Liquid Biopsy Market - Growth Drivers & Opportunities | F. Hoffmann-La Roche Ltd. (Switzerland), Myriad Genetics, Inc. (US), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific, Inc. (US), Guardant Health, Inc. (US), MDxHealth SA (Belgium), Exact Sciences

Liquid Biopsy Market is projected to reach USD 10.0 billion by 2027 from USD 4.3 billion in 2022, at a CAGR of 18.3% according to a new report by MarketsandMarkets™. Rise in incidences and prevalence of various cancer types, improvements in liquid biopsy technology, rise in demand of non-invasive procedures, and promising government initiatives improve the market growth. However, lack of awareness about cancer and its risk factors, along with reduced access to advanced cancer diagnostics technologies in developing regions are expected to hinder the market growth. Furthermore, advantages of liquid biopsy over conventional invasive diagnostics methods are expected to present lucrative growth opportunities for the market.

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The increasing prevalence of cancer coupled with the rise in demand for fast, minimally invasive diagnostic tests drives the market growth. Rapid development in digital Polymerase Chain Reaction (PCR) and NGS-based technology has improved the accuracy of liquid biopsy. It can be performed repeatedly for disease monitoring and is anticipated to help overcome the limitations of tissue biopsies.

The assay kits segment accounted for the largest share of the liquid biopsy market, by product & service segment, in 2021

Based on product & service, the liquid biopsy market is segmented into assay kits, instruments, and services. The large share of the assay kits segment can be attributed to the recurrent requirement and large purchases of assay kits among end users.

Circulating tumor DNA (ctDNA) segment to register the highest growth rate during the forecast period

The liquid biopsy market is segmented into circulating tumor cells, circulating tumor DNA (ctDNA), cell-free DNA (cfDNA), extracellular vesicles (EVS), and other circulating biomarkers. Studies found that the screening of genetic mutations using ctDNA is highly sensitive and specific, suggesting that ctDNA analysis may significantly improve tumor diagnosis, even facilitating early-stage detection. The superiority of ctDNA to previous plasma biomarkers in sensitivity and clinical correlations is a major factor driving its growth.

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The blood sample accounted for the largest share of the liquid biopsy, by sample type segment, in 2021

Based on sample type, the liquid biopsy market is segmented into blood and other sample types. In 2021, the blood samples accounted for the largest share of the liquid biopsy market. The large share of this segment can be attributed to factors such as the convenient, inexpensive, safe, and minimally invasive nature of this sample type.

North America is the largest regional market for liquid biopsy market

The global liquid biopsy market has been segmented into four major regions-North America, Europe, the Asia Pacific, and the Rest of the World. In 2021, North America accounted for the largest share of the liquid biopsy market. Easy accessibility and high adoption of advanced diagnostic technologies among healthcare professionals and the increasing prevalence of cancer in the US and Canada are the key factors driving the growth of the liquid biopsy market in North America.

The major players operating in this market are F. Hoffmann-La Roche Ltd. (Switzerland), Myriad Genetics, Inc. (US), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific, Inc. (US), Guardant Health, Inc. (US), MDxHealth SA (Belgium), Exact Sciences Corporation (US), Illumina Inc. (US), Sysmex Inostics (US), Bio-Rad Laboratories, Inc. (US), Biocept, Inc. (US), NeoGenomics, Inc. (US), ANGLE plc (UK), Menarini-Silicon Biosystems (Italy), Vortex Biosciences, Inc. (US), Exosome Diagnostics, Inc. (US), Agena Bioscience, Inc. (US), MedGenome Inc. (US), Epigenomics AG (Germany), and Personal Genome Diagnostics, Inc. (US).

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