June 20, 2024

Liquid Biopsy Market Is Driven By Rising Demand For Non-Invasive Early Cancer Detection

Liquid biopsy offers a minimally invasive method for cancer screening and subsequent monitoring of disease progression through the analysis of blood samples, providing clinically actionable information to assist physicians in making treatment decisions. It enables real-time monitoring of tumour burden and facilitates precision treatment. Various advantages associated with the use of liquid biopsies include minimal invasiveness, cost-effectiveness, rapid and accurate detection, and monitoring of disease progression and response to therapy. Liquid biopsy has the potential to revolutionize clinical oncology practices by enabling detailed molecular analysis through a simple blood draw. The growing demand for non-invasive early cancer detection and disease monitoring techniques is expected to drive significant growth of the liquid biopsy market during the forecast period.

The global Liquid Biopsy Market is estimated to be valued at US$ 5.25 Bn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The adoption of liquid biopsy is being propelled by the ability to provide timely molecular information from cancer cells circulating in blood. It enables tracking of mutations associated with cancer growth and spread as well as monitoring therapy response in a non-invasive way. Moreover, liquid biopsy can help overcome sampling errors associated with tissue biopsies by representing all tumor sites through blood collection. As such, it is considered as an ideal complement and potential replacement for current tissue biopsy workflows. The utility of liquid biopsy is expanding beyond basic genomic profiling into new application areas including therapy selection, residual disease detection, recurrence monitoring, and screening. These factors are expected to boost the growth of the liquid biopsy market during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to the presence of several established players and the requirement of high capital to enter this market.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of several product options from various manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many suppliers for raw materials and reagents in this market.

Threat of new substitutes: The threat of new substitutes is low as liquid biopsy is considered an advanced non-invasive diagnostic method with no close substitutes.

Competitive rivalry: The competitive rivalry is high due to the presence of many global and regional players offering varied liquid biopsy tests.

Key Takeaways

The Global Liquid Biopsy Market Size is expected to witness high growth over the forecast period. The global Liquid Biopsy Market is estimated to be valued at US$ 5.25 Bn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030.

North America is expected to hold a major share of the global market due to increasing adoption of liquid biopsy tests for cancer monitoring and recurrence. Europe is also expected to hold a significant share due to growing instances of cancer patient population and availability of favorable reimbursements. The North America region dominates the Liquid Biopsy market and is expected to hold the largest share over the forecast period owing to growing geriatric population, increasing healthcare expenditure, and rising prevalence of cancer.

Key players related content comprises:
Key players operating in the Liquid Biopsy market are Guardant Health, F. Hoffmann-La Roche AG, Bio-Rad Laboratories Inc, Myriad Genetics, Qiagen N.V., Menarini Silicon Biosystems, Thermo Fisher Scientific Inc, GRAIL, Trovagene, and Exosome Diagnostics.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it