by The Cancer Biopsy Market is estimated to be valued at US$ 22.86 Bn 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 offers various diagnostic methods, such as tissue biopsy, liquid biopsy, and molecular biopsy, to identify cancer cells and determine the most suitable treatment plan. These techniques aid in detecting cancer at its early stages and provide accurate insights into the genetic make-up of tumors. High prevalence of cancer worldwide and advancements in biopsy techniques are driving the growth of this market.
Market Dynamics:
The drivers for the Cancer Biopsy Market are the increasing prevalence of cancer and advancements in biopsy techniques. Cancer is a leading cause of death worldwide, and early detection is crucial for effective treatment. Biopsy techniques, such as liquid biopsy, enable the non-invasive detection and monitoring of cancer by analyzing circulating tumor DNA. Moreover, the development of targeted therapies and immunotherapies requires accurate genomic profiling of tumors, further driving the demand for cancer biopsies.
In addition, technological advancements in imaging and diagnostic techniques offer improved accuracy and minimally invasive procedures, leading to increased patient acceptance. However, high procedural costs and limited reimbursements for biopsy procedures may hinder market growth to some extent.
SWOT Analysis:
- Strengths:
- The cancer biopsy market is expected to witness high growth, exhibiting a CAGR of 14.7% over the forecast period.
- Increasing prevalence of cancer, advancements in biopsy techniques, and growing demand for personalized medicine are key drivers for the market’s growth.
- Technological advancements in molecular diagnostics, liquid biopsy, and targeted therapies provide opportunities for market players to expand their product offerings.
- Weaknesses:
- High cost associated with cancer biopsy procedures and limited access to advanced healthcare facilities in developing regions are key challenges for market growth.
- Invasive nature of biopsy procedures and potential risks involved, such as bleeding and infection, can deter patients from undergoing biopsies, leading to lower adoption rates.
- Opportunities:
- The rising geriatric population and increasing awareness about early cancer detection and diagnosis drive the demand for cancer biopsy procedures.
- Growing investments in research and development activities, along with the development of innovative biomarkers and diagnostic tests, offer significant opportunities for market growth.
- Threats:
- Stringent regulatory policies and reimbursement issues related to cancer biopsy procedures can limit market growth.
- Intense competition among key market players and the entry of new players with advanced technologies pose threats to market incumbents.
Key Takeaways:
The Global Cancer Biopsy Market Growth is expected to witness high, exhibiting a CAGR of 14.7% over the forecast period of 2023-2030. This growth can be attributed to the increasing prevalence of cancer and the demand for personalized medicine. The market’s expansion is further supported by technological advancements in molecular diagnostics, liquid biopsy, and targeted therapies.
In terms of regional analysis, North America is expected to dominate the market due to the presence of major market players and the availability of advanced healthcare infrastructure. Asia-Pacific is anticipated to be the fastest-growing region, driven by a rising geriatric population and increasing awareness about early cancer detection and diagnosis.
Key players operating in the cancer biopsy market include QIAGEN, Illumina, Inc., Angle PLC, Myriad Genetics, COUNSYL, Inc., and Hologic, Inc., among others. These players are focused on developing innovative biomarkers, diagnostic tests, and biopsy technologies to strengthen their market position and cater to the growing demand for cancer biopsy procedures.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
