The increasing preference for noninvasive treatment procedures, the rising incidence and prevalence of cancer, and awareness initiatives undertaken by global health organizations are the major factors driving the liquid biopsy market growth.
Based on product & service, the liquid biopsy market is segmented into assay kits, instruments, and services. In 2020, the assay kits segment accounted for the largest share of the liquid biopsy industry. The standard purchase requirement of assay kits makes them a recurrent cost which is a key factor attributing to the growth of this segment.
Based on application, the liquid biopsy market is segmented into cancer and non-cancer applications. In 2020, the cancer application segment accounted for the largest share of the liquid biopsy industry. The large share of this segment can be mainly attributed to factors such as the increasing prevalence of cancer and the growing number of research studies on liquid biopsy for cancer applications.
Based on clinical application, the liquid biopsy market is segmented into therapy selection, treatment monitoring, recurrence monitoring, and early cancer screening. The therapy selection segment accounted for the largest share of the global liquid biopsy industry in 2020. The benefits of noninvasiveness, assessing tumor heterogeneity, real-time treatment monitoring, and detecting recurrence before significant tumor formation or metastasis are factors expected to drive the market for therapy selection.
Based on end user, the market has been segmented into reference laboratories, hospitals and physician laboratories, academic & research centers, and other end users. In 2020, the reference laboratories segment accounted for the largest share of the market. The large share of the reference laboratories segment can be attributed to the increasing outsourcing of liquid biopsy tests to reference laboratories.
The global liquid biopsy market has been segmented into four major regions—North America, Europe, the Asia Pacific, and the Rest of the World. North America accounted for the largest share of the market. The large share of this regional segment can be attributed to highly developed healthcare systems in the US and Canada, many leading national clinical laboratories, and the easy accessibility to technologically advanced instruments.