGR of 11.9% from 2024 to 2029 according to a latest report published by MarketsandMarkets™.
With the increasing incidence & prevalence of cancer worldwide, there's a growing need for effective methods of early detection, therapy selection, monitoring treatment response, and detecting disease recurrence. Liquid biopsies provide a promising solution by enabling clinicians to detect and analyze cancer-related biomarkers more easily and frequently than traditional tissue biopsies. The burgeoning adoption and recognition of liquid biopsy's advantages over traditional biopsy methods are also propelling a robust evolution in liquid biopsy products and services. However, lack of desired sensitivity and specificity in certain liquid biopsy products is likely to restrain the growth of the market.
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Liquid Biopsy Market Scope:
| Report Coverage | Details |
| Market Revenue in 2024 | $6.4 billion |
| Estimated Value by 2029 | $11.3 billion |
| Growth Rate | Poised to grow at a CAGR of 11.9% |
| Market Size Available for | 2022–2029 |
| Forecast Period | 2024–2029 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & service, circulating biomarker, clinical application, technology, application, sample type, and end user |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and GCC countries |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Growing significance of companion diagnostics |
| Key Market Driver | Increased benefits of liquid biopsy over conventional biopsy procedures |
Based on product & service, the liquid biopsy market is segmented into assay kits, instruments, and services. In 2023, assay kits accounted for the largest share of the liquid biopsy market. The large share of the assay kits segment can be attributed to the recurrent requirement and large purchases of assay kits among end users. Other factors such as the increasing demand for liquid biopsy tests, broad applications of liquid biopsies, and the requirement of reliable & specific assays are further expected to drive its adoption in the coming years.
Categorized by circulating biomarker, the liquid biopsy market is segmented into circulating tumor cells, circulating tumor DNA, cell-free DNA, extracellular vesicles, and other circulating biomarkers. In 2023, the largest share of the liquid biopsy market was held by circulating tumor cells segment. The market dominance of CTCs in the liquid biopsy market is driven by their real-time, comprehensive, and actionable information on tumor status and heterogeneity. Their abundance, viability, and prognostic significance reinforce their role as a fundamental component in cancer diagnostics and personalized medicine, establishing them as the preferred option for liquid biopsy applications.
Categorized by application, the liquid biopsy market is divided into cancer and non-cancer applications. In 2023, the cancer applications segment accounted for the predominant share of the liquid biopsy market. Initially focused on a few specific cancer types, liquid biopsy technology has expanded to cover a wide range of cancer types, including but not limited to breast, lung, colorectal, prostate, and pancreatic cancers. This broad applicability further contributes to its dominance in the liquid biopsy market.
The liquid biopsy market is categorized into six regions. These include North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and GCC countries. Within these regions, Asia Pacific is forecasted to demonstrate the highest CAGR. Governments in several Asia Pacific countries are implementing initiatives to address the burden of cancer and improve access to quality healthcare services. Funding support for research and development in the field of oncology, including liquid biopsy technology, fosters innovation and drives market growth.
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Prominent Players of Liquid Biopsy Market
- Natera, Inc. (US)
- QIAGEN (Netherlands)
- Myriad Genetics, Inc. (US)
- Illumina, Inc. (US)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Thermo Fisher Scientific Inc. (US)
- Guardant Health (US)
- Bio-Rad Laboratories, Inc. (US)
- Exact Sciences Corporation (US)
- Sysmex Corporation (Japan)
- Biocept, Inc. (US)
- mdxhealth (US)
- Personalis, Inc. (US)
- NeoGenomics Laboratories (US)
- Epigenomics AG (Germany)
- ANGLE plc (UK)
- Menarini-Silicon Biosystems (Italy)
- Vortex Biosciences (US)
- Bio-Techne (US)
- MedGenome (US)
- Mesa Labs, Inc. (US)
- Laboratory Corporation of America Holdings (US)
- Freenome Holdings, Inc. (US)
- Strand (India)
- LungLife AI, Inc. (US)
- Lucence Health Inc. (US)
- and Among others
This report categorizes the liquid biopsy market based on product & service, circulating biomarker, clinical application, technology, application, sample type, end user, and region:
By Product & Service
- Assay Kits
- Instruments
- Services
By Circulating Biomarker
- Circulating Tumor Cells
- Circulating Tumor DNA
- Cell-free DNA
- Extracellular Vesicles
- Other Circulating Biomarkers
By Clinical Application
- Early Cancer Screening
- Therapy Selection
- Treatment Monitoring
- Recurrence Monitoring
By Technology
- Multi-gene Parallel Analysis using NGS
- Single-gene Analysis using PCR
By Application
- Cancer Applications
- Lung Cancer
- Breast Cancer
- Colorectal Cancer
- Prostate Cancer
- Melanoma
- Other Cancers
- Non-cancer Applications
- Non-Invasive Prenatal Testing
- Organ Transplantation
- Infectious Disease Testing
By Sample Type
- Blood Sample
- Other Sample Types
By End User
- Reference Laboratories
- Hospitals and Physician Laboratories
- Academic & Research Centers
- Other End Users
By Region
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- GCC Countries
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Key Market Stakeholders:
• Senior Management
• End User
• Finance/Procurement Department
• R&D Department
Report Objectives:
- To define, describe, segment, and forecast the liquid biopsy market, by product & service, circulating biomarker, technology, application, clinical application, sample type, end user, and region
- To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the market segments with respect to six regions, namely, North America, Europe, the Asia Pacific, Middle East & Africa, Latin America, and GCC countries
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
- To track and analyze company developments such as acquisitions, collaborations, partnerships, agreements, and product launches & approvals in the liquid biopsy market
- To benchmark players within the hemostats market using the Company Evaluation Matrix framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offerings
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