DUBLIN–(BUSINESS WIRE)–The “Liquid Biopsy Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global liquid biopsy market will grow from $5.17 billion in 2022 to $6.68 billion in 2023 at a compound annual growth rate (CAGR) of 29.3%. The liquid biopsy market is expected to grow to $20.39 billion in 2027 at a CAGR of 32.2%.
North America was the largest region in the liquid biopsy market in 2022. Western Europe was the second largest region in the liquid biopsy market. The regions covered in the liquid biopsy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Government funds for refining cancer detection drive the growth of the liquid biopsy market. Government funds help researchers in drug discovery, diagnosis, and treatment of diseases such as Cancer. For instance, in 2021, National Cancer Institute (NCI), a USA-based government agency increased its grant monies to $678,000 from $570,000 in 2020.
Furthermore, in 2022, National Institute of Health (NIH), an American medical research agency was granted a fund of $46.6 billion and $6.9 billion was awarded to National Cancer Institute (NCI), an American cancer research agency, for advancing cancer research. Therefore, government funds positively impact the growth of the liquid biopsy market.
Unclear regulations on laboratory developed tests (LDT) for liquid biopsy have always been a major challenge in the liquid biopsy market. A laboratory developed test (LDT) is an in-vitro diagnostic test (IVD) intended for clinical use that is designed, manufactured to be used in a single laboratory.
For instance, according to Tecan, an Swiss provider of laboratory instruments, the future of U.S. FDA regulations for laboratory developed tests was uncertain. Such delays in the approval of liquid biopsy tests by the FDA are expected to have a negative impact on the liquid biopsy market.
Companies are rapidly adopting new market dynamics and focusing primarily on new product launches, to meet the ever-increasing need for liquid biopsy products and services, to increase their revenue, and also for gaining a competitive edge over their rivals.
For instance, In August 2020, Personalis, Inc., a USA-based advanced cancer genomics company, revealed the introduction of NeXT Liquid Biopsy, a high-performance, exome-scale, tumor-profiling device that uses blood samples from innovative solid tumor cancer patients. NeXT Liquid Biopsy, combined with Personalis’ leading immunoid NeXT tissue profiling tool, allows a more detailed immuno-genomics image of the tumor which can now be tracked over time from blood samples.
These abilities can enable biopharmaceutical businesses to improve their knowledge of tumor biology, specifically resistance mechanisms, to help create next-generation cancer therapies. Thus, companies are investing in the development of new products in the liquid biopsy market.
In October 2020, EXACT Sciences Corporation, a USA-based molecular diagnostics company with an initial focus on the early detection and prevention of colorectal cancer acquired Thrive Earlier Detection for $2.15 billion. The acquisition of Thrive is a significant move for EXACT Sciences Corporation in ensuring that blood-based, multi-cancer screening becomes a reality and ultimately a standard of care. Thrive Earlier Detection, a USA-based healthcare company that integrates earlier cancer detection into routine medical care.
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Scope
Markets Covered:
1) By Product: Assays Kits; Instruments; Services
2) By End User: Reference Laboratories; Hospitals and Physician Laboratories; Academic and Research Centers
3) By Clinical Application: Early Cancer Screening; Therapy Selection; Treatment Monitoring; Recurrence Monitoring Orthopedics
A selection of companies mentioned in this report includes
- QIAGEN N.V.
- Roche Diagnostics
- Bio-Rad Laboratories Inc.
- Myriad Genetics Inc.
- Guardant Health Inc.
- Thermo Fisher Scientific
- Guardant Health
- Menarini Silicon Biosystems
- Biocept Inc.
- F. Hoffmann-La Roche AG
- Janssen Diagnostics LLC.
- Trovagene Inc.
- Fraunhofer-Gesellschaft
- MDX Health SA
- Agilent Technologies Inc.
- Cygnus Biosciences
- Illumina Inc.
- Oxford Nanopore
- Quantum Biosystems
For more information about this report visit https://www.researchandmarkets.com/r/z5izxs-biopsy?w=4
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