by The global cancer biopsy market is estimated to be valued at US$ 22.86 billion in 2022 and is expected to exhibit a CAGR of 14.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The cancer biopsy market involves the collection and analysis of tissue samples to diagnose and determine the presence of cancer cells. Biopsy procedures are crucial for accurate diagnosis and to determine the stage and type of cancer, aiding in the selection of appropriate treatment methods. The need for cancer biopsies arises from the increasing prevalence of cancer worldwide and the growing demand for early and accurate diagnosis.
Market Key Trends:
One key trend in the cancer biopsy market is the increasing adoption of liquid biopsy techniques. Liquid biopsy is a non-invasive method that involves analyzing biomarkers, such as circulating tumor DNA (ctDNA), circulating tumor cells (CTCs), and exosomes, present in body fluids like blood and urine. Liquid biopsies offer several advantages over traditional tissue biopsies, such as accessibility, ability to monitor treatment response, and minimal invasiveness. Furthermore, liquid biopsies enable real-time monitoring of tumor progression and the emergence of drug resistance, aiding in personalized treatment approaches.
The adoption of liquid biopsies is expected to increase in the coming years, driven by advancements in technology and the potential to overcome the limitations of tissue biopsies. This trend presents significant opportunities for market players to develop innovative liquid biopsy products and expand their market presence.
PEST Analysis:
- Political: The political factors influencing the cancer biopsy market include government regulations and policies related to healthcare, reimbursement policies, and funding for research and development. For example, government initiatives to promote early cancer detection and treatment can drive the demand for biopsy procedures.
- Economic: Economic factors such as GDP growth, healthcare expenditure, and disposable income levels can impact the cancer biopsy market. Higher economic growth and increased healthcare spending can lead to better access to healthcare services, including biopsy procedures.
- Social: Social factors include factors like awareness and education about cancer, changing lifestyles, and aging population. Increasing awareness about the importance of early cancer detection and rising prevalence of cancer due to lifestyle changes can contribute to the growth of the cancer biopsy market.
- Technological: Technological factors play a crucial role in the cancer biopsy market. Advancements in biopsy techniques and technologies, such as liquid biopsy and minimally invasive procedures, have improved the accuracy and efficiency of cancer diagnosis. Additionally, the integration of artificial intelligence and machine learning in diagnosis and interpretation of biopsy samples is also expected to drive market growth.
Key Takeaways:
The Global Cancer Biopsy Market Demand is expected to witness high growth, exhibiting a CAGR of 14.7% over the forecast period from 2023 to 2030. The market is driven by factors such as increasing prevalence of cancer, advancements in biopsy technologies, and growing awareness about early cancer detection.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the cancer biopsy market. The region has well-established healthcare infrastructure, high healthcare expenditure, and a large number of cancer patients. Additionally, the presence of key players and ongoing technological advancements in the region contribute to its growth.
Key players operating in the cancer biopsy market include 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. These companies are focusing on research and development activities, collaborations, and strategic acquisitions to strengthen their market position and introduce innovative biopsy solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
