Liquid Biopsy Market: Growth, Size, Share, and Trends

Market Growth Outlook Summary

The global liquid biopsy market growth forecasted to transform from USD 6.4 billion in 2024 to USD 11.3 billion by 2029, driven by a CAGR of 11.9%. The expansion of the market is primarily fueled by factors such as the increasing burden of cancer and global health organizations awareness initiatives. Liquid biopsy techniques enable real-time tumor monitoring and facilitate the tracking of resistance development to specific therapies, thereby providing crucial insights for physicians utilizing targeted cancer treatments. Additionally, these tests find utility in non-invasive prenatal testing and transplantation medicine. Consequently, these benefits are propelling the swift advancement and adoption of liquid biopsy products and services across diagnosis, treatment, and monitoring of various diseases.

Liquid Biopsy Market – Global Forecast and Growth Insights to 2029

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Liquid Biopsy Market – Global Forecast and Key Opportunities to 2029

Liquid Biopsy Market Dynamics to 2029

DRIVER: Increased benefits of liquid biopsy over conventional biopsy procedures

The benefits offered by liquid biopsy in comparison to traditional incisional biopsy procedures, such as its non-invasive nature, cost savings, convenient disease monitoring, and early detection of cancer, have led to its widespread adoption among end users. As awareness of these benefits continues to grow, there is a notable shift towards the adoption of liquid biopsy across various medical disciplines. This growing recognition and acceptance of the advantages of liquid biopsy over conventional biopsy methods is serving as a catalyst for the rapid evolution and expansion of liquid biopsy products and services.

RESTRAINT: Lower sensitivity and specificity in some liquid biopsy procedures

The lower sensitivity observed in certain liquid biopsy procedures poses a significant challenge in detecting circulating tumor DNA (ctDNA). Consequently, ctDNA might go undetected in the patient sample, leading to false-negative results and compromising the reliability of the liquid biopsy test for cancer diagnosis.

The sampling statistics mean there may be less than one detectable copy of the ctDNA with the cancer mutation in any individual plasma sample. This may result in the ctDNA not being detected in the patient sample, even though it is present in the plasma, but at a low level. This leads to false-negative results in which ctDNA is not detected even though it is present and impacts the informative value of the liquid biopsy test for cancer. In some cases, false negatives may mean that the recurrence of tumors is not detected in the early stages.

OPPORTUNITY: Growing significance of companion diagnostics

With the rising demand for high-priced specialized therapies and safer medications, the companion diagnostics market exhibits high growth potential. Additionally, the growing significance of companion diagnostics presents promising opportunities for the expansion of the market. Pharmaceutical companies are increasingly forming partnerships with diagnostic firms to develop safer and more effective drugs.

CHALLENGE: Lack of clarity in the reimbursement scenario

The payment process for expensive molecular tests and the expertise required to interpret their results are inconsistent and complex, presenting a significant challenge, especially with newer technologies like liquid biopsy that come with higher price tags. Physicians, pathologists, and patients often do not know the costs of molecular testing services until they are reimbursed or billed. The confusion is distressing for both patients and providers. Several payers provide coverage for multi-gene tests but only allow the analysis of a single gene from those tests. Since many patients cannot afford tests not covered by insurance policies, keeping abreast of the latest reimbursement developments for cancer care is critically important.

Liquid Biopsy Market Map & Ecosystem Overview

Assay kits segment accounted for the largest share of the liquid biopsy industry in 2023, by product & service.

The liquid biopsy market is categorized into assay kits, instruments, and services, based on product & service. In 2023, the assay kits segment emerged as the leading sector in the market. Assay kits continue to dominate the market due to their convenience, versatility, cost-effectiveness, and continuous technological advancements. Factors such as the increasing demand for liquid biopsy tests, broad research & commercial applications of liquid biopsy, and the need for reliable & specific assay kits are expected to drive the growth of this segment in the coming years.

The largest share in the liquid biopsy industry in 2023 was held by the cancer application segment, by application.

Categorized by its various applications, the liquid biopsy market includes cancer and non-cancer applications. As of 2023, the largest portion of the market was dominated by the cancer application segment. The prevalence of cancer applications in the market is propelled by the distinct benefits liquid biopsies offer in monitoring tumor dynamics, addressing limitations of tissue biopsies, identifying minimal residual disease, and leveraging rapid technological advancements.

Multi-gene parallel analysis using NGS technology segment dominated the liquid biopsy industry in 2023, based on technology.

On the basis of technology, the liquid biopsy market is segmented into multi-gene parallel analysis using NGS and single-gene analysis using PCR. The multi-gene parallel analysis using NGS technology segment accounted for the largest share of the market in 2023. The market dominance of this technology in the market is underpinned by factors such as its comprehensive profiling capabilities, accuracy, versatility, technological advancements, and personalized medicine integration. Also, NGS platforms offer high-throughput capabilities, allowing for the analysis of a large number of samples simultaneously, making it suitable for routine clinical use.

North America accounted for the largest share of the liquid biopsy industry in 2023.

Categorized into six primary regions, namely North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and GCC countries, the liquid biopsy market witnessed North America taking the forefront in 2023. North America, particularly the US and Canada, boasts advanced healthcare systems with well-established infrastructure for cancer diagnosis, treatment, and research. This infrastructure supports the adoption of innovative technologies like liquid biopsies.

Liquid Biopsy Market by Region – Forecast to 2029

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The major players in this market are Natera, Inc. (US), QIAGEN (Netherlands), Myriad Genetics, Inc. (US), Illumina, Inc. (US), and F. Hoffmann-La Roche Ltd (Switzerland). These players lead the market because of their extensive product portfolios and wide geographic presence.

Liquid Biopsy Market Report Scope and Insights

Liquid Biopsy Market Segmentation and Analysis

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

Liquid Biopsy Market Recent Developments and Insights

• In February 2024, Myriad Genetics, Inc. (US) entered into a definitive agreement to acquire select assets from Intermountain Health. These included assets from its Intermountain Precision Genomics (IPG) laboratory business, including the Precise Tumor Test, the Precise Liquid Test, and IPG’s CLIA-certified laboratory.
• In January 2024, Natera, Inc. (US) acquired certain assets relating to non-invasive prenatal and carrier screening business from Invitae (US).
• In November 2023, Illumina, Inc. (US) launched its TruSight Oncology 500 ctDNA v2 (TSO 500 ctDNA v2.
• In April 2023, QIAGEN (Netherlands) launched the QIAseq Targeted cfDNA Ultra Panels, enabling researchers studying cancer and other diseases to turn cell-free DNA (cfDNA) liquid-biopsy samples into libraries ready for NGS in less than eight hours.
• In January 2022, Illumina, Inc. (US) partnered with Boehringer Ingelheim (Germany). This partnership was aimed to accelerate the development of therapy selection and precision medicines for patients with advanced cancer.

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