Liquid Biopsy Market Size to Hit US$ 26.2 Billion by 2030

According to Precedence Research, the liquid biopsy market size is expected to hit USD 26.2 billion by 2030 from valued at USD 7.1 billion in 2020, growing at a CAGR of 14% from 2021 to 2030.

Pune, INDIA


Ottawa, Dec. 14, 2021 (GLOBE NEWSWIRE) -- The global liquid biopsy market growth is driven by rapidly growing number of deaths linked to cancer and rising burden of various types of cancer such as neck and head cancer, colorectal cancer, lungs cancer, breast cancer, and bowel cancer. According to the International Agency for Research on Cancer, the around 19.3 million new cancer cases were observed in 2020 and is expected to grow by 47% to reach 28.4 million new cases by 2040. Therefore, the rising demand for the diagnosis of cancer is driving the demand for the liquid biopsy across the globe.

The liquid biopsy offer certain advantages over the traditional diagnosis techniques like low cost, accuracy, rapid results, and early detection, which makes the liquid biopsy a popular technique among the patients. Moreover, the technological advancements and rising number of developmental strategies being adopted by the market players is influencing the market growth. For instance, the Quest Diagnostics and the Biocept, Inc. collaborated to develop an advanced NGS for the lungs cancer patient in June 2021.

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Regional Snapshot

North America dominated the global liquid biopsy market in 2020. This is simply attributed to the increased healthcare expenditure and increased awareness regarding different types of cancer and advanced diagnostic technologies among the population. Moreover, the increased prevalence of cancer among the population in US has exponential contributions in the liquid biopsy market growth. According to the American Cancer Society, around 1.8 million new cancer cases were recorded in US and around 606,520 deaths were reported in 2020. Therefore, the rising cases of cancer among the US population has driven the growth of the liquid biopsy market in North America in the past few years.

Asia Pacific is expected to be the most opportunistic market in the foreseeable future. The rising government investments in the development of advanced hospitals and rising penetration of numerous diagnostic laboratories in the region is fueling the market growth. Moreover, the rising incidences of cancer and the presence of huge population is boosting the need for the development of technologically advanced healthcare units, which is spurring the demand for the liquid biopsy in Asia Pacific market.

Scope of the Liquid Biopsy Market

Report HighlightsDetails
Market Size in 2020USD 7.1 Billion
Growth Rate From 2021 to 2030CAGR of 14%
Fastest Growing MarketAsia Pacific
Largest MarketNorth America
Base Year2021
Forecast Period2021 to 2030
Regional Scope
  • North America
  • Europe
  • Asia Pacific
  • Rest of the World
Companies CoveredBio-Rad Laboratories, Biocept Inc., Johnson & Johnson, Guardant Health, MDxHealth SA, QIAGEN N.V, Illumina, Inc., F. Hoffmann-La Roche Ltd., Laboratory Corporation of America Holdings, Thermo Fisher Scientific Inc.

Market Dynamics

Driver

Increasing awareness regarding the liquid biopsy

The increasing prevalence of cancer cases across the globe along with the proliferation in the diagnostic technologies has boosted the adoption of the liquid biopsy in the diagnosis of cancer. The increased awareness regarding the benefits of the liquid biopsy has fostered it demand. Liquid biopsy can efficiently detect even the rare mutations of the cancer. It provides low cost, fast and reliable diagnostic results, which is fueling the demand for the liquid biopsy across the globe.

Restraints

The lack of awareness regarding the benefits of liquid biopsy in the underdeveloped and developing markets is restricting the market growth. Moreover, low access to the healthcare facilities in the low and middle income countries due to the lack of adequate healthcare infrastructure is a major restraint for the liquid biopsy market.

Opportunities

The rising awareness regarding the non-invasive procedures among the population

The growing cases of cancer owing to the bad habits such as tobacco consumption and smoking is triggering the cancer cases to rise at a rapid rate across the globe. Moreover, the increased risk of metastatic conditions of the patient suffering from lungs cancer is boosting the adoption of the biomarker diagnosis. The increased investment in the research and development of the innovative testing techniques is fueling the demand for the non-invasive procedures among the global population.

Challenges

The unawareness regarding the actual cost of the diagnosis

Majority of the patient are unaware regarding the costs involved in the liquid biopsy. The cost is known to the stakeholders only after the reimbursement of the bill. This confusion associated with the costs and the reimbursements of the bill is a major challenge for the both the patients and the market players operating in the global liquid biopsy market.

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Report Highlights

  • Based on the technology, the PCR is expected to be the fastest-growing segment during the forecast period. This is due to the rising adoption of the PCR technique in the diagnosis of cancer owing to its low cost benefit, rapid results, and increased efficacy and accuracy. Moreover, the applications of the PCR is growing in detection of various fungal diseases, bacterial diseases, and other genomic applications, which is expected to drive the growth of the PCR segment.

  • Based on the application, the cancer segment dominated the market owing to the increased prevalence of numerous types of cancer among the population and the increasing adoption of the liquid biopsy in the diagnosis. The growing burden of cancer and the increased need for its early detection has fueled the growth of this segment.

  • Based on the circulating biomarker, the circulating tumor DNA is estimated to be the most opportunistic segment during the forecast period. This is attributable to the enhanced efficiency of the circulating tumor DNA to detect the cancer early and also detect its mutations. Moreover, this biomarker is extremely efficient for the detection of the breast cancer and the increasing prevalence of breast cancer is fostering the growth.According to the International Agency for Research on Cancer, breast cancer has surpassed the lungs cancer as the most diagnosed type of cancer across the globe in 2020.

Segments Covered in the Report

By Technology

  • PCR
  • NGS

By Application

  • Cancer
    • Lungs Cancer
    • Breast Cancer
    • Colorectal Cancer
    • Prostate Cancer
    • Others
  • Non-Cancer

By Circulating Biomarker

  • Circulating Tumor Cells
  • Cell-Free DNA
  • Circulating Tumor DNA
  • Extracellular Vesicles
  • Others

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