Liquid Biopsy: Double-Digit Growth in Increasingly Competitive Global Market
In 2023, global liquid biopsy market sales exceeded $1 billion. Projections indicate a substantial growth trajectory, with an anticipated average annual double-digit growth rate over the next several years. By 2028, the market’s growth will reflect significant momentum and rapid expansion during the forecast period. This is according to The Worldwide Market for Liquid Biopsy, 6th Edition, the latest report by Kalorama Information, a leading medical and diagnostics market research firm.
Liquid biopsy, also known as a fluid phase biopsy, is a minimally invasive alternative to traditional tissue biopsies. This innovative approach involves evaluating liquid biological specimens, with blood being the most commonly used medium. Liquid biopsies offer several advantages, making them more patient-friendly compared to tissue biopsies. Moreover, they demonstrate enhanced accuracy in assessing the composition of heterogeneous tumors, facilitating a more personalized approach to treatment.
Currently, over 40 companies are active in the global market for liquid biopsy diagnostics and monitoring tests. The market for liquid biopsy testing, still in its infancy, is rapidly evolving as vendors develop and commercialize innovative new technologies to meet the needs of the clinical diagnostic market. Demand is also growing swiftly as patients, clinicians, and payors increasingly accept liquid biopsy as an alternative or complementary procedure to traditional tissue biopsies.
Geographically, the majority of participants in the liquid biopsy market are based in the United States and, to a lesser extent, Europe. A few companies are based in Asia. The competitive landscape is quite varied, with participants ranging from some of the world’s largest and most well-established diagnostics companies to small start-ups. With the growing number of market entrants and available tests, competition is increasing. During the last two years, several new competitors have entered the market, while several others have exited. However, with the rapidly growing market and the heterogeneity of cancer as an umbrella term for many diseases, there are ample opportunities in the market to meet the needs of clinicians and patients.
The overall liquid biopsy market, as well as each of its segments, is fragmented, with multiple competitors offering various products for the diagnosis and monitoring of cancer at its different stages. The main differentiating features for products in this market are: sensitivity, specificity, clinical utility, the type of information provided (targeted genes versus panels), the availability of extensive clinical data, and the type of regulatory approval obtained for the tests.
As the development of liquid biopsy commercial products progresses, performance, clinical validation, price, and time to results are expected to be increasingly important competitive factors. To be able to distinguish themselves in an increasingly competitive market, new products must demonstrate improved performance, especially in terms of sensitivity, specificity, clinical utility, and validation in extensive clinical trials.
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About the Report
The Worldwide Market for Liquid Biopsy, 6th Edition from Kalorama Information provides an in-depth assessment of the market opportunities from 2023 to 2028. This brand new market research report covers various aspects, including market segmentation by region, different types of liquid biopsy (CTC-based, ctDNA-based, EV and Exosome-based, Multi-Analyte-based, and Other Analytes), and cancer types.
About Kalorama Information
Kalorama Information, part of Science and Medicine Group, is the leading publisher of market research in healthcare areas, including in vitro diagnostics (IVD), biotechnology, medical devices, and pharmaceuticals. Kalorama Information produces dozens of reports a year. The firm offers a Knowledge Center, which provides access to all published reports.
Kalorama Information’s studies feature independent primary research conducted by experienced analysts. Researchers build their market analysis independently from published databases, validating data with inside industry contacts and extensive secondary research, so you can have confidence that you’re getting your information from the most trusted source in the industry!
