(MENAFN- GlobeNewsWire - Nasdaq) New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Liquid Biopsy Global Market Report 2023' -
, F. Hoffmann-La Roche AG, Janssen Diagnostics LLC., Trovagene Inc., Fraunhofer-Gesellschaft, MDX Health SA, Agilent Technologies Inc., Cygnus Biosciences, Illumina Inc., Oxford Nanopore, and Quantum Biosystems.
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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The liquid biopsy market is expected to grow to $20.39 billion in 2027 at a CAGR of 32.2%.
The liquid biopsy market includes revenues earned by entities by DNA collection tubes, tests, and reagents.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
A liquid biopsy is a quick and painless substitute for surgical biopsies that allows medical professionals to learn a lot about a tumor from a small blood sample.Liquid biopsy is a diagnostic test performed on blood to detect the presence of any cancerous cells in the blood.
It is used to detect cancer at an early stage.
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.
The main product types of liquid biopsy are assays kits, instruments, and services.Assay Kits provide the reagents needed to conduct analytical tests for the measurement of specific analytes in industries such as food, cereals and dietary fiber, dairy, analytical laboratories, animal feed and nutrition, biofuels, biotechnology, wine, malting and brewing, and research.
The various clinical applications include early cancer screening, therapy selection, treatment monitoring, and recurrence monitoring orthopedics that are used by reference laboratories, hospitals and physician laboratories, and academic and research centers.
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 $2.15 billion. The acquisition of Thrive is a significant move for EXACT Sciences Corporation in ensuring that blood-based, multi-cancer screening becomes a reality and ultimately a standard of care. Thrive Earlier Detection, a USA-based healthcare company that integrates earlier cancer detection into routine medical care.
The countries covered in the liquid biopsy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced.It does not include revenues from resales either further along the supply chain or as part of other products.
The liquid biopsy market consists of sales of liquid biopsy services and related products used to detect cancer at an early stage.Liquid biopsy is an easy and minimally invasive technology that involves tests done on a blood sample to detect the DNA from tumor cells in the blood.
Unlike surgical biopsies it allows medical doctors to find a tumor through a blood test. The liquid biopsy helps in planning further treatment for cancer.
The liquid biopsy market research report is one of a series of new reports that provides liquid biopsy market statistics, including liquid biopsy industry global market size, regional shares, competitors with a liquid biopsy market share, detailed liquid biopsy market segments, market trends and opportunities, and any further data you may need to thrive in the liquid biopsy industry. This liquid biopsy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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