Current technological developments have made it possible to achieve over 80% reliability in several critical areas of healthcare, all based solely on patient blood samples. These mostly blood-based diagnostic methods, known as liquid biopsies, offer a non-invasive, highly accurate approach to disease management, revolutionising how we approach patient care.
The growing global burden of cancer
According to a 2024 peer-reviewed article published jointly by the International Agency for Research on Cancer and the American Cancer Society, there were close to 10 million deaths out of the nearly 20 million new cases of cancer in 2022. The burden of the disease is expected to grow further due to ageing demographics, with the number of new cancer cases reaching 35 million by 2050, a 75% increase from the number in 2022. With cancer ranking among the top three causes of death for people aged 30 to 69 in 177 of the 183 countries surveyed, this serious disease is one of the major global public health, economic, and societal challenges of the 21st century.
The early detection of cancer or precancerous mutations can help usher in prompt medical intervention that could help to improve the survival rates for those with the disease. When cancer is caught early, treatments tend to be more effective and less toxic because cancers in the early stages are generally smaller and more localised. This renders it easier for medical professionals to treat the disease, in addition to the need for less aggressive and invasive treatments that result in fewer side effects and overall lower medical bills. While many of the techniques are still in their infancy, recent scientific advances are allowing oncologists to detect cancer at earlier stages by using novel technologies, such as liquid biopsies and artificial intelligence (AI), to screen for abnormalities.
New cancer prevention and early detection advances
To date, only a handful of cancer tests are part of the standard recurring screening procedure that adults are normally offered in the second half of their lives, such as HPV tests, prostate cancer screening, and colonoscopies. Over the past few years, however, several significant multifaceted technological advances have led to the development of novel tests that may facilitate early cancer detection – and offer new options, particularly for those with genetic, environmental, or behavioural predispositions.
The rise of liquid biopsies
All the advancements listed above have contributed to the emergence of what is known as a liquid biopsy. This minimally invasive diagnostic testing technology that primarily analyses blood samples to detect diseases, particularly cancers. Pioneered about 15 years ago, this field has progressed significantly and has produced/nurtured several small- and mid-sized companies that develop and sell novel tests.
Unfortunately, many modern diagnostics are still considered a relatively young industry; many of these new tests are not (yet) offered or available to European patients for various reasons, including costs, reimbursement challenges, regulatory approval, and a lack of knowledge. Nonetheless, old and new tests should be actively pursued and demanded by patients at their doctor’s visits for the purpose of prevention.
Market expansion and key drivers
The liquid biopsy market is driven by rapid advancements in NGS, high-resolution mass spectrometry for proteomics, bioinformatic algorithms, and molecular diagnostics. These innovative technologies enable the early detection, therapy selection, and monitoring of cancer and other diseases through minimally invasive blood tests that analyse circulating tumour DNA (ctDNA), Ribonucleic acid (RNA), and proteins. Its technological progress aligns with an increasing demand for precision medicine and a growing focus on improving patient outcomes.
According to the filings of companies active in the liquid biopsy space, the total addressable market in the US is worth about USD $40 billion. Revenues generated in 2024 amounted to approximately one-tenth of this figure, i.e. USD $4 billion, and have been rising by 45% over the past four years.
Opportunities for investors
The liquid biopsy market is at the forefront of a transformative shift in diagnostics, offering significant long-term investment potential due to its ability to address unmet medical needs and improve healthcare outcomes. While the sector presents attractive growth opportunities, investors need to carefully weigh the risks associated with regulatory hurdles, competitive dynamics, and reimbursement landscapes.
A diversified portfolio approach, focusing on leading players and emerging innovators, could mitigate risks while capitalising on the sector’s growth trajectory.