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DUBLIN--(BUSINESS WIRE)--Nov 21, 2022--
The "Liquid Biopsy Global Market Report 2022, By Product, By End User, By Clinical Application" report has been added to ResearchAndMarkets.com's offering.
The global liquid biopsy market is expected to grow from $4.02 billion in 2021 to $5.17 billion in 2022 at a compound annual growth rate (CAGR) of 28.5%. The market is expected to reach $15.01 billion in 2026 at a CAGR of 30.6%.
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 2019, National Cancer Institute (NCI), a USA-based government agency gave funds worth $2.1 million and a five-year grant to Translational Genomics Research Institute (TGen), a genomics research institute based in U.S.A.
The funding enables TGen and Mayo Clinic researchers to drive the clinical trials for liquid biopsy test for the detection of breast cancer. The National Cancer Institute (NCI) aims to post a Funding Opportunity Announcement (FOA) in December 2020 to enable applications for cancer diagnosis, prevention, identification and treatment innovations for public health (U01 activity code). The FAO has projected that the overall funding is expected to hit $4 million in the fiscal year 2022. Therefore, government funds positively impact the growth of 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, in 2019, the Food and Drug Administration (FDA) proposed a plan to increase the regulations for the approval of laboratory developed tests.
However, the regulations are unclear and do not reduce the time it takes for the approval of these tests. Following this, the FDA, till 2019, has approved only two liquid biopsy tests. The first test which identifies EGFR mutations in NSCLC patients was approved in 2016 while the second test for detecting the PIK3CA mutation in patients was approved in 2019. 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 tumour cancer patients. NeXT Liquid Biopsy, combined with Personalis' leading immunoid NeXT tissue profiling tool, allows a more detailed immuno-genomics image of the tumour which can now be tracked over time from blood samples.
These abilities can enable biopharmaceutical businesses improve their knowledge of tumour 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.
Scope
Markets Covered:
1) By Technique: Ultrasound; MRI; X-ray; Computed Tomography; Others
2) By Application: Oncology; Cardiology; Orthopedic; Others
3) By End User: Diagnostic Centers; Hospitals; Research Centers
Key Topics Covered:
1. Executive Summary
2. Liquid Biopsy Market Characteristics
3. Liquid Biopsy Market Trends And Strategies
4. Impact Of COVID-19 On Liquid Biopsy
5. Liquid Biopsy Market Size And Growth
6. Liquid Biopsy Market Segmentation
7. Liquid Biopsy Market Regional And Country Analysis
8. Asia-Pacific Liquid Biopsy Market
9. China Liquid Biopsy Market
10. India Liquid Biopsy Market
11. Japan Liquid Biopsy Market
12. Australia Liquid Biopsy Market
13. Indonesia Liquid Biopsy Market
14. South Korea Liquid Biopsy Market
15. Western Europe Liquid Biopsy Market
16. UK Liquid Biopsy Market
17. Germany Liquid Biopsy Market
18. France Liquid Biopsy Market
19. Eastern Europe Liquid Biopsy Market
20. Russia Liquid Biopsy Market
21. North America Liquid Biopsy Market
22. USA Liquid Biopsy Market
23. South America Liquid Biopsy Market
24. Brazil Liquid Biopsy Market
25. Middle East Liquid Biopsy Market
26. Africa Liquid Biopsy Market
27. Liquid Biopsy Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Liquid Biopsy Market
29. Liquid Biopsy Market Future Outlook and Potential Analysis
30. Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/7795kq
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KEYWORD:
INDUSTRY KEYWORD: BIOTECHNOLOGY HEALTH MEDICAL DEVICES
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/21/2022 07:19 AM/DISC: 11/21/2022 07:19 AM
http://www.businesswire.com/news/home/20221121005482/en