north america liquid biopsy Market

North America, the liquid biopsy market, is anticipated to reach US$ 3,531.44 Mn in 2027 from US$ 1,651.23 Mn in 2019. The market is projected to grow with a CAGR of 10.1% from 2019-2027.

The liquid biopsy market is growing primarily due to the increasing prevalence of cancer. Restraining factors, such as low sensitivity of liquid biopsy, is likely to damage the growth of the market in the coming years. On the other hand, increasing liquid biopsy due to growing application and advancements is expected to have a positive impact on the growth of the North American liquid biopsy market in the coming years.

Liquid biopsy is a revolutionary technology that is opening up various perspectives. The technology consists of isolation and detection of circulating tumor cells, circulating tumor DNA and exosomes, which provides genomic information of the cancer patients. Liquid biopsy are used in cancer diagnosis in order to study response or resistance to given treatments.

Liquid biopsy is a non-invasive diagnostic test that identifies various types of cancer. The increasing prevalence of cancer among population is leading to the growth of liquid biopsy market across the world. For instance, in Canada, cancer is the leading cause of death among population and it is witnessed to be a second-leading cause after heart diseases in the US. As per the American Cancer Society, Inc, approximately, 1.9 million new cancer cases and 693,000 cancer deaths were recorded in 2018, in Northern America. Prostate cancers are the most commonly diagnosed cancers among males in North America; however, breast cancers remains leading in females. Additionally, lung cancer remains the most common cause of death in both sexes. It is estimated that the number of new cases of cancer incidence is 439.2 per 100,000 men and women per year. Moreover, rapid change in lifestyle and consumption of alcohol and tobacco products are the factors increasing the incidences of cancer among the population. The largest potential market for liquid biopsy is a screening tool and testing the general asymptomatic population for different types of cancer.

Exosome Diagnostics Inc., Thermo Fisher Scientific Inc. and Bio-Rad Laboratories Inc. are among the major companies manufacturing liquid biopsy testing products to detect cancer. Therefore, increasing prevalence of cancer across the world is expected to drive the growth of the global liquid biopsy market during the forecast period.

In 2019, the reagents & kits segment accounted for the largest market share in the North American liquid biopsy market based on the product & services, and the similar segment is estimated to mark the highest CAGR in the market during the forecast period, owing to the availability of complete set of kits for liquid biopsy.

Moreover, in the United States, due to an increasing number of infected patients, healthcare professionals and leading organizations are distracting the flow of healthcare resources from research & development to primary care, which is slowing down the process of innovation. Furthermore, the pandemic spread is also preventing the clinical trials, drug development, and diagnostic industry in the US. For instance, California-based Lucence Diagnostics Pte Ltd., who develops liquid biopsy and has a known player in this industry, has been diverted now to manufacture kits for COVID-19.

Some of the significant primary and secondary sources for liquid biopsy included in the report are American Cancer Society (ACR), Centers For Disease Control And Prevention (CDC), Food and Drug Administration (FDA), International Diabetes Federation (IDF), and among others.