Liquid Biopsy Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

A liquid biopsy is a quick and painless substitute for surgical biopsies that allows medical professionals to learn a lot about a tumor from a small blood sample. A liquid biopsy is a diagnostic test performed on blood to detect the presence of any cancerous cells in the blood. It is used to detect cancer at an early stage.

Sizing and Forecast

The liquid biopsy market size has grown exponentially in recent years. It will grow from $6.61 billion in 2023 to $8.64 billion in 2024 at a compound annual growth rate (CAGR) of 30.8%. The growth in the historic period can be attributed to advances in cancer research, non-invasiveness, personalized medicine, regulatory approvals, early cancer detection.

The liquid biopsy market size is expected to see exponential growth in the next few years. It will grow to $27.44 billion in 2028 at a compound annual growth rate (CAGR) of 33.5%. The growth in the forecast period can be attributed to expanding applications, cancer monitoring, emerging technologies, companion diagnostics, biomarker discovery. Major trends in the forecast period include cancer detection and monitoring, therapeutic monitoring, minimal residual disease (mrd) monitoring, liquid biopsy in non-oncological applications.

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Segmentation & Regional Insights

The liquid biopsy market covered in this report is segmented –

1) By Product: Assays Kits, Instruments, Services

2) By Clinical Application: Early Cancer Screening, Therapy Selection, Treatment Monitoring, Recurrence Monitoring Orthopedics

3) By End User: Reference Laboratories, Hospitals and Physician Laboratories, Academic and Research Centers

North America was the largest region in the liquid biopsy market in 2023. Western Europe was the second largest region in the liquid biopsy market. The regions covered in the liquid biopsy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

Government funds for refining cancer detection drive the growth of the liquid biopsy market. Government funds help researchers in drug discovery, diagnosis, and treatment of diseases such as Cancer. For instance, in 2021, National Cancer Institute (NCI), a USA-based government agency increased its grant monies to $678,000 from $570,000 in 2020. Furthermore, in 2022, National Institute of Health (NIH), an American medical research agency was granted a fund of $46.6 billion and $6.9 billion was awarded to National Cancer Institute (NCI), an American cancer research agency, for advancing cancer research. Therefore, government funds positively impact the growth of the liquid biopsy market.

Key Industry Players

Major companies operating in the liquid biopsy market include QIAGEN NV, Roche Diagnostics Ltd., Bio-Rad Laboratories Inc., Myriad Genetics Inc., Guardant Health Inc., Thermo Fisher Scientific Inc., Menarini Silicon Biosystems, Biocept Inc., Janssen Diagnostics LLC, Trovagene Inc., Fraunhofer-Gesellschaft, MDX Health SA, Agilent Technologies Inc., Illumina Inc., Oxford Nanopore Technologies Ltd., Quantum Biosystems Inc., Menarini Silicon Biosystems Inc., Pathway Genomics Corporation, Sysmex Corporation, Janssen Global Services LLC, Natera Inc., ANGLE Plc, Bio Techne Corp, Biodesix Inc., CellMax Inc., CIRCULOGENE, Exact Sciences Corporation, Epic Sciences Inc., Exosome Diagnostics Inc., GRAIL Inc., Guardant Health AMEA, Inivata Ltd., NIPD Genetics, Oncocyte Corporation, Personal Genome Diagnostics Inc., RainDance Technologies Inc., Thrive Earlier Detection Corp.

The liquid biopsy market report table of contents includes: