Liquid Biopsy Market Revenue Opportunity, Competitive Analysis and Forecast to 2032

The global Liquid Biopsy Market is anticipated to create lucrative growth opportunities over the projection period by exhibiting a total CAGR of 13.49% from 2022 to 2032. The global market is expected to be valued at US$ 1,146 Million in 2022 and surpass a valuation of around US$ 4,126 Million in 2032. The growth of the liquid biopsy market is attributed to increasing cancer incidences and low treatment rates.

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A liquid biopsy is known to be a non-invasive procedure as compared to surgical biopsies which aid in discovering a tumor with the help of a simple blood sample. Traces of cancer’s DNA in the blood can help in giving clues about which treatments are most likely to work for that patient.

Liquid biopsies are commonly used to diagnose non-small cell lung cancer (NSCLC) and screening or a companion diagnostic for numerous other types of cancers such as gastrointestinal, colorectal, breast, prostate, and ovarian cancer.

The Cost-effectiveness and high efficacy of liquid biopsy over several other diagnostic tests are chief factors responsible for market growth. Fast-track approvals from regulatory bodies such as the U.S. Food and Drug Administration (FDA) for non-invasive cancer diagnosis tests will continue creating growth opportunities.

Liquid biopsy assay has several potential applications beyond cancer, such as in infectious diseases, cardiovascular disease, and neurological disorders. However, the technique is still in its early stages of development, and more research is needed to validate its clinical utility and optimize its use.

Key Takeaways

For decades, cancer has been constantly affecting humanity and the numbers continue to surge even with the emergence of better treatment and care. According to the reports by the World Health Organization (WHO), In 2020 it reported around 10 million deaths caused due to cancer. This staggering rise in number emphasizes the need for accurate and convenient cancer diagnostic systems for early detection.
Governments in several high cancer-burden nations have made a pledge to assist cancer research by offering them adequate funds that can aid in improved outcomes. For instance, as per the National Institute of Health (NIH), the federal government has allocated US$ 119 Mn to National Cancer Institute for the fiscal year 2021.
The India-UK Cancer Research Initiative in 2018, focused on improved and affordable approaches to cancer diagnosis and treatment. This initiative received investments valued at £5 Mn from the Department of Biotechnology (DBT), Ministry of Science Technology, India, and Cancer Research UK (CRUK) each over a 5-year program.
The government-led initiatives are expected to further promote cancer specialists all over the world in order to set research goals aimed at affordability, convenience, and optimal patient care in cancer treatments. Adequate funding will allow experts to develop research alliances to enable significant improvements against numerous cancer outcomes.

Competitive Landscape

Key players in the liquid biopsy market are focusing on strategic collaborations with several end-users including hospitals, diagnostic centers, and cancer research institutes to strengthen their product offerings in the market. As per FMI analysis, tier-1 players will account for approximately 20-25% of the total sales.

Prominent industrial research funding along with product development agreements will offer proprietary benefits to manufacturers, helping them contribute to the development of accurate diagnosis methods for various cancers. In addition, gaining patents and government approvals for new technologies will remain one of the prominent growth strategies.

Key Companies Profiled: