Liquid Biopsy Market Size, Share, Growth Analysis, By Type(Reagents and Kits, and Instruments), By End-User(Hospitals and Clinics, and Research Centres) - Industry Forecast 2024-2031

Liquid Biopsy Market size was valued at USD 9.4 billion in 2022 and is poised to grow from USD 10.69 billion in 2023 to USD 29.85 billion by 2031, growing at a CAGR of 13.7% during the forecast period (2024-2031).

The liquid biopsy market is highly fragmented, with the presence of several small and large players. These players are investing heavily in R&D activities to develop innovative liquid biopsy products and gain a competitive edge in the market. Additionally, strategic partnerships, collaborations, and acquisitions are common among these players to expand their market reach and strengthen their product portfolios. The market is also witnessing an increasing trend towards automation and integration of liquid biopsy tests with other diagnostic technologies, further intensifying the competition among market players. 'F. Hoffmann-La Roche Ltd (Switzerland)', 'Thermo Fisher Scientific Inc. (US)', 'QIAGEN N.V. (Netherlands)', 'Illumina, Inc. (US)', 'Guardant Health, Inc. (US)', 'Biocept, Inc. (US)', 'Sysmex Corporation (Japan)', 'Menarini Silicon Biosystems (Italy)', 'Natera, Inc. (US)', 'GRAIL, Inc. (US)', 'Biocartis Group NV (Belgium)', 'Personal Genome Diagnostics Inc. (US)', 'Exosome Diagnostics, Inc. (US)', 'Bio-Rad Laboratories, Inc. (US)', 'Genomic Health, Inc. (US)', 'RainDance Technologies, Inc. (US)', 'OncoCyte Corporation (US)', 'Adaptive Biotechnologies Corporation (US)', 'Angle plc (United Kingdom)', 'Epic Sciences, Inc. (US)'

The rise in prevalence of cancer, and surge in demand for early diagnosis is a major driving factor for the growth of the liquid biopsy market. The early method for diagnosis of cancer and its treatment are time-consuming, invasive and may cause discomfort to patients. In addition, the use of advanced cancer diagnosis methods of cancer through liquid biopsy tests boost the growth of the market. The liquid biopsy is a less painful technique and less invasive for monitoring and diagnosis of cancer. Furthermore, the liquid biopsy test is used in early diagnosis of cancer. Thus, these factors increase the demand for liquid biopsy test and boost the growth of the market.

The increasing adoption of next-generation sequencing technology is one of the key trends in the liquid biopsy market. The NGS enables high throughput sequencing of RNA and DNA molecules to allow for the detection of cancer biomarkers from a single sample. This technology is mostly used in liquid biopsy tests, as it aims to provide highly specific and sensitive results for the early diagnosis, and monitoring of cancer. Thus, the surge in demand for NGS liquid biopsy test drive the growth of the market.

North America dominates the liquid biopsy market, due to increase in prevalence of cancer, advancement in technology and rise in research and development activities in pharmaceutical and biotechnological sectors. In addition, the increasing adoption of various diagnostic technology, and surge in and for early diagnosis boost the growth of the market. According to the American Cancer Society, it was reported that lung cancer is the leading cause of cancer related death in the USA. It was also analyzed that the liquid biopsy test gained popularity for early cancer detection.