Therapy Areas: Devices
Liquid Biopsy Global Market to Grow to USD 20.39bn in 2027, According to Research and Markets
23 February 2023 - - The global liquid biopsy market will grow from USD 5.17bn in 2022 to USD 6.68bn in 2023 at a compound annual growth rate of 29.3%, according to Dublin-based market research and market data provider Research and Markets.

The liquid biopsy market is expected to grow to USD 20.39bn 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, a USA-based government agency increased its grant monies to USD 678,000 from USD 570,000 in 2020.

Furthermore, in 2022, National Institute of Health, an American medical research agency was granted a fund of USD 46.6 bn and USD 6.9bn was awarded to National Cancer Institute, 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 for liquid biopsy have always been a major challenge in the liquid biopsy market.

A laboratory developed test is an in-vitro diagnostic test 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 US 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 Corp., a USA-based molecular diagnostics company with an initial focus on the early detection and prevention of colorectal cancer acquired Thrive Earlier Detection for USD 2.15bn.

The acquisition of Thrive is a significant move for EXACT Sciences Corp. 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.