Rising Prevalence of Cancer Driving the Market Growth of Liquid Biopsy Market to reach $19.35 Billion by 2028: Grand View Research, Inc.
SAN FRANCISCO, Aug. 16, 2022 /PRNewswire/ -- The global liquid biopsy market size is expected to reach USD 19.35 billion by 2028, registering a CAGR of 13.5% during the forecast period, according to a new report by Grand View Research, Inc. Liquid biopsy is an essential technology wherein a test is conducted to collect blood samples to detect cancer cells from tumors that circulate in the blood. Additionally, this process helps in planning a suitable treatment or rather keep a track of the impact of the treatment of cancer. It is through a liquid biopsy that the collection of multiple blood samples effectively assists doctors to realize the molecular changes that take place in the tumor. The need for conducting liquid biopsy tests is expanding efficiently to diagnose and successfully eliminate cancer within a target population.
Besides this, the COVID-19 pandemic has delayed the diagnosis of cancer because there has been a reduction in the screening processes and diagnostic services. To overcome this, strategic initiatives have been adopted to make provision of safe and remote access to conduct liquid biopsy tests. Hence, considering all these, the liquid biopsy market is expanding and is expected to be worth USD 19.35 billion at a CAGR of 13.5% by the year 2028.
Key Industry Insights & Findings from the report:
- The Multi-gene Parallel Analysis (NGS) technology segment held the largest revenue share of the global market in 2020.
- This can be attributed to rapid enhancements in NGS technology. With this technology, liquid biopsies are anticipated to gain considerable importance in cancer-related studies and research.
- On the basis of sample type, blood sample-based tests dominated the market in 2020.
- Blood samples can readily be taken at a more frequent interval, thus increasing the adoption rate.
- Circulating Nucleic Acids are the most commonly used biomarker for liquid biopsy tests.
- The factors, such as the constantly evolving pipeline of ctDNA-based liquid biopsy tests, an increasing number of commercialized products, and the potential of ctRNA in determining molecular profile have contributed to the dominance of this segment.
- North America is expected to be the largest revenue-generating region by 2028 owing to a high incidence of cancer, rapid technological advancements, and the presence of key players in the region.
- Key players are focused on business expansion through product launches, mergers & acquisitions, agreements, partnerships, and other growth strategies.
- For instance, in June 2021, Biocept, Inc. collaborated with Quest Diagnostics to provide advanced NGS-based liquid biopsy testing for lung cancer patients.
Read 180-page market research report, "Liquid Biopsy Market Size, Share & Trends Analysis Report By Biomarker (Exosomes, CTC), By Technology (NGS, PCR Microarrays), By Sample Type, By Region (APAC, North America), And Segment Forecasts, 2021 - 2028", published by Grand View Research.
Liquid Biopsy Market Growth & Trends
The demand for liquid biopsy is increasing owing to factors such as the enhanced prevalence of cancer, selection of non-invasive procedures, and the requirement for detecting the accuracy of diseases. Thus, liquid biopsy is gaining recognition globally as an alternative tool to tissue biopsy for assessing the genetic landscape of tumors. Liquid biopsy tests are quite sensitive and being based on blood tests, they have the potential to overcome the risks associated with the transmission of COVID-19, especially during the process of diagnosing cancer, thus constituting an effective factor for the growth of the liquid biopsy market.
Moreover, liquid biopsy is emerging as the latest opportunity to keep control on the limits of traditional biopsy and provide characteristic visualization of disease heterogeneity. Additionally, liquid biopsy is exhibiting its potential such as detecting biomarkers for cancer diseases like breast cancer, detecting disease recurrence, identification of drug resistance, and stratification of prognostic. For example, colorectal cancer is a widespread malignant disease that is diagnosed at a later stage with a severe impact on patients, and for such a disease, liquid biopsy can make improvements in the prognosis and quality of life.
Furthermore, a liquid biopsy is conducted for analyzing tumors with the utilization of biomarkers that help in circulating within blood and this feature has helped liquid biopsy to gain tremendous attention. There is no doubt that liquid biopsy holds the ability to identify and characterize tumors in an invasive and repeated way that can result in clinical implications, hence progress is required to be developed to make liquid biopsy the standard tool. For instance, studies are still being carried out in a European project namely, PROLIPSY regarding the implementation of liquid biopsy for the early detection of prostate cancer. Thereby, all these factors constitute the continuous growth of conducting liquid biopsies in the future which positively impacts the market growth.
Market Trends
Liquid biopsy constitutes the benefit of collecting 6-10 ml of blood, helps in understanding the nature of cancer, and makes provision of monitoring the treatment processes for diagnosing cancer. The report of the American Cancer Society detected that 235,760 patients were diagnosed with lung cancer in the year 2021 in the United States. Additionally, it can also be stated that globally one in 15 women and one in 17 men constitute a risk of suffering from cancer disease, thus driving the demand for liquid biopsy.
Moreover, there have been rapid developments in terms of adopting technologies that can help in boosting the market growth of liquid biopsy. For example, the adoption of NGS technology has been successfully used in targeting panels for the detection of sensitive ctDNA mutation and providing screening of unknown variants. It can easily detect 59% of patients suffering from stage 1 and stage 2 lung cancer which deliberately contributes to the market growth of liquid biopsy.
Key Players
In November 2020, a mobile phlebotomy service was launched by NeoGenomics Inc. for the conduction of liquid biopsy tests. The organization made its service available in the form of two phlebotomy companies- Metro Health Staffing LLC and ExamOne with the aim to broaden geographic locations for the efficient performance of tests, thus expanding the liquid biopsy market growth.
In February 2021, Twist Bioscience Corp. introduced a detection system for analyzing liquid biopsy cancer known as Twist NGS Methylation. The purpose of introducing this system was to provide an enrichment solution for the identification of methylated regions in patients, thus driving the liquid biopsy market growth with innovation.
Liquid Biopsy Market Segmentation
Grand View Research has segmented the global liquid biopsy market on the basis of sample type, biomarker, technology, and region:
Liquid Biopsy Market - Sample Type Outlook (Revenue, USD Million, 2017 - 2028)
- Blood Sample Based
- Others
Liquid Biopsy Market - Biomarker Outlook (Revenue, USD Million, 2017 - 2028)
- Circulating Nucleic Acids
- CTC
- Exosomes/Microvesicles
- Circulating Proteins
Liquid Biopsy Market - Technology Outlook (Revenue, USD Million, 2017 - 2028)
- Multi-gene-parallel Analysis (NGS)
- Single Gene Analysis (PCR Microarrays)
Liquid Biopsy Market - Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- MEA
- South Africa
List of Key Players of Liquid Biopsy Market
- QIAGEN
- Myriad Genetics, Inc.
- BIOCEPT, Inc.
- Guardant Health, Inc.
- F. Hoffmann-La Roche Ltd.
- Illumina, Inc.
- Angle plc
- Oncimmune
- Thermo Fisher Scientific, Inc.
- Lucence health Inc.
- Freenome holdings, Inc.
- EPIGENOMICS AG
Check out more related studies published by Grand View Research:
- Cancer Biopsy Market - The global cancer biopsy market size is expected to reach USD 44.51 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 11.13% from 2021 to 2027. The expanding landscape of molecular medicine paved the way for the development of new devices for the molecular characterization of cancers. Thus, increasing adoption and product approvals for liquid biopsies are expected to drive the overall market.
- U.S. Cancer Biopsy Market - The U.S. cancer biopsy market size is expected to reach USD 15.98 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 11.0% from 2021 to 2028. The increasing usage of technologically advanced devices for the early detection of diseases is one of the key factors driving the market.
- Biopsy Devices Market - The global biopsy devices market size is expected to reach USD 2.3 billion by 2020, according to a new report by Grand View Research, Inc., progressing at a CAGR of 6.4% during the forecast period. Growing incidence of cancer, rising geriatric population across the world, and soaring demand for less invasive biopsy procedures are some of the key trends stimulating market growth.
Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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