New York, Sept. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Liquid Biopsy Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151522/?utm_source=GNW
and F. Hoffmann-La Roche AG.
The global liquid biopsy market is expected to grow from $3.4 billion in 2020 to $3.87 billion in 2021 at a compound annual growth rate (CAGR) of 13.8%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $7.57 billion in 2025 at a CAGR of 18%.
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 which involves test done on a blood sample to detect the DNA from tumour cells in the blood.
Unlike surgical biopsies it allows medical doctors to find a tumour through a blood test. The liquid biopsy helps in planning further treatment for cancer.
The liquid biopsy market covered in this report is segmented by product into assays kits, instruments, services. It is also segmented by end user into reference laboratories, hospitals and physician laboratories, academic and research centres and by clinical application into early cancer screening, therapy selection, treatment monitoring, recurrence monitoring orthopedics.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
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.
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.
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.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06151522/?utm_source=GNW
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