by The Cancer Biopsy Market is estimated to be valued at US$ 25.61 Bn 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 diagnose cancer in the human body. It involves extracting a small amount of suspicious tissues or lymph nodes from the body and examining it under a microscope to check for any malignant cells. The major types of biopsies include needle biopsy, surgical biopsy, and endoscopic biopsy. Cancer biopsy plays a pivotal role in accurately determining the stage and type of cancer, which helps in deciding the most effective treatment.
Market Dynamics:
Rising prevalence of cancer across the globe: The increasing incidence of various types of cancers such as lung cancer, breast cancer, prostate cancer, skin cancer and others is the major factor fueling the demand for cancer biopsy procedures. According to statistics, worldwide cancer burden rose to 19.3 million new cases and 10 million cancer deaths in 2020.
Technological advancements: Recent advancements in biopsy devices, imaging technologies and genomic testing techniques are providing more accurate and targeted cancer diagnosis. For instance, liquid biopsy utilizes blood samples to detect circulating tumor cells and nucleic acids released by tumors into the bloodstream, which helps in non-invasive cancer monitoring. Moreover, automated biopsy guns with advanced needle designs are also improving tissue sampling efficacy.
Segment Analysis
The cancer biopsy market can be segmented into type and application. Based on type, the market is segmented into needle biopsy, surgical biopsy, and FNA biopsy. The needle biopsy segment dominates the market owing to its minimal invasiveness and ability to extract adequate tissue sample for diagnosing cancer.
PEST Analysis
Political: Biopsy regulatory policies that promote early cancer detection and diagnosis support market growth. However, lack of reimbursement policies in developing nations hinders the market.
Economic: Rising healthcare expenditure and disposable incomes in developing nations augment the market. However, high biopsy procedure costs limit market growth.
Social: Increasing cancer prevalence, rising awareness about early diagnosis, and growing geriatric population drive the market.
Technological: Advancements in biopsy devices, digital pathology, and liquid biopsies have improved accuracy and facilitated non-invasive diagnosis boosting the market.
Key Takeaways
The Global Cancer Biopsy Market Growth is expected to witness high growth, exhibiting 14% CAGR over the forecast period, due to increasing prevalence of cancer and rising awareness about early diagnosis.
The market size was valued at US$ 25.61 Bn in 2023 and is expected to reach around US$ 72.51 Bn by 2030. North America dominates the market owing to the well-developed healthcare system and supportive reimbursement policies for cancer diagnosis and treatment in the region.
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. The market players are focused on developing technologically advanced biopsy devices and assays to facilitate minimally invasive diagnosis.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
