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Liquid Biopsy Global Market to Reach $15.01 Billion by 2026 at a 30.6% CAGR | ||
By: PR Newswire Association LLC. - 24 Nov 2022 | Back to overview list |
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DUBLIN, Nov. 24, 2022 /PRNewswire/ -- 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. 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. 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
For more information about this report visit https://www.researchandmarkets.com/r/8sljgx Media Contact: Research and Markets For E.S.T Office Hours Call +1-917-300-0470 U.S. Fax: 646-607-1904 Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg View original content:https://www.prnewswire.com/news-releases/liquid-biopsy-global-market-to-reach-15-01-billion-by-2026-at-a-30-6-cagr-301686934.html SOURCE Research and Markets |
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