The size of global 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. The comprehensive research encompasses an exhaustive examination of industry trends, meticulous pricing analysis, patent scrutiny, insights derived from conferences and webinars, identification of key stakeholders, and a nuanced understanding of market purchasing dynamics.
Liquid Biopsy Market Dynamics
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.
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.
Prominent players in the Liquid Biopsy market include:
- Natera, Inc. (US)
- QIAGEN (Netherlands)
- Myriad Genetics, Inc. (US)
- Illumina, Inc. (US),
- F. Hoffmann-La Roche Ltd (Switzerland).
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.
Conclusion:
The liquid biopsy market is poised for significant growth in the coming years, driven by advancements in technology, increasing demand for non-invasive diagnostic methods, and the rising incidence of cancer and other chronic diseases. Liquid biopsies offer numerous advantages over traditional tissue biopsies, including reduced risk, quicker turnaround times, and the ability to monitor disease progression and treatment response more effectively.