The global liquid biopsy market is expected to exceed $18 billion by 2032, according to a new forecast from the market insights company Precedence Research. The growth will be driven by the aging population and the growing prevalence of cancer, the continued advancement of genomic technology, and an increased pipeline of approved uses for liquid biopsy as a diagnostic tool.
The industry is expected to grow at a compound annual growth rate (CAGR) of 14.5% over the next nine years, rising from its current value of nearly $5.4 billion. While the U.S. is anticipated to exhibit a slightly slower CAGR of 13.9% over the period, it remains the largest market for these tests with the total market expected to rise from $1.63 billion in 2022 (a 37% share of the global market) to more than $1.85 billion in 2023.
A significant factor in the adoption of liquid biopsies is their ability to non-invasively detect important genetic components such as mutations, circulating tumor cells, and other biomarkers associated with cancer both for the detection of the disease, selecting appropriate therapies and monitoring disease progression.
The research report notes that an increasing recognition of the benefits of liquid biopsies such as ease of sample collecting, cost, and time to results combined with the rising prevalence of cancer is a major driving force in the continuing growth of these tests. According to the International Agency for Research on Cancer, in 2020 there were 19.3 million new cases of cancer and around 10 million reported deaths. Breast cancer is now among the most common cancer type diagnosed globally, with around 2.3 million new cases recorded in 2020. Other high-occurrence cancers include the lung cancer, colorectal cancer, and prostate cancer.
Other drivers of growth in the sector include the ability of liquid biopsies to detect cancer earlier than traditional techniques, its use to monitor patient tumors, identify targeted therapies, and assess clinical prognosis. It’s increased use as a tool informing drug development and in clinical trials are also contributing to market growth.
The projections for growth by region shows:
- The North America liquid biopsy market size was valued at $2.4 million in 2022 and is estimated to reach $8.1 million by 2032, growing at a CAGR of 14.5% from 2023 to 2032.
- The Asia Pacific market size was valued at $735.6 million in 2022 and is estimated to reach $3.1 million by 2032, growing at a CAGR of 15.5% from 2023 to 2032.
- The LAMEA (Latin America, Middle East, and Africa) market size was valued at $378.5 million in 2022 and is estimated to reach $1,28 billion by 2032, growing at a CAGR of 12.9% from 2023 to 2032.
Next-generation sequencing technology will dominate the market during the forecast period, as technologies continue to advance including the ability of NGS testing to identify genetic changes in extremely low quantities. NGS’s excellent sensitivity and specificity help identify mutations and other genomic changes associated with cancer with accuracy and makes it possible to analyze multiple genes and genomic areas at once. This allows the tests to provide comprehensive genomic profiling, which offers a more thorough knowledge of the genetic makeup of cancers.
