Liquid biopsy refers to the minimally invasive blood tests that examine the genetic makeup of cancer cells. These blood tests detect and analyze circulating tumor DNA (ctDNA) that is shed from tumor sites into the bloodstream. Liquid biopsies allow physicians to detect and monitor cancer without invasive procedures like tissue biopsies. They are widely used to screen for various cancers like lung cancer, breast cancer, colorectal cancer, etc. Liquid biopsy tests can determine the presence of cancer, its location, and response to therapies. With advancements in sequencing technologies, liquid biopsy tests offer physicians and patients a non-invasive method for cancer monitoring and recurrence detection.
The global liquid biopsy market is estimated to be valued at US$ 5.25 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Technological Advancements: NGS allows analysis of multiple genes from very small amounts of ctDNA in blood, which increases the effectiveness and reliability of liquid biopsy tests. This has facilitated widespread adoption of liquid biopsy testing in clinical settings.
Growing Liquid Biopsy Market: As mentioned in the heading, the growing applications of liquid biopsy tests for cancer screening and monitoring is expected to boost the liquid biopsy market substantially over the forecast period. Liquid biopsy tests offer non-invasive and real-time monitoring of cancer which drives the demand among healthcare providers as well as patients. Their use helps detect relapse earlier and guide treatment decisions accordingly.
Segment Analysis
The liquid biopsy market is dominated by the circulating tumor cells (CTCs) segment which holds around 55% of the total market share. CTCs are actual cancer cells that detach from primary tumors and circulate through the bloodstream. They aid in molecular characterization of tumors by detecting genomic mutations and biomarkers. CTC analysis has gained popularity as it is a non-invasive procedure and can be used for real-time monitoring of tumor evolution and treatment response.
PEST Analysis
Political: Regulations supporting the use of liquid biopsy for precision medicine are being introduced globally. For instance, FDA approval for liquid biopsy tests to guide cancer treatments.
Economic: Growing healthcare expenditure coupled with rising cancer incidence worldwide is driving increased investments in liquid biopsy R&D. Low cost of liquid biopsy compared to tissue biopsy also supports market growth.
Social: Rising awareness about early cancer detection and availability of minimally invasive diagnosis options are increasing patient acceptance of liquid biopsy tests.
Technological: Continuous improvements in liquid biopsy technologies such as CTC isolation methods, NGS-based screening platforms and bioinformatics are enhancing detection capabilities and clinical utility of liquid biopsy. New applications in therapy selection and recurrence monitoring are also expanding.
Key Takeaways
The Global Liquid Biopsy Market Size is expected to reach US$ 5.25 Bn by 2024, expanding at a CAGR of 6.7% during the forecast period.
North America currently dominates the market aided by supportive regulatory policies and availability of advanced healthcare facilities. The region has several ongoing clinical trials evaluating liquid biopsy tests for screening, diagnosis and prognosis across different cancer types. Furthermore, presence of key market players and continuous funding for comprehensive clinical research projects on liquid biopsy in the US and Canada is fueling market growth.
Key players operating in the liquid biopsy market are Guardant Health, F. Hoffman-La Roche Ltd., Bio-Rad Laboratories Inc., Myriad Genetics Inc., Thermo Fisher Scientific Inc., Illumina Inc., Exact Sciences Corporation, Qiagen N.V. and MDxHealth SA.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it