PitchBook Analyst Note: Investors Have Put "Bad Blood" from Theranos in the Past

VCs move on from Theranos “bad blood” as liquid biopsy startups flourish

Theranos’ downfall struck many as a swift end to the promise of blood-based testing, but researchers and startups haven’t given up on its future. While it may take more than a decade for liquid biopsies—diagnostic blood tests that can be an accessible alternative to more invasive tissue biopsies—to reach their full market potential, they’re here to stay. 

PitchBook and Morningstar analysts estimate that the global addressable market for liquid biopsies could exceed $100 billion in the long term, as the tests become commonplace in annual physicals and replace existing cancer screening methods.

Our latest analyst note dives into the VC landscape for blood-based testing and unpacks the main challenges to widespread liquid biopsy adoption, with a spotlight on new Swiss startup Hedera Dx.