Liquid Biopsy Market Worth $11.3 billion | MarketsandMarkets™.
Liquid Biopsy Market in terms of revenue was estimated to be worth $6.4 billion in 2024 and is poised to reach $11.3 billion by 2029, growing at a CAGR of 11.9% from 2024 to 2029 according to a new report by MarketsandMarkets™.
In recent years, there has been substantial growth in the
liquid biopsy market. The increasing burden of cancer cases globally has
highlighted the urgent requirement for more effective and less invasive
diagnostic tools. In this context, liquid biopsy emerges as a highly valuable
solution. Unlike traditional tissue biopsies, which often involve invasive
procedures and can be associated with discomfort and risks for patients, liquid
biopsy offers a non-invasive alternative for detecting and monitoring cancer.
Furthermore, these tests can also be used in non-invasive prenatal testing and
transplantation medicine. Thus, these advantages are driving the rapid
evolution and uptake of liquid biopsy products and services in disease
diagnosis, treatment, and monitoring.
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In 2023, the assay kits segment held the largest share of
the liquid biopsy market by product & service segment.
Based on product & service, the liquid biopsy market has
been segmented into assay kits, instruments, and services. The assay kits
segment dominated the liquid biopsy market in 2023. The versatility of assay
kits contributes to their market dominance. These kits are adaptable to various
biomarkers and analytes, accommodating the diverse needs of liquid biopsy
applications, from detecting circulating tumor DNA (ctDNA) to monitoring
treatment response and disease progression.
The therapy selection segment held the largest share of
the liquid biopsy market by clinical application segment in 2023.
Based on clinical applications, the liquid biopsy market is
segmented into early cancer screening, therapy selection, treatment monitoring,
and recurrence monitoring. In 2023, the
largest share of the liquid biopsy market was held by the therapy selection
segment. The growth of therapy selection as the major clinical application
segment is fueled by the advantages of liquid biopsy over traditional methods
with its minimally invasive, real-time monitoring capabilities across various
cancer types, its integration into clinical trials and drug development
processes, and its cost-effectiveness in guiding therapy selection.
North America is the largest regional market for liquid
biopsy market.
The market for liquid biopsy has been divided into six key
geographical regions, namely North America, Europe, Asia Pacific, Latin
America, the Middle East & Africa, and GCC countries. In 2023, North
America held the predominant portion of the liquid biopsy market. The region
boasts a well-developed healthcare infrastructure, including advanced
diagnostic facilities, specialized oncology centers, and a skilled workforce.
This infrastructure supports the integration of liquid biopsy into routine clinical
practice, facilitating access for patients across various healthcare settings.
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Liquid Biopsy Market Dynamics:
Drivers:
1. Rising incidence
and prevalence of cancer
2. Cancer awareness
initiatives undertaken by global health organizations
3. Benefits of liquid
biopsy over traditional biopsy procedures
Restraints:
1. Lower sensitivity
of certain liquid biopsy procedures
Opportunities:
1. Growing
significance of companion diagnostics
2. Growth
opportunities in emerging countries
Challenge:
1. Unclear
reimbursement scenario
Key Market Players of Liquid Biopsy Industry:
The major players operating in this market are Natera, Inc.
(US), QIAGEN (Netherlands), Myriad Genetics, Inc. (US), Illumina, Inc. (US), F.
Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (US),
Guardant Health (US), Bio-Rad Laboratories, Inc. (US), Exact Sciences
Corporation (US), Sysmex Corporation (Japan), Biocept, In. (US), mdxhealth
(US), Personalis, Inc. (US), NeoGenomics Laboratories (US), Epigenomics AG
(Germany), ANGLE plc (UK), Menarini-Silicon Biosystems (Italy), Vortex Biosciences
(US), Bio-Techne (US), MedGenome (US), Mesa Labs, Inc. (US), Laboratory
Corporation of America Holdings (US), Freenome Holdings, Inc. (US), Strand
(India), LungLife AI, Inc. (US), and Lucence Health Inc. (US).
The break-up of the profile of primary participants in
the liquid biopsy market:
By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 –
30%
By Designation: C-level - 27%, D-level - 18%, and Others -
55%
By Region: North America - 51%, Europe - 21%, Asia Pacific -
18%, Latin America – 6%, and Middle East & Africa- 4%
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Recent Developments of Liquid Biopsy Industry:
·
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.
Liquid Biopsy Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this
market with information on the closest approximations of the revenue numbers
for the overall liquid biopsy market and the subsegments. This report will help
stakeholders understand the competitive landscape and gain more insights to
position their businesses better and plan suitable go-to-market strategies. The
report also helps stakeholders understand the pulse of the market and provides
them with information on key market drivers, restraints, opportunities, and
challenges.
The report provides insights on the following pointers:
·
Analysis of key drivers (Rising incidence and
prevalence of cancer, cancer awareness initiatives undertaken by global health
organizations, and increased benefits of liquid biopsy over traditional biopsy
procedures), opportunities (Growing significance of companion diagnostics and
growth opportunities in emerging countries), restraints (Lower sensitivity of
certain liquid biopsy procedures), and challenges (Unclear reimbursement
scenario) influencing the growth of the liquid biopsy market.
·
Product Development/Innovation: Detailed
insights on upcoming technologies, research & development activities, and
new product launches in the liquid biopsy market.
·
Market Development: Comprehensive information
about lucrative markets – the report analyses the liquid biopsy market across
varied regions.
·
Market Diversification: Exhaustive information
about new products, untapped geographies, recent developments, and investments
in the liquid biopsy market.
·
Competitive Assessment: In-depth assessment of
market shares, growth strategies, product offerings of leading players like
Natera, Inc. (US), QIAGEN (Netherlands), Myriad Genetics, Inc. (US), Illumina,
Inc. (US), and F. Hoffmann-La Roche Ltd (Switzerland).
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