The global liquid biopsy market, valued at $10.42 billion in 2023, is expected to expand at a compound annual growth rate of 11.60% from 2024 to 2030. This growth is fueled by several factors, including the increasing prevalence of cancer, advancements in cancer diagnostic technologies, and a growing preference for minimally invasive cancer diagnostics. Additionally, ongoing research into liquid biopsy assays and tests, coupled with the rising adoption and development of multi-cancer early detection tests, offers significant growth potential for the overall market.
The COVID-19 pandemic disrupted cancer diagnoses due to reduced diagnostic services and screening programs. Cancer patients faced numerous challenges during this time, such as increased susceptibility to severe infections and interruptions in cancer or usual medical care. The negative impact of the pandemic was particularly severe in low- and middle-income countries with limited infrastructure, resources, medical supplies, personal protective equipment, healthcare providers, and organized care teams. These factors resulted in a lack of ability to provide and deliver critical care, exacerbating the challenges faced by cancer patients in these regions.
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Technology Segmentation Insights
The multi-gene-parallel analysis (NGS) segment dominated the market in 2023, accounting for 75.68% of the total revenue. This segment is projected to experience the fastest growth rate during the forecast period. NGS technology is crucial for detecting various tumor-causing mutations and identifying potential resistance mechanisms that may emerge after treatment. The rapid advancements in NGS have significantly reduced sequencing costs while maintaining high accuracy. Additionally, key market players are actively developing innovative products to meet the increasing demand for diagnosis and strengthen their market positions through expanded product portfolios. A notable example is the collaboration between Agilent Technologies and Quest Diagnostics in January 2023, which aimed to provide access to Agilent Resolution ctDx FIRST, an NGS liquid biopsy test in the United States.
The single gene analysis (PCR microarrays) segment is also expected to demonstrate significant growth during the forecast period. Technological advancements in PCR, particularly the recently introduced droplet digital PCR (ddPCR), are driving this growth. ddPCR offers absolute quantification of nucleic acids with exceptional sensitivity and precision. This technology has proven to be a valuable tool for detecting and monitoring various types of cancers. Bio-Rad's ddPCR technology, for instance, enables the detection of cancer subtypes, monitoring of residual disease, optimization of drug treatment plans, and studies of tumor evolution. ddPCR assays are particularly advantageous when used in liquid biopsies, allowing for the measurement of circulating tumor cells (CTCs) and circulating nucleic acids (cfDNA) in blood samples.
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