The global liquid biopsy market was valued at USD 8.01 billion in 2023 and is projected to grow from USD 9.63 billion in 2024 to USD 58.64 billion by 2032, registering a robust CAGR of 25.3% over the forecast period. In 2023, North America dominated the market, capturing a 54.43% share.

The liquid biopsy market is set for substantial growth, propelled by the rising global prevalence of various cancers. According to Fortune Business Insights™ in its report "Liquid Biopsy Market, 2021-2028," the surge in cancers such as lung and stomach cancer is driving demand for advanced diagnostic solutions like liquid biopsy. This minimally invasive technique, which analyzes blood samples to obtain vital cancer-related insights, is becoming an essential tool in oncology, accelerating market expansion.

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Market Segmentation:

By Product Analysis

Assay Kits Driving Market Share

The kits & reagents segment led the market in 2024, fueled by the launch of advanced diagnostic assay kits offering faster and more reliable results. Key developments include Illumina’s TruSight Oncology 500 ctDNA kit (Nov 2023) and Guardant Health’s Guardant Reveal test (Feb 2021) for early-stage colorectal cancer monitoring. Growing approvals and favorable reimbursement policies are further boosting the segment. For instance, the FDA expanded the approval of FoundationOne Liquid CDx for breast and ovarian cancers in 2021. Meanwhile, the instruments segment is set for moderate growth, supported by new launches like Thermo Fisher’s QuantStudio Absolute Q digital PCR system (Sept 2021).

By Application Analysis

NIPT Segment Leads, Oncology to See Rapid Growth

Non-Invasive Prenatal Testing (NIPT) dominated in 2024, driven by rising cases of genetic abnormalities such as Down syndrome and increasing adoption of advanced prenatal tests like Yourgene’s IONA care (May 2021). The oncology segment is expected to grow at a faster pace, supported by early cancer detection initiatives and product expansions like Guardant Health’s Guardant360 Response test (June 2021).

By End User Analysis

Hospitals Dominate, Labs Gaining Traction

Hospitals held the largest market share in 2024 due to the rising demand for cancer diagnostics and prenatal testing, particularly in emerging markets. Reports indicate 25–30% of pregnant women in Australia opt for NIPT in private hospitals. Clinical laboratories are anticipated to grow steadily, supported by the increasing number of labs offering liquid biopsy tests globally, with over 200,000 labs operating in the U.S. alone.

Key Companies Featured in the Liquid Biopsy Market Report:

• Guardant Health (U.S.)
• PERSONALIS, INC. (U.S.)
• FOUNDATION MEDICINE, INC. (U.S.)
• Natera, Inc. (U.S.)
• Illumina, Inc. (U.S.)
• Hoffmann-La Roche Ltd (Switzerland)
• Menarini Silicon Biosystems, Inc. (Italy)
• Thermo Fisher Scientific Inc. (U.S.)
• QIAGEN (Germany)
• Bio-Rad Laboratories, Inc. (U.S.)

Restraining Factors:

• Cost Barrier: Liquid biopsy tests remain expensive, often exceeding $2,000 per test in the U.S. For example, a Guardant360-NGS test costs up to $3,557.6, significantly more than a traditional tumor tissue biopsy ($1,402.4). According to Healio (Dec 2023), colorectal cancer screening via liquid biopsy is 66% costlier than a colonoscopy.
• Technology Costs: PCR and NGS-based assays offer superior clinical utility but involve high development and investment costs, further restraining market growth.
• Reimbursement Issues: Insurance coverage is limited to metastasis, recurrence, and advanced cancers (stage III & IV), as per NCBI (2021). CMS does not cover liquid biopsy for early screening, reducing incentives for companies to invest in test development.
• Lack of Awareness & Coverage in Developing Regions: Countries like India, China, and South Africa face adoption challenges due to low awareness and lack of insurance support for liquid biopsy tests.

Regional Insights:

North America: The liquid biopsy market in North America is expected to grow significantly, driven by expanding applications and increased research and development efforts in the region.

Europe: The European market is anticipated to expand at a steady pace, fueled by the rising prevalence of cancer and growing awareness of liquid biopsy among the population.

Competitive Landscape:

Technological Advancements Driving Intense Market Competition:

Key players in the liquid biopsy market are focusing on integrating cutting-edge technologies to enhance cancer diagnostics and treatment. The adoption of advanced techniques aims to improve disease detection and management, ultimately reducing the severity of life-threatening conditions. This continuous innovation is fueling competition among leading companies, enabling them to expand their market reach and strengthen their industry presence.

Key Industry Developments:

• February 2024: Twist Bioscience Corporation launched a cfDNA library preparation kit to advance liquid biopsy research.
• May 2022: Guardant Health, Inc. announced the availability of blood sample-based cancer testing services in Europe, now operational at the Vall d’Hebron Institute of Oncology (VHIO) liquid biopsy testing facility in Barcelona.
• April 2022: Stilla Technologies partnered with Promega Corporation to provide a comprehensive digital PCR workflow solution for cancer research applications, including liquid biopsy and sentinel pathogen testing.
• September 2021: Thermo Fisher Scientific Inc. collaborated with AstraZeneca to develop NGS-based companion diagnostics (CDx) to support AstraZeneca’s growing portfolio of targeted therapies.
• July 2021: QIAGEN partnered with Sysmex Corporation to advance cancer companion diagnostics through ultra-sensitive liquid biopsy next-generation sequencing technology.

June 2021: Illumina Inc. and Next Generation Genomic Co., Ltd. introduced VeriSeq NIPT Solution v2 in Southeast Asia.