DUBLIN, May 5, 2020 /PRNewswire/ -- The "Liquid Biopsy Market Global Report 2020-2030" report has been added to ResearchAndMarkets.com's offering.
The global liquid biopsy market was worth $2.9 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 20.80% and reach $6.1 billion by 2023. North America was the largest region in 2019 and Asia-Pacific is expected to grow fastest in the forecast period.
Major players in the market are 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. and F. Hoffmann-La Roche AG.
Government funds for refining cancer detection drives the growth of the liquid biopsy market
Government funds helps 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.
Also, in 2017, the German Federal Ministry of Education and Research raised a fund amount of 500,000 ($531,615) to CeGaT, a German genetic testing firm. The funding was done to support the research and development of liquid biopsy methods used for the analysis of circulating tumor DNA. 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.
Market Trends and Developments
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 2017, QIAGEN N.V., a Germany based provider of sample and assay technologies for molecular diagnostics broadened its pipeline in liquid biopsy by launching AdnaTest Prostate Cancer Panel AR-V7. This panel is used for detecting androgen receptor splice variant 7 from liquid biopsies for investigating resistance in new medicines for advanced prostate cancer. The AdnaTest provides a significant biomarker for clinical research to provide for the future development of the diagnosis of prostate cancer by providing precise insights from tumor cells in blood samples. Thus, companies are investing in the development of new products in the liquid biopsy market.
In October 2018, Precision for Medicine, a part of the Precision Medicine Group, acquired Apo-Cell for an undisclosed amount. The acquisition adds ApoCell's expertise in tissue genomic profiling and liquid biopsy technology to Precision for Medicine. Precision Medicine Group is a US-based pharmaceutical company involved in the development and commercialization of drugs. ApoCell, Inc., is a US-based lab involved in the identification and analysis of customized biomarker solutions.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider liquid biopsy market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market and forecasting the future. Drivers and restraints looks at the external factors supporting and controlling the growth of the market.
- Market segmentations break down market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers all the regions, key developed countries and major emerging markets. It draws comparisons with country populations and economies to understand the importance of the market by country and how this is changing.
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section highlights the likely future developments in the market and suggests approaches companies can take to exploit this.
- The liquid biopsy market section of the report gives context. It compares the liquid biopsy market with other segments of the liquid biopsy market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, liquid biopsy indicators comparison.
Key Topics Covered
1. Executive Summary
2. Liquid Biopsy Market Characteristics
3. Liquid Biopsy Market Size and Growth
3.1. Global Liquid Biopsy Historic Market, 2015-2019, $ Billion
3.1.1. Drivers of the Market
3.1.2. Restraints on the Market
3.2. Global Liquid Biopsy Forecast Market, 2019-2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers of the Market
3.2.2. Restraints on the Market
4. Liquid Biopsy Market Segmentation
4.1. Global Liquid Biopsy Market, Segmentation by Product, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Assays Kits
4.2. Global Liquid Biopsy Market, Segmentation by End-user, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Reference Laboratories
- Hospitals and Physician Laboratories
- Academic and Research Centers
4.3. Global Liquid Biopsy Market, Segmentation by Clinical Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Early Cancer Screening
- Therapy Selection
- Treatment Monitoring
- Recurrence Monitoring Orthopedics
5. Liquid Biopsy Market Regional and Country Analysis
- 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.
- MDX Health S.A.
- Agilent Technologies Inc.
- Cygnus Biosciences
- Illumina Inc.
- Oxford Nanopore
- Quantum Biosystems
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