PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1504260
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1504260
Global liquid biopsy market is projected to witness a CAGR of 12.58% during the forecast period 2024-2031F, growing from USD 6.29 billion in 2023 to USD 16.23 billion in 2031F. The market's growth is supported by the increasing prevalence of cancer, the introduction of novel technologies, and rising investments in research and development activities.
Due to the various advantages offered by liquid biopsy, the applications of the technique are increasing. It offers convenience and tolerability for patients and has the potential to detect treatment resistance and disease progression long before the condition appears on imaging scans or triggers clinical symptoms. The non-invasive nature of liquid biopsies allows for easy disease management and boosts patient acceptability by allowing for easy and quick, repeatable tests.
The liquid biopsy assays approved so far by the different governing and regulatory bodies, including the United States Food and Drug Administration (US FDA), can be used for monitoring disease progression, identifying targeted treatments, and gauging the therapy response in patients with ovarian, breast, lung, colorectal, and prostate cancer, among other solid cancers.
Technological advancements in liquid biopsy are another major factor supporting the market's growth. An artificial intelligence (AI)-guided approach has shown significant sensitivity in predicting cancer recurrence, according to a new study published in the journal "Nature" in June 2024. The article showed that the machine learning model can detect circulating tumor DNA based on DNA sequencing data from blood tests of patients with high accuracy and sensitivity in patients with colorectal cancer, melanoma, lung cancer, precancerous colorectal polyps, and breast cancer.
Introduction of Novel Technologies Boosts Market Growth
The rising investments by various companies and startups towards introducing novel technologies are expected to bolster the global liquid biopsy market growth. For instance, Twist Bioscience Corp, one of the leading synthetic biology companies known for developing synthetic DNA-based products, launched a cfDNA library preparation kit for applications in liquid biopsy in February 2024. The kit is built to maximize the number of cfDNA molecules and increase confidence in the sensitivity and accuracy of liquid biopsy tests. The kit adds to the company's portfolio of tools designed to support the research and development of liquid biopsy assays.
Such efforts have also supported the development of artificial intelligence-powered tools that are sensitive to predicting cancer recurrence. A team of scientists trained a machine learning model for analyzing ctDNA based on the DNA sequencing data from blood tests. The technology was tested in patients with colorectal cancer, breast cancer, lung cancer, precancerous colorectal polyps, and melanoma. It achieved a significant signal-to-noise enhancement, thus enabling the detection of cancer recurrence.
Increasing Prevalence of Cancer Supports Market Expansion
The rise in the number of cancer cases across the globe is one of the major factors boosting the global liquid biopsy market demand. According to the estimates of the World Health Organization (WHO), over 35 million new cases of cancer are expected to occur in 2050. This rise is providing lucrative growth opportunities to the market as liquid biopsies aid in tracking and identifying cancer non-invasively. Liquid biopsies also find applications in various stages of cancer management, including response monitoring, therapy selection, and early cancer identification. The advancements in liquid biopsy, such as next-generation sequencing (NGS) and digital polymerase chain reaction (dPCR), have aided in improving the specificity and sensitivity of biomarker identification. The popularity of liquid biopsy is increasing among physicians as it aids in identifying cancer at an early stage. They can also examine CTCs and ctDNA released in the circulation by tumors to determine tumor-specific markers and genetic changes linked with early-stage malignancies.
North America Accounts for Significant Market Share
The growth of the market in North America is supported by the strong presence of key market players and an advanced healthcare system, acceptance of new technologies, rising cases of cancer, and increasing investments in research and development activities. The National Cancer Institute (NIH) estimates that 2,001,140 new cancer cases will be diagnosed in the United States in 2024, and 611,720 individuals will die from the disease. Furthermore, the increasing investments towards upgrading healthcare technology and infrastructure in the United States provide lucrative growth opportunities to the market.
The introduction of new products by healthcare and biotechnology companies based in the region is further supporting the expansion of the market in North America. In June 2022, Caris Life Sciences, Inc., a leading molecular science and technology company known for delivering and developing innovative solutions for revolutionizing healthcare, introduced its Caris Assure liquid biopsy assay. The blood-based molecular profiling assay analyzes the whole transcriptome (cfRNA) and the whole exome (cfDNA) of 22,000 genes from a simple blood sample, including the Tumor Mutational Burden (TMB), Microsatellite Instability (MSI), and Loss of Heterozygosity (LOH).
Cancer Applications Account for Significant Liquid Biopsy Market Share
The increasing prevalence of different types of cancer and growing awareness about the various benefits offered by liquid biopsy are propelling the segment's expansion. The non-invasive approach of liquid biopsies to manage and diagnose cancer is further bolstering the adoption of the technique for cancer applications. Additionally, due to the rise in the number of cases of colorectal cancer and the various advantages offered by liquid biopsy for colorectal cancer screening as compared to invasive methods such as colonoscopy and traditional non-invasive methods that include screening with a stool sample, liquid biopsy has the potential for integrating into clinical practice to manage and diagnose colorectal cancer effectively. According to the estimates of the Colorectal Cancer Alliance, approximately 150,000 Americans are diagnosed with colorectal cancer every year.
Furthermore, the rising research activities to develop blood tests that can accurately detect early-stage cancer further support the segment's growth. A blood test was developed by the City of Hope Duarte Cancer Center researchers in California, United States, that analyzes small RNA bits released by the tumors. The study, which included 1,000 participants from various regions across the globe, showed that the test was able to detect late accurately- and early-stage pancreatic cancer in a diverse group of individuals.
Future Market Scenario (2024-2031F)
As per the global liquid biopsy market analysis, the market is expected to grow significantly in the coming years. Liquid biopsy has gained popularity over the past few years and has provided a repeatable and minimally invasive method of describing and detecting cancers. The procedure has the potential to transform cancer care by categorizing cancer-specific genomic alterations; this, in turn, aids in the identification of resistance markers, early detection, and residual assessment of diseases. Additionally, the rising investments in clinical trials to evaluate and determine the benefits of liquid biopsy are further expected to aid the expansion of the market. For instance, the Case Comprehensive Cancer Center in Cleaveland, Ohio, United States, is conducting a study to determine if liquid biopsy reduces the time for treatment of advanced nonsquamous non-small cell lung cancer. The interventional study is expected to conclude in August 2024.
Key Players Landscape and Outlook
Rising collaborations between companies and startups specializing in diagnostics and developing tumor treatments are bolstering the global liquid biopsy market size. In June 2024, EVIIVE and Ymmunobio AG announced a collaboration to develop an innovative liquid biopsy with the help of extracellular vesicles for enhancing precision in disease monitoring and detection. The collaboration aims to advance the field of precision medicine and enhance the efficacy and accuracy of patient monitoring and disease detection. The novel liquid biopsy will use the unique properties of extracellular vesicles to provide a precise and non-invasive diagnostic tool and bring forward the next generation of diagnostic assays for patients with cancer to provide them with more reliable treatment guidance. Such collaborations and partnerships showcase the commitment of different companies and startups toward improving patient outcomes and innovation by providing advanced therapeutic and diagnostic solutions.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work