Global 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

Global 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 primary drivers of the market's expansion are the rising incidence of cancer and the sharp rise in demand for less invasive diagnostic procedures. In the United States, non-small cell lung cancer is the most prevalent type of the disease. An analysis revealed that in 2021, over 235,760 persons will receive a non-small cell lung cancer diagnosis. Liquid biopsy tests are in greater demand as a means of diagnosing and curing cancer in the general population. The approach taken by businesses to provide simple and secure in-home access also propels the market's expansion. For example, the information services provider NeoGenomics, Inc. announced the launch of NeoLAB and InvisionFirst in November 2020.It is a liquid biopsy testing mobile phlebotomy service. The organization provides its services via ExamOne and Metro Health Staffing LLC to guarantee that exams are administered effectively. By providing an effective substitute for conventional screening, liquid biopsy seeks to promote early cancer detection and disease prevention. Their nature is really sensitive. The blood test results provide information about the severity of the condition and the recommended course of treatment. Therefore, the expansion of the market is stimulated by an increase in R&D activities in the pharmaceutical and biotechnology industries as well as an increase in government funding for various research projects.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Liquid Biopsy Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Liquid Biopsy Market Segmental Analysis

The Global Liquid Biopsy market is segmented by type, end-user, and region. Based on type, the market can be segmented into reagents and kits, and instruments. Based on end-user, the market is segmented into hospitals and clinics segment, and research centres. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Liquid Biopsy Market

The need for early detection and the rising incidence of cancer are two main factors propelling the worldwide liquid biopsy market's expansion. Early cancer diagnosis and treatment are time-consuming, intrusive procedures that can make patients uncomfortable. Furthermore, the industry is growing thanks to the application of cutting-edge liquid biopsy testing for cancer diagnosis. A less intrusive and uncomfortable method for cancer monitoring and diagnosis is the liquid biopsy. Additionally, the liquid biopsy test aids in the early detection of cancer. As a result, these elements stimulate market expansion and raise demand for liquid biopsy tests.

Restraints in the Global Liquid Biopsy Market

The absence of standardization and regulatory norms for liquid biopsy tests impedes the market's expansion. Liquid biopsy test approval is a complex and time-consuming process regulated by regulations. The introduction of new products onto the market is further delayed by this. The market's expansion is further hampered by the expensive nature of liquid biopsy testing and the narrow coverage of reimbursements. These difficulties may be addressed with the introduction of defined criteria and expanded reimbursement coverage for liquid biopsy tests.

Market Trends of the Global Liquid Biopsy Market

One of the major developments in the global liquid biopsy market is the growing use of next-generation sequencing technology. RNA and DNA molecules may be sequenced at high throughput with the NGS, making it possible to identify cancer biomarkers from a single sample. This technique is mostly utilized in liquid biopsy procedures with the goal of delivering extremely sensitive and specific data for cancer monitoring and early diagnosis. As a result, the market is expanding due to the spike in demand for NGS liquid biopsy tests.