May 21, 2024
Cancer Biopsy Market

Cancer Biopsy Market Growth Driven By Rising Demand For Minimally Invasive Diagnostic Procedures

Cancer biopsy procedures are widely used to detect the presence of cancerous cells in the suspected tissues or organs. Biopsy helps doctors confirm cancer diagnosis and determine the appropriate treatment. The global cancer biopsy market comprises several inter-related procedures and tools including needles, guidance systems, and others that assist in extracting tissue samples for lab analysis. With rising burden of different cancers worldwide, the demand for minimally invasive biopsy has increased significantly. Minimally invasive biopsy procedures such as fine needle aspiration biopsy and core needle biopsy are preferred over traditional surgical biopsy due to benefits such as reduced risk of infection, minimal scarring, shorter recovery times, and outpatient procedure.

The global Cancer Biopsy Market is estimated to be valued at US$ 25.61 Bn  in 2023 and is expected to exhibit a CAGR of 13. %  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the key trends in the cancer biopsy market is the rising adoption of liquid biopsy. Liquid biopsy is a minimally invasive technique that analyzes blood samples to detect cancer cells or fragments of their DNA that are circulating in blood. It provides real-time monitoring of cancer during and after treatment without repeated tissue biopsies. Liquid biopsy helps detect cancer at early stages, determine the aggressiveness of disease, guide treatment decisions, and monitor response to therapy over time. With advantages such as easy access to samples, repeatability, and detection of molecular changes, liquid biopsy is emerging as an important companion diagnostic for guiding cancer treatment. Key players are focused on developing sensitive technologies and cancer gene panels to make liquid biopsy a reliable alternative to tissue biopsies.

Porter’s Analysis

Threat of new entrants: The cancer biopsy market requires significant investment in R&D and maintaining quality standards, acting as barriers

to entry for new players.

Bargaining power of buyers: Individual consumers have low bargaining power in this market, while large healthcare organizations and government agencies have moderate bargaining power.

Bargaining power of suppliers: A few major players dominate the supply of key technologies and components like biopsy needles, raising supplier bargaining power.

Threat of new substitutes: Alternative diagnostic techniques pose a threat, but biopsy remains the gold standard for tissue sample collection for cancer diagnosis.

Competitive rivalry: The market sees intense competition between major global players and growing demand is driving increased innovation.

Key Takeaways

The global Cancer Biopsy Market Size is expected to witness high growth over the forecast period supported by rising cancer incidence and improved diagnostics.
Regional analysis: Europe is expected to grow rapidly in the cancer biopsy market supported by increasing research funding and launch of advanced biopsy devices by European companies. The Asia Pacific region also presents high opportunities for market players and is projected to register fastest growth during the forecast period with improving access to healthcare in major countries.

Key players: Key players operating in the cancer biopsy market are Atlassian Corporation Plc, Microsoft Corporation, Monday.com Ltd., Wrike, Inc., Asana, Inc., Jira Software (part of Atlassian), Smartsheet Inc., Trello, Inc., Basecamp LLC, Teamwork.com Ltd., Zoho Corporation Pvt. Ltd., Pivotal Software, Inc., VersionOne Inc., Clarizen Ltd., and Targetprocess Inc. These leading companies are focusing on new product launches and strategic acquisitions to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it