The North American Liquid Biopsy Market size is expected to grow at a CAGR of 19.6% during the forecast period. The market size is estimated to value USD 717 million by 2027 from USD 293 million in 2022.
Liquid biopsies offer an easy and effective way of sample collection, invasive treatment, and faster diagnosis leading to rising demand for these devices and, further, expected to boost the liquid biopsy market in North America during the forecast period. Owing to a wide range of applications of liquid biopsies,
The key drivers fueling the growth of the North American market are the rise in the occurrence of cancer, particularly colorectal cancer, leading to an increase in demand for non-invasive techniques like liquid biopsy tests. In addition, patient comfort, growing demand for specific and reliable assay, real-time treatment monitoring, early detection of tumors, improvements in health infrastructure, expensive techniques, and obtained drug resistance are further driving the market growth.
The significant restraints opposing the growth of the North American market are Lack of reimbursements and continuously changing regulations of laboratory-developed tests leading to increasing costs of new tests and delays in their release in the market, low rate of specificity and sensitivity,
Key players in the market show interest in increasing investments and expanding product portfolios through research and developments. By adopting innovative strategies, these are likely to offer lucrative opportunities for the growth of the North American market during the forecast period.
This research report on the North American Liquid Biopsy Market has been segmented and sub-segmented market into the following categories:
By Cancer Type:
By Diagnostic Approach:
Regionally, North America is leading the global market. This market is on high growth in North America as colorectal cancer stands fourth most commonly diagnosed cancer. In addition, there is a lot of research going on for the detection of colorectal cancer.
The Liquid Biopsy market in the United States is expected to grow at a robust CAGR during the forecast period. The U.S. is researching liquid biopsy actively and treating patients at a very early stage of cancer. In the U.S., the adoption of liquid biopsy to leave outpatients from targeted therapy has seen much slower clinical acceptance. A liquid biopsy is an attractive tool for cancer screening at the initial stage, which is anticipated to propel the market's demand. The U.S. is facing a few challenges because of the less funding given by the government. The emergence of advancement in technology in research centers is significantly influencing the demand of the market. Awareness of this technique will drive the regional Liquid Biopsy market.
The Canadian liquid biopsy market is growing steadily in Canada. This is because raising cancer incidence is one of the leading factors responsible for diagnosing many patients in this region. In Canada, mainly Newfoundland, Labrador, Ontario, Nova Scotia shows the highest cancer incidence rate. A liquid biopsy technique is correctly used to detect the early detect tumor from a small number of blood samples involved in metastasis.
The highest mortality rate is due to the increasing death rate by cancer. Liquid biopsy facilitates the surgeon to understand the cancer stage, which is driving the growth of the cancer cells. It also may help to seek better treatment at the earliest stage to treat cancer effectively. These factors are prompting demand for the liquid biopsy market in Canada. While advancing technology rapidly, getting approval from regulatory authority are significant challenges in front of companies. The increasing alcohol consumption and smoking rate day by day and many researchers working on detecting colorectal cancer are enhancing the market's growth.
KEY MARKET PLAYERS:
Some of the promising companies operating in the North American liquid biopsy market are Janssen Diagnostics, Qiagen, Rarecells SAS, Silicon Biosystems, SRI International, Myriad Genetics, Natera, Personal Genome Diagnostics, Sysmex Inostics, Trovagene, Exosome Diagnostics, Exosome Sciences, and HansaBiomed OU.
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