Liquid Biopsy Market

Liquid Biopsy Market Overview

The global liquid biopsy market size is estimated to be worth $ 5.4 billion in 2023 and is expected to grow at compounded annual growth rate (CAGR) of 15.2%, during the forecast period. The growth in the liquid biopsy market size over the next decade is likely to be driven by the rise in demand for non invasive liquid biopsy products due to growing focus on early cancer detection.

Cancer is the second leading cause of death globally, and the increasing global incidence of cancer is becoming a critical health challenge. According to WHO, approximately 16.3 million cancer related deaths are likely to occur by 2040. Among various cancer indications, breast cancer is the most common type of cancer worldwide, followed by lung cancer, colorectal cancer, and prostate cancer. According to the SEER statistics, nearly 18% women are expected to be diagnosed with breast cancer at some point during their lifetime, with an estimated 297,790 new cases in 2023. In order to address the growing cancer burden, numerous cancer research organizations are actively adopting innovative strategies and patient-centered approaches for early diagnosis and treatment of cancer.  

Early cancer detection is an important element that may contribute in the overall success of cancer treatment and can increase the survival rate of patients with cancer. For many years, tissue biopsy has been considered the gold standard for cancer diagnosis. However, the limitations associated with this invasive procedure, such as discomfort, pain and risk of complications have hindered the wide acceptance of this technique for cancer diagnosis. Over time, extensive research on liquid biopsy has resulted in its recognition as a viable technique for cancer detection. The past decade has witnessed substantial innovation in liquid biopsy platforms that have resulted in increased regulatory approvals for minimally invasive blood based liquid biopsy tests. Liquid biopsy products offer a minimally invasive and accessible method for early cancer detection and patient monitoring . These tests use blood samples or other bodily fluids, such as urine or plasma to identify genetic mutations and various circulating biomarkers, including  circulating tumor DNA, cell free DNA and extracellular vesicles. These non invasive tests are transforming cancer care, especially for patients with advanced cancer stages.

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The liquid biopsy market is a dynamic, rapidly growing sector, with numerous companies investing heavily in research and development. These investments capitalize on scientific advancements in liquid biopsy industry, heralding a new era in cancer diagnostics within the oncology industry. With continuous innovation in this field, it is anticipated that the adoption of such liquid biopsy and other non invasive cancer diagnostics will increase significantly, driving the liquid biopsy market growth during the forecast period.

Key Market Insights

The Liquid Biopsy Market (4th Edition), 2018-2022 (Historical Trends) and 2023-2035 (Forecasted Estimates): Distribution by Application (Early Cancer Diagnosis, Patient Monitoring, Treatment Selection, Recurrence Monitoring and Others), Target Disease Indication (Bladder Cancer, Breast Cancer, Colorectal Cancer, Gastric Cancer, Lung Cancer, Prostate Cancer and Others), Type of Circulating Biomarker (Cell Free DNA, Cell Free RNA, Circulating Tumor DNA, Extracellular Vesicles and Others Circulating Biomarkers), Type of Sample (Blood / Plasma and Others), End users (Hospitals, Research Institutes and Others), Stage of Development (Launched and Under Development), Type of Product (Assay kits, Devices, Software/ Algorithms and others), Type of Technique (Polymerase Chain Reaction, Next Generation Sequencing and Others), Application Area ( Clinical use, Research use only) and Key Geographical Regions (North America, Europe, Asia-Pacific and Rest of the World): Industry Trends and Global Forecasts, 2023-2035 market report features an extensive study of the current market landscape, market size, market forecast and future opportunities associated with the liquid biopsy companies involved in development of liquid biopsy and other non invasive cancer diagnostics, during the given forecast period. Further, the market report highlights the efforts of various stakeholders engaged in this rapidly emerging segment of the diagnostics industry. Key takeaways of the liquid biopsy market are briefly discussed below.

Growing Demand for Liquid Biopsy and Other Non Invasive Cancer Diagnostics

Given the numerous advantages, there is a growing demand for liquid biopsy and other non invasive cancer diagnostics, particularly in early cancer detection, patient monitoring, and treatment selection. Moreover, minimally invasive diagnostics enhance the effectiveness of cancer treatment, reduce unnecessary side effects and lower healthcare costs. Additionally, the benefits offered by liquid biopsy products and their growing demand in the healthcare sector, specifically post-pandemic, have prompted stakeholders to implement advancements in non invasive diagnostics market that are likely to drive the liquid biopsy market growth in the forecast period. In May 2023, Guardant360 CDx from Guardant Health. Received approval in Singapore for use as companion diagnostic Tagrisso.  Additionally, in July 2023, the Guardant360 CDx received reimbursement approval from the Japanese Ministry of Health, Labor and Welfare (MHLW).

Current Market Landscape of Liquid Biopsy Companies

The current market landscape features the presence of over 160 manufacturers offering more than 350 liquid biopsy products that are launched or under development for the diagnosis of various cancer indications. Overall, the liquid biopsy market seems to be well-fragmented, featuring the presence of very small, small, mid-sized, large, and very large companies having the required expertise to manufacture liquid biopsy products for different applications, such as early cancer detection, patient monitoring and treatment selection. It is worth mentioning that the majority of the manufacturers (60%) are based in North America. Notable examples of liquid biopsy companies based in the US include (in alphabetical order) ArcherDX, CellMax Life, ClearNote Health, DiaCarta, Personal Genome Diagnostics, Singlera Genomics, Sysmex Inostics and Helio Genomics.

Liquid Biopsy Market Trends Analysis: Increasing Partnerships and Collaborations to Foster Progress and Innovation

Stakeholders in the liquid biopsy industry have forged several partnerships in order to enhance their liquid biopsy product portfolio. The growing preference of patients towards non invasive cancer diagnostics over traditional painful tissue biopsy methods is evident from the rise in partnership activity. It is worth highlighting that more than 75% of deals were inked in the last three years. Notably, majority of the deals are focused on product / technology development agreements of liquid biopsies, followed by supply agreements. This can be attributed to the need for combining specialized technologies and expertise to create more accurate and comprehensive diagnostic solutions, as well as to expedite the development and commercialization of liquid biopsy products. These agreements allow companies to access complementary technologies, share resources, and capitalize the strengths to enhance the effectiveness of liquid biopsy products and meet the growing demand for advanced cancer detection and monitoring methods. In June 2023, Foundation Medicine signed an agreement with Merck KgaA to develop liquid biopsy companion diagnostic tests for select marketed and pipeline cancer therapies. In another deal inked between Naveris and Mayo Clinic in April 2023, the latter is evaluating NavDx liquid biopsy test in clinical trials for selection of patients with head and neck cancer caused by HPV.

Increase in Funding Reflects the Rising Interest in Minimally Invasive Cancer Diagnostics, which is likely to be Driven by Liquid Biopsy Market

The growing interest in liquid biopsy market can be validated by the fact that in the past four years, close to $ 7.3 billion has been invested by several investors based across the globe, in liquid biopsy companies. It is worth noting that, majority of the funds have been raised through venture rounds. In terms of the funding amount raised, we observed that Grail has raised the maximum funding amount ($ 1,214 million) through venture capital. In July 2023, MiRXES raised $ 50 million in series D venture funding for the development and commercialization of liquid biopsy products targeting colorectal cancer and the multi-cancer early detection test. In April 2023, Epic sciences raised $ 24 million in series G venture funding for liquid biopsy products targeting metastatic breast cancer.

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Market Analysis: By Type of Circulating Biomarker, Circulating Tumor DNA Market Segment to Hold the Largest Share of the Liquid Biopsy Market

The global liquid biopsy market is estimated to be worth $ 4.01 billion in 2023. The market growth is expected to be driven by the rising prevalence of cancer, which leads to growing need for the development of non invasive cancer diagnostic products for early cancer diagnosis. In terms of application, majority of the liquid biopsy market share is anticipated to be captured by the products intended for clinical use. Further, in terms of type of circulating biomarkers, circulating tumor DNA is expected to capture the majority of the liquid biopsy market share during the forecast period.

Regional Analysis: North America and Europe Emerged as the Hubs of Liquid Biopsy Market; Asia-Pacific to Show the Fastest Market Growth

Majority of the liquid biopsy companies are headquartered in North America, followed by players based in Europe. ~40% share of the global liquid biopsy market is anticipated to be captured by players based in North America, by 2035. The factors responsible for the market growth of the liquid biopsy market in North America includes rising incidence of various cancer indications, increasing FDA approvals for novel liquid biopsy products and growing adoption of non invasive cancer diagnostics in the developed countries. The collaborative effort between research institutions and the healthcare industry underscores the promising future of liquid biopsy products.

Further, the Asia-Pacific market is showing positive signs of adoption of liquid biopsy tests. There have been some recent approvals in the Asian markets. Additionally, the liquid biopsy startups based in Asia-Pacific, such as Lucence Health have successfully raised funds to progress the development of liquid biopsy tests.

Key Liquid Biopsy Companies

Examples of key liquid biopsy companies engaged in liquid biopsy market (which have also been profiled in this market report; the complete list of companies is available in the full report) include, Amoy Diagnostics, ArcherDX, Biocartis, Cell Search, CellMax Life, Datar Cancer Genetics,  , DiaCarta, EONE-DIAGNOMICS, Exosome Diagnostics, GeneCast Biotechnology, Integrated DNA Technologies, Lucence, MDNA Life Sciences, Miltenyi Biotec, NeoGenomics,  ONCODE Scientific, OncoDNA, QIAGEN, PANAGENE, Personal Genome Diagnostics, Predicine,  ScreenCell, Tecan and Thermo Fisher Scientific. The liquid biopsy market report includes an easily searchable excel database of all the liquid biopsy companies, worldwide.

Recent Developments in Liquid Biopsy Market

Several developments have taken place in the field of liquid biopsy, recently. Some of these recent initiatives have been mentioned below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that we have outlined in our analysis.

• In June 2023, X-ZELL entered into agreement with MVZ for pathology , based in Germany for product / technology utilization agreement of cryoimmunostaining for the treatment of early stage prostate cancer.
• In May 2023, aiGENE has received a grant from Colorado Office of Economic Development and International Trade’s (OEDIT) for the development of liquid biopsy product used for patient monitoring and early cancer detection of multiple cancer indications.

Scope of the Report

The liquid biopsy market report presents an in-depth analysis of the various companies that are engaged in the global market of liquid biopsy products, across different segments, as defined in the below table:

Key Report Attributes	Details
Historical Trend	2018 – 2022
Base Year	2022
Forecast Period	2023 – 2035
Market Size 2023	$ 5.4 Billion
CAGR	15.2%
Application	Early Cancer Diagnosis Patient Monitoring Recurrence Monitoring
Type of Target Disease Indication	Bladder Cancer Breast Cancer Colorectal Cancer Gastric Cancer Lung Cancer Prostate cancer Others
Type of Circulating Biomarker	Cell Free DNA Cell Free RNA Circulating Tumor DNA Extracellular Vesicles Other Circulating Biomarkers
Type of Sample	Blood / Plasma Other Analytes
End User	Hospitals Research Institutes Others
Key Geographical Regions	North America Europe Asia-Pacific  Rest of the World
Key Companies Profiled	Amoy Diagnostics ArcherDX Biocartis Cell Search CellMax Life  Datar Cancer Genetics DiaCarta, EONE-DIAGNOMICS Exosome Diagnostics GeneCast Biotechnology Integrated DNA Technologies Lucence MDNA Life Sciences Miltenyi Biotec NeoGenomics  ONCODE Scientific OncoDNA QIAGEN PANAGENE  Personal Genome Diagnostics Predicin ScreenCell  Tecan Thermo Fisher Scientific This market report includes an easily searchable excel database of all the liquid biopsy companies, worldwide. (Full list of more than 160 liquid biopsy companies captured is available in the market report)
Customization Scope	15% customization available
PowerPoint Presentation (Complimentary)	Available
Excel Data Packs (Complimentary)	Market Landscape Analysis Partnerships and Collaborations Funding and Investment Analysis Product Competitiveness Analysis Big Pharma Initiatives Analysis Key Acquisition Targets Analysis Market Forecast and Opportunity Analysis

The market report features an in-depth analysis, highlighting the capabilities of various companies engaged in liquid biopsy and other non invasive cancer diagnostics, across different segments, as defined in the below table:

• A preface providing an introduction to the full market report, Liquid Biopsy Market, 2023-2035 (4th Edition).
• An outline of the systematic research methodology adopted to conduct the study on the liquid biopsy market and other non invasive cancer diagnostics, providing insights on the various assumptions, methodologies, and quality control measures employed to ensure accuracy and reliability of our findings.
• An overview of economic factors that impact the overall liquid biopsy market, including historical trends, currency fluctuation, foreign exchange impact, recession, and inflation measurement.
• An executive summary of the key insights captured during our research, offering a high-level view on the current state of the liquid biopsy market and its likely evolution in the short to mid-to-long term.
• A general overview of the cancer statistics and global burden of the disease, the importance of early cancer detection and cancer screening, highlighting details on different types of circulating biomarkers based on their function. It also features the emerging trends in intellectual property related to non invasive cancer diagnostics. Further, it provides information on the on the liquid biopsy cost and its benefits as well as challenges associated with non invasive cancer diagnostic. 
• An overview on the need for non invasive cancer diagnostics and their importance; it also features different imaging techniques, screening assays and advanced approaches used for diagnosis of cancer along with their advantages and disadvantages.
• A detailed assessment of the overall market landscape of liquid biopsy products based on several relevant parameters, such as stage of development (launched and under development), type of product (assay kits, devices, software / algorithms and others), type of sample (blood / plasma and others), type of technique (next generation sequencing, polymerase chain reaction and others), type of circulating biomarker (cell free DNA, cell free RNA, circulating tumor DNA, extracellular vesicles and other circulating biomarkers), target disease indication (bladder cancer, breast cancer, colorectal cancer, gastric cancer, lung cancer, prostate cancer and others), application (early cancer detection, patient monitoring and treatment selection and others) and application area (clinical use and research use). Further, it also provides a list of players engaged in manufacturing liquid biopsy products, along with the information on their year of establishment, company size (based on number of employees), location of headquarters (region), location of headquarters (country), most active players (in terms of number of liquid biopsy products) most active players (in terms of number of liquid biopsy products).
• Tabulated profiles of prominent liquid biopsy companies (shortlisted based on product portfolio strength) manufacturing liquid biopsy products. Each profile features a brief overview of the company (including information on its year of establishment, number of employees, location of headquarters and leadership team), details related to its financial performance (if available), product portfolio, recent developments and an informed future outlook
• An analysis of the recent collaborations within the liquid biopsy market, based on several relevant parameters, such as year of partnership, type of partnership, type of partner, type of circulating biomarker, target disease indication, most active players (in terms of number of deals inked) and regional distribution of partnership activity that have taken place in this industry, during the period 2020-2023.
• A detailed analysis of funding and investments made in the liquid biopsy companies, during the period between 2016 and 2023, including instances of seed financing, venture capital, capital raised from IPOs, secondary offerings, grants / awards, other equity and debt financing. Further, these instances have been analyzed based on various relevant parameters, such as year of investment, amount invested, type of funding, type of circulating biomarker, target disease indication, application area, geography, most active players (in terms of number of funding instances and amount invested) and leading investors (in terms of number of funding instances).
• An insightful product competitiveness analysis of liquid biopsy products based on several relevant parameters, such as supplier strength (based on years of experience of the company), product competitiveness (based on type of product, stage of development, accreditation, availability of proprietary technology, availability of artificial intelligence, type of technique, type of sample, type of circulating biomarker, target disease indication, type of cancer, application and type of patient population) and company size (based on employee count of the product manufacturer).
• A detailed analysis of the initiatives of big pharma players, highlighting the key focus areas of such companies and analysis based on various relevant parameters, such as number of initiatives, type of initiative, stage of development, type of product, type of circulating biomarker, target disease indication, application and application area.
• A detailed analysis of the key acquisition targets, taking into consideration the historical trend of the acquisition activity of the players that have acquired other firms, since 2016. It offers a means for other industry stakeholders to identify potential acquisition targets.
• A detailed overview of the various non invasive diagnostic tests other than liquid biopsies, being manufactured by various companies for cancer screening and early detection.
• An in-depth analysis of the factors that can impact the growth of liquid biopsy market. It also features identification and analysis of key drivers, potential restraints, emerging opportunities, and existing challenges.

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The key objective of this market report is to provide a detailed liquid biopsy market forecast analysis in order to estimate the existing market size and future opportunity for liquid biopsy companies over the next decade. Based on multiple parameters, likely adoption trends and through primary validations, we have provided an informed estimate on the market evolution during the forecast period 2023-2035. The market report also features the likely distribution of the current and forecasted opportunity within the liquid biopsy market across various segments, such as application (early cancer diagnosis, patient monitoring and recurrence monitoring), target disease indication (bladder cancer, breast cancer, colorectal cancer, gastric cancer, lung cancer, prostate cancer and others), type of circulating biomarker (cell free DNA, cell free RNA, circulating tumor DNA, extracellular vesicles and others circulating biomarkers), type of sample (blood / plasma and other analytes), end user (hospitals, research institutes and other end users) and key geographical regions (North America, Europe, Asia-Pacific and Rest of the World). In order to account for future uncertainties and to add robustness to our model, we have provided three liquid biopsy market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.

The opinions and insights presented in the market report were influenced by discussions held with stakeholders in the industry. For the purpose of the study, we invited stakeholders to participate in a survey to solicit their opinions on upcoming opportunities and challenges that must be considered for a more inclusive growth. The opinions and insights presented in this study were also influenced by discussions held with senior stakeholders in the industry. The report features detailed transcripts of interviews held with the following industry stakeholders: 

• Director of a US based Mid-sized Organization
• Innovation Director of a Spain based Mid-sized Company
• Founder and Medical Director of an Australia based Small Company
• Founder and Chief Executive Officer of an India based Small Company
• Chief Executive Officer of an Australia based Small Company
• Chairman of the US based Small Company
• Founder, President and Chief Technology Officer of the US based Small Company
• Former Founder of the US based Small Company
• Former Chief Executive Officer and Co-founder of US based Small Company
• Former Chief Executive Officer of the US based Mid-sized Company
• Chief Operating Officer and Co-Founder of Canada based Small Company
• Chief Medical Officer of the US based Mid-sized Company
• Chief Scientific Officer of Sweden based Small Company
• Chief Scientific Officer of the US based Mid-sized Company
• Former Marketing Director of Belgium Mid-sized Company
• Former Sales and Marketing Manager of Italy based Small Company
• Former Strategic Technology Advisor of an Australia based Small Company

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this report are in USD, unless otherwise specified.

FREQUENTLY ASKED QUESTIONS

Question 1: What is liquid biopsy?

Answer: A liquid biopsy is a non invasive medical test used to detect cancer.

Question 2: What are the uses of liquid biopsy?

Answer: Liquid biopsy is a promising diagnostic tool in the field of oncology, offering early cancer detection, treatment selection and patient monitoring.  It helps in detection and analyzing the genetic or molecular changes in a patient's blood or other bodily fluids, such as urine or saliva. 

Question 3: What is the most common type of partnership model being adopted by stakeholders engaged in liquid biopsy market?

Answer: Product / technology development agreements emerged as the most popular type of partnership model adopted by players engaged in liquid biopsy market. This is followed by supply agreements.

Question 4: How big is the liquid biopsy market?

Answer: The global liquid biopsy market is expected to be worth around $ 5.4 billion in 2023.

Question 5: What is the likely growth rate (CAGR) of liquid biopsy market?

Answer: The global liquid biopsy market is expected to grow at a CAGR of 15.2% over the forecast period.
    
Question 6: Who are the major players in the liquid biopsy market?

Answer: Examples of major players engaged in the liquid biopsy market (which have also been captured in this market report) include Amoy Diagnostics, ArcherDX, Biocartis, Cell Search, CellMax Life, Datar Cancer Genetics,  , DiaCarta, EONE-DIAGNOMICS, Exosome Diagnostics, GeneCast Biotechnology, Integrated DNA Technologies, Lucence, MDNA Life Sciences, Miltenyi Biotec, NeoGenomics,  ONCODE Scientific, OncoDNA, QIAGEN, PANAGENE, Personal Genome Diagnostics, Predicine,  ScreenCell, Tecan and Thermo Fisher Scientific.

Question 7: Which region has the highest number of liquid biopsy companies manufacturing liquid biopsy and other non invasive cancer diagnostics products?

Answer: Presently, 60% of the liquid biopsy companies are established in North America.

Question 8: What are the leading market segments in the liquid biopsy market?

Answer: Currently, in terms of type of circulating biomarkers, circulating tumor DNA market captures the largest market share.

Question 9: Which region has the highest market share in the liquid biopsy market?

Answer: Currently, North America and Europe collectively hold around ~70% of the market share. However, in the long run, the liquid biopsy market in Asia-Pacific is expected to grow at a relatively higher CAGR.

Frequently Asked Questions

Question 1: What is liquid biopsy?

Answer: A liquid biopsy is a non invasive medical test used to detect cancer.

Question 2: What are the uses of liquid biopsy?

Answer: Liquid biopsy is a promising diagnostic tool in the field of oncology, offering early cancer detection, treatment selection and patient monitoring. It helps in detection and analyzing the genetic or molecular changes in a patient's blood or other bodily fluids, such as urine or saliva.

Question 3: What is the most common type of partnership model being adopted by stakeholders engaged in liquid biopsy industry?

Answer: Product / technology development agreements emerged as the most popular type of partnership model adopted by players engaged in liquid biopsy industry. This is followed by supply agreements.

Question 4: How big is the liquid biopsy market?

Answer: The global liquid biopsy industry is estimated to be worth around $4.01 billion in 2023.

Question 5: What is the likely growth rate (CAGR) of liquid biopsy market?

Answer: The global liquid biopsy market is expected to grow at a CAGR of 14.8% over the forecast period.

Question 6: Who are the major players in the liquid biopsy market?

Answer: Examples of major players engaged in the liquid biopsy industry (which have also been captured in the market insights report) include Amoy Diagnostics, ArcherDX, Biocartis, Cell Search, CellMax Life, Datar Cancer Genetics, , DiaCarta, EONE-DIAGNOMICS, Exosome Diagnostics, GeneCast Biotechnology, Integrated DNA Technologies, Lucence, MDNA Life Sciences, Miltenyi Biotec, NeoGenomics, ONCODE Scientific, OncoDNA, QIAGEN, PANAGENE, Personal Genome Diagnostics, Predicine, ScreenCell, Tecan and Thermo Fisher Scientific.

Question 7: Which region has the highest number of liquid biopsy companies manufacturing liquid biopsy and other non invasive cancer diagnostics products?

Answer: Presently, 60% of the liquid biopsy companies are established in North America.

Question 8: What are the leading market segments in the liquid biopsy market?

Answer: Currently, in terms of type of circulating biomarkers, circulating tumor DNA market captures the largest segment.

Question 9: Which region has the highest market share in the liquid biopsy market?

Answer: Currently, North America and Europe collectively hold around ~70% of the market share. However, in the long run, the liquid biopsy space in Asia-Pacific is expected to grow at a relatively higher CAGR.