The liquid biopsy market is projected to exhibit robust expansion by 2027 owing to growing preference for non-invasive diagnostic methods among patients across the world.
Liquid biopsy refers to a blood test that looks for cancer cells from a tumor that are circulating in the blood or DNA fragments from tumor cells, which are present in the blood. It has been shown to aid in the detection of cancer even in the early stages. Additionally, it is also used to help plan treatment, understand how well treatment is working, and determine if cancer has returned. Rising awareness among patients, particularly high-risk individuals, about early disease diagnosis and periodic checkups has fostered industry uptake in recent years.
Furthermore, industry players have been actively employing lucrative strategies to gain a competitive edge in the emerging sector, which has positively impacted liquid biopsy market dynamics. For instance, in November 2021, Lucence Health, a leading precision oncology company, entered into a partnership agreement with VA Palo Alto Healthcare System, a prominent oncology firm, to launch its first liquid biopsy technology study in the U.S. The study intends to examine the use of non-invasive liquid biopsy in conjunction with imaging technologies for the detection of lung cancer in high-risk individuals.
The liquid biopsy market has been segregated on the basis of application, biomarkers, product, and region. In terms of biomarkers, the market has further been divided into circulating tumor DNA, circulating tumor cells (CTC), and others.
The circulating tumor cells (CTC) sub-segment is expected to reach a notable valuation by 2027, expanding at approximately 29.7% CAGR over the study timeline propelled by the high specificity of CTC. Moreover, increased risk of metastatic conditions, along with organizational efforts to expand accessibility, is likely to drive segmental growth in the coming years.
Based on product, the liquid biopsy market has been classified into assay & panels, kits & reagents, and others. The others sub-segment is set to grow at a stable pace over 2021-2027 driven by the development of specific instruments to offer ease in complex procedures and manage workflow.
With respect to application, the market has been categorized into prostate cancer, lung cancer, colorectal cancer, breast cancer, and others. In 2020, the prostate cancer sub-segment held over 9% share in the liquid biopsy market and is estimated to witness steady growth over the analysis period. Higher disease prevalence in developing countries has prompted the adoption of advanced diagnostic methods, which is slated to fuel segmental demand in coming years.
From the regional point of view, the Latin America liquid biopsy market is poised to grow at a CAGR of around 29.4% over the assessment timeline. Mounting emphasis of industry players on business expansion to broaden product accessibility in LATAM is speculated to propel regional market growth over the forthcoming years.