The “Europe Liquid Biopsy Market to 2027 – Regional Analysis and Forecasts by Product & Services; Sample; Application; End User; and, Country” report has been added to ResearchAndMarkets.com’s offering.
Europe, the liquid biopsy market, is anticipated to reach US$ 2,251.12 Mn in 2027 from US$ 1,097.82 Mn in 2019. The market is projected to grow with a CAGR of 9.5% from 2019-2027.
The liquid biopsy market is growing primarily due to government and global health organizations initiatives. 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, rising liquid biopsy due to growing application and advancements is expected to have a positive impact on the growth of the Europe 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.
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 Pre-competitive 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, distinguishing between aggressive from non-aggressive cancers, and to differentiate benign disease from cancer.
The NCI’s commitment of funds towards R&D of clinical advanced technology will encourage the investigators to expand their research for early detection and accelerate clinical adoption of these promising technologies.
European countries are also taking initiatives for early detection of cancer. For instance, the Innovative Medicines Initiative funded the CANCER-ID project, started on 1January 2015. It is a public-private partnership between the EU and the European pharmaceutical industry, which includes 38 partners from 13 European countries, along with groups from the US and a company in Singapore. These partners are brought together to develop and validate standardized operating procedures for liquid biopsies. Such increasing initiatives for liquid biopsy, it is likely to boost 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 Europe 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, the European Society for Medical Oncology (ESMO) is the leading professional organization for medical oncology, is continuing to help oncology professionals by helping them to deliver optimal care to their cancer patients in such situations. The impact of the COVID-19 pandemic on cancer patients is high in terms of anxiety, fear, and psychological distress. However, due to growing COVID-19, the supply of diagnostics kits and assays are delayed because of growing quarantine time and shutting down all business operations.
Europe is facing the massive impact of an outbreak due to exponential growth of infections in the region. As per data published by public sources, till March 26, Europe had an estimated 250,000 number of infected patients in the region. The outbreak badly hits countries such as Italy, Spain, Germany, France, and the UK.
Key Market Dynamics
Key Market Drivers
- Government and Global Health Organizations Initiatives
- Low Sensitivity of Liquid Biopsy
Key Market Opportunities
- Rising Liquid Biopsy Due to Growing Application and Advancements
- Consistent Launch of New Products
- F. Hoffmann-la Roche ltd
- Inivata Ltd
- LungLife AI, Inc.
- Exosome Diagnostics
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