Press release
Liquid Biopsy Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Biocept, Bio-Rad Laboratories, Lunglifeai
According to the latest study on 'Liquid Biopsy Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Product & Services, Sample, Circulating Biomarker, Application, and End User.' The global liquid biopsy market was valued at US$ 3,861.49 million in 2019 and is projected to reach US$ 8,123.85 million by 2027; it is expected to grow with a CAGR of 9.9% during 2020-2027.The report provides trends prevailing in the global liquid biopsy market and the factors driving market along with those that act as hindrances.
Based on product & services, the liquid biopsy market is segmented into equipment, reagents & kits and services. The reagents & kits segment held the largest share of the market in 2019 and the same segment is anticipated to register the highest CAGR of 10.3% in the market during the forecast period. The growth of reagents & kit segment is attributed to the enhancement of solution to improve staining results and unique antibodies with fluorescent staining markers. There are various reagent & kits available in market for the detection of cancerous cell. For instance, MagMAX cell-free total nucleic acid isolation kit used to isolate and purify cfRNA and cfDNA from serum, plasma, or urine samples with the help of magnetic bead-based technology.
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Market Insights
Government and Global Health Organizations Initiatives
The liquid biopsy test is conducted to detect cancer at an early stage. The test is performed either on a blood sample to identify cancer cells present in the in blood stream, or on the DNA extracted from tumor cells. The government for early detection of cancer takes various initiatives. For instance, the National Institutes of Health (NIH) started a new initiative called Precompetitive Collaboration on liquid biopsy for early cancer assessment. The purposes of this initiative are to establish a Public-Private Partnership Program for the development of new or validate existing technologies, methods, and assays for the capture and quantification of tumor-associated cells, RNA, DNA, or exosomes in body fluids of patients with an early-stage disease or those at high risk. This initiative emphasis early cancer detection by distinguishing aggressive and nonaggressive cancers, and differentiates benign disease from cancer.
The NCI'scommitment of funds towards R&D of clinical advanced technology will encourage the investigators to expand their research for early detection of cancer and accelerate clinical adoption of these promising technologies.
In China and the US, the central government and biotech investors have been financing lung cancer screening by investing in Research & Development and complementary or improved screening tools and diagnostics, such as biomarkers and liquid biopsies.
Product and Services Insights
Based on product and services the liquid biopsy market is segmented into equipment, reagents & kits and services. The reagents & kits segment held the largest share of the market in 2019 and the same segment is anticipated to register the highest CAGR in the market during the forecast period.
The increasing prevalence of cancer is the major factor driving the growth of the market. However, low sensitivity of liquid biopsy is likely to restrain the growth of the market during the forecast years.
Biocept, inc., Bio-Rad Laboratories, Inc., Lunglifeai, inc, Exosome Diagnostics, F. Hoffmann-la Roche ltd, Inivata ltd,Exact sciences corporation, Mdxhealth, Qiagen, and Thermo fisher scientific inc. are among the key players present in the liquid biopsy market. The companies are focused on following organic strategies such as product launches and business expansions to sustain their position in the dynamic market. For instance, in November 2019, Thermo Fisher Scientific launched a product namely Oncomine Precision Assay, which is innovative pan-cancer panel for the Genexus platform. It is likely to perform, genomic profiling from formalin-fixed, paraffin-embedded (FFPE) tissue and liquid biopsy samples with a single assay.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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