Liquid Biopsy in Cancer Diagnostic Market: Current Analysis and Forecast (2024-2032)

Report Description

Liquid Biopsy in Cancer Diagnostics Market Size & Forecast

The Liquid Biopsy in Cancer Diagnostics market was valued at approximately USD 6.2 Billion in 2023 and is expected to grow at a robust CAGR of around 11.9% during the forecast period (2024-2032). The growth of the liquid biopsy market is driven by increasing demand for non-invasive cancer diagnostics, advancements in genomics technologies, and the rise of personalized medicine.

Liquid Biopsy in Cancer Diagnostics Market Analysis

The liquid biopsy in cancer diagnostic market is expected to grow at a strong CAGR during the forecast period owing to the surge in the incidence of cancers, rising research and development activities for the development of novel liquid biopsy in cancer diagnostic, and the development of a novel pipeline of cancer drugs. Moreover, the rapid launch of new products in the market is also driving the growth of the market during the forecast period. For instance, in August 2020, the U.S. FDA approved the first liquid biopsy companion diagnostic test that also uses next-generation sequencing (NGS) technology to identify patients with specific types of mutations of the epidermal growth factor receptor (EGFR) gene in a deadly form of metastatic non-small cell lung cancer (NSCLC). This is the first approval to combine two technologies — NGS and liquid biopsy — in one diagnostic test to guide treatment decisions. Thus, these aforementioned factors are driving the market growth during the forecast period.

Liquid Biopsy in Cancer Diagnostics Market Trends

This section discusses the key market trends influencing the Liquid Biopsy in Cancer Diagnostics segments as identified by our research experts.

Blood Segment Transforming Industry

The blood test offers several characteristics such as non-invasiveness, painlessness, cost-effectiveness, and no risk. The circulating biomarkers in the blood have a critical role in understanding tumorigenesis and metastasis, which further can help determine tumor dynamics at the time of treatment and disease progression. In addition, ongoing research on blood-based tests for cancer is expected to drive the market. For instance, in August 2021, a research group at Exact Sciences and UW-Madison started working on liquid biopsies for cancer, including a blood test that helps detect genetic mutations in tumors targeted by drugs. This test can detect the recurrence of cancer after treatment as well as help in the early detection of the disease.

Asia Pacific to hold a significant growth of the market

APAC is expected to grow with the highest CAGR during the forecast period due to rising disposable income, the surge in the prevalence of cancer, rising research and development activities, and increasing awareness among individuals. For instance, in September 2021, Chinese startup AnchorDx, together with renowned experts from a top-tier hospital in China, developed a diagnostic model for early breast cancer detection, based on circulating cell-free DNA-based (cfDNA) methylation patterns. It can serve as a reliable approach for the early diagnosis of breast cancer and is expected to compensate for the deficiency of mammography. Apart from this, regulatory bodies in Japan are also approving these tests, which is also driving the market growth during the forecast period. For instance, in March 2022, the Ministry of Health, Labour and Welfare (MHLW) in Japan granted regulatory approval of Guardant360 CDx, a liquid biopsy test for tumor mutation profiling, also known as comprehensive genomic profiling (CGP), in patients with advanced solid cancers.

Liquid Biopsy in Cancer Diagnostics Industry Overview

Liquid Biopsy in Cancer Diagnostics is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Myriad Genetics, Inc., Exact Sciences Corporation, Biocartis   Sysmex Corporation, Thermo Fisher Scientific Inc., Agilent Technologies Inc., Natera, MDx Health, Illumina Inc., and QIAGEN. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Recent Developments

In 2024, Freenome has raised $254 million to support the development of single- and multi-cancer early detection blood tests. The investment comes two months after Freenome started a second registrational study, adding a lung cancer trial to a colorectal cancer program that was scheduled to end in December 2023.

Liquid Biopsy in Cancer Diagnostics Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

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Research Methodology

Research Methodology for the Liquid Biopsy in Cancer Diagnostics Market Analysis (2022-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Liquid Biopsy in Cancer Diagnostics market were the three major steps undertaken to create and analyze the adoption of Liquid Biopsy in Cancer Diagnostics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Liquid Biopsy in Cancer Diagnostics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Liquid Biopsy in Cancer Diagnostics market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of Liquid Biopsy in Cancer Diagnostics, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as product, sample, cancer, biomarker, technique, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Liquid Biopsy in Cancer Diagnostics market. Further, we conducted factor analysis using dependent and independent variables such as product, sample, cancer, biomarker, technique, and Liquid Biopsy in Cancer Diagnostics regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Liquid Biopsy in Cancer Diagnostics market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Liquid Biopsy in Cancer Diagnostics market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

The industry’s market size, in terms of revenue (USD) and the adoption rate of Liquid Biopsy in Cancer Diagnostics across the major markets domestically

All percentage shares, splits, and breakdowns of market segments and sub-segments

Key players in the global Liquid Biopsy in Cancer Diagnostics in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Liquid Biopsy in Cancer Diagnostics. Data was split into several segments and sub-segments after studying various parameters and trends in the product, sample, cancer, biomarker, technique, and regions of the global Liquid Biopsy in Cancer Diagnostics market.

The main objective of the Global Liquid Biopsy in Cancer Diagnostics Market Study

The current & future market trends of global Liquid Biopsy in Cancer Diagnostics were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Liquid Biopsy in Cancer Diagnostics market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of product, sample, cancer, biomarker, technique, and regions.
• Define and analyze the regulatory framework for the Liquid Biopsy in Cancer Diagnostics
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Liquid Biopsy in Cancer Diagnostics market for the major regions.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Liquid Biopsy in Cancer Diagnostics market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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