May 21, 2024
Cancer Biopsy Market

Biopsy Is The Largest Segment Driving The Growth Of The Cancer Biopsy Market

The global Cancer Biopsy Market is estimated to be valued at US$ 25.61 Bn or Mn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Cancer biopsy is a medical test performed to remove cells or tissues from a tumor for pathological examination to confirm presence of cancer. It helps doctors to stage and classify cancers accurately for appropriate treatment.

Market key trends:
One of the major trends in the cancer biopsy market is the ongoing focus on developing non-invasive liquid biopsy tests. Liquid biopsy is an emerging technology for capturing and analyzing cancer cells or tumor DNA circulating in blood or other bodily fluids. It offers various advantages over traditional tissue biopsy such as being minimally invasive, more convenient for patients, and allowing repeated sampling over time. Companies are investing significantly in research and development of liquid biopsy to provide comprehensive information about cancer at early stages.

SWOT Analysis

Strength: Cancer biopsy is a minimally invasive procedure to obtain a sample of cells for examination under a microscope to detect cancer. It causes less pain, scarring and risk of infection compared to surgical biopsies.

Weakness: Cancer biopsy does not always provide a definitive diagnosis as the sample obtained may not be from the cancerous part of the tissue. There is also a small risk of bleeding, infection and pain from the biopsy procedure.

Opportunity: Rising prevalence of cancer worldwide is driving the demand for effective diagnostic techniques. Advancements in biopsy technologies like liquid biopsy and image-guided biopsy are creating new opportunities in the market.

Threats: Stringent regulatory requirements for approval of biopsy devices increase the cost and time to market. Privacy and security concerns related to uses of patient biopsy data also pose threats.

Key Takeaways

The Global Cancer Biopsy Market Growth is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing adoption of minimally invasive biopsy procedures and image-guided biopsies.

Regional analysis:

North America dominates the cancer biopsy market currently due to growing cancer incidence and supportive government initiatives for diagnostic services. Asia Pacific is expected to grow at the fastest pace owing to rising healthcare spending and increasing focus on early cancer detection in countries like China and India.

Key players operating in the Cancer Biopsy market are QIAGEN, Illumina, Inc., Angle PLC, Myriad Genetics, COUNSYL, Inc., Hologic, Inc., Biocept, Inc., Thermo Fisher Scientific, Inc., Danaher, F. Hoffmann-La Roche Ltd., Epigenomics AG, BD (Becton, Dickinson and Company), and Helio Health (Laboratory for Advanced Medicine), among others.

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