Liquid Biopsy Global Sales Expected to Hit $26.2 Billion by 2030

The steady increase in worldwide cancer deaths has made the development of novel cancer diagnostics both a medical and business imperative. One of the most promising candidates is liquid biopsy. A new report from Canadian/Indian research firm Precedence Research projects that the worldwide market for liquid biopsy will grow from $7.1 billion in 2020 to $26.2 billion by 2030, a 2021 to 2030 compound annual growth rate (CAGR) of 14 percent.

The Liquid Biopsy Opportunity

Liquid biopsies are non-invasive biomarker assays that analyze tumor-derived materials found in biological fluids. The most commonly targeted analytes in liquid biopsies are cell-free DNA (cfDNA) and circulating tumor DNA (ctDNA), DNA fragments that are outside of cells and present in the circulation. In addition to being non-invasive, liquid biopsies are significantly less expensive than tissue biopsies, which can cost between $15,000 and $45,000 a pop. The following chart from health care financial consulting firm Kalorama Information summarizes the advantages of liquid biopsy:

Comparison of Tissue and Liquid Biopsy

Tissue Biopsy	Liquid Biopsy
Invasive and expensive	Non-invasive and less costly
Provides information specific to the localized tumor site	May provide information from both primary and metastatic sites
Available in limited quantities	Can be collected frequently, in larger volumes
Information provided is limited to the section of biopsy analyzed	Can reflect tumor heterogeneity
Serial biopsies are difficult/impossible	Serial evaluation of disease possible
Difficult to obtain from some organs / Not available if primary tumor is not visible in imaging or has been surgically removed	Blood/urine specimens are easy to collect

The cloud to this silver lining is that liquid biopsy technology is still in its early stages and that questions have arisen with regard to its sensitivity vis-à-vis tissue biopsies, as well as inconsistency of performance from product to product. One reason for this is that levels of ctDNA of a cancer mutation in a patient’s plasma may be very low, which makes detecting ctDNA in liquid biopsies like looking for a needle in a haystack. The resulting false negative results may cost the patient the opportunity to detect the tumor at an early stage. False positives have also been associated with certain liquid biopsy products.

Liquid Biopsy Market Dynamics

While challenges remain, liquid biopsies are gaining wider acceptance. Opportunity for double-digit CAGR will be driven by the simple fact that more people around the world are getting cancer. According to the World Health Organization (WHO), cancer is the second-leading cause of global deaths.

Source: Recreated from information from Precedence Research

The Precedence Research numbers represent the lower side of the projections. Many analysts expect even higher growth rates, including Kalorama, which forecasts annual growth of 20 percent. The following analysis is based on global market data from 2020: By Product Type: The current liquid biopsy market is segmented into assay kits, instruments, and services based on products. Assay kits account for the largest share of the liquid biopsy market. The standard purchase requirement of assay kits makes them a recurrent cost which is a key factor attributing to the growth of this segment. The multi-gene parallel analysis (or next-generation sequencing) technology segment had the largest market revenue share. By Clinical Application: The liquid biopsy market is segmented into cancer and non-cancer applications, with cancer currently accounting for the largest share. By End User: Liquid biopsy market end user segments include reference labs, hospitals and physician labs, academic and research centers, and other end users. The reference labs segment accounted for the largest share of the liquid biopsy market, a pattern that’s likely to continue as outsourcing of liquid biopsy tests grows. By Geographical Market: North America and Europe are the largest markets for liquid biopsy. While Asia Pacific and the Rest of the World have greater populations, their less developed health care systems and limited access to technologically advanced instruments limits the utilization of liquid biopsies in those regions.

Major Companies in the Global Liquid Biopsy Market
BioRad Biocept Epigenomics F. Hoffmann-La Roche (Foundation Medicine) Guardant Health Illumina Myriad Genetics Oncimmune Qiagen Thermo Fisher Scientific