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Fairfield Market Research envisions an ascending growth path for the global cancer biopsy market. The market was valuated around US$21 Bn in 2021 and is all set for a strong growth outlook in the upcoming years.
Market Analysis in Brief
The global cancer biopsy market is experiencing rapid expansion due to the growing prevalence of cancer. With an incessant rise in cancer cases, the demand for biopsies to diagnose and stage cancer has also surged. The utilisation of advanced diagnostic technologies, such as next-gen sequencing, molecular diagnostic technologies, and liquid biopsy has significantly improved the efficiency and accuracy of cancer biopsies. Such advancements have also led to early detection, treatment selection, and precise diagnosis, fostering robust growth across the market. In this business scenario, key industry participants in the global cancer biopsy market are engaging in strategic collaborations and product innovations. This in turn is further expected to act as a driving force for the growth of the market.
Key Report Findings
Growth Drivers
Surge in Elderly Population, and Rise in Cancer Incidence
The rising geriatric population coupled with the growing prevalence of cancer is projected to drive the cancer biopsy market growth. Cancer is more commonly diagnosed in older individuals and the older population is growing at a rapid pace on a global scale. Biopsies play a vital role in diagnosing cancer and comprehend its characteristics such as stage, tumour type, and molecular profile.
Rapid Technological Advancements in Diagnosis
Over the past decade, technological advancements in cancer diagnostics have resulted in the emergence of more efficient and accurate biopsy techniques. Simultaneously, minimally invasive procedures such as liquid biopsies, utilised for circulating tumour DNA or other cancer biomarkers in blood samples, are gaining significant prominence.
Such advancements in diagnosis are improving the detection and monitoring of cancer, burgeoning the demand for biopsies. Against this favourable landscape, the global cancer biopsy market is anticipated to attain a state of sound maturity in the upcoming years.
Overview of Key Segments
Liquid Biopsy Gains Prominence with Growing Boom Around Personalised Treatment
On the basis of type, the global cancer biopsy market is segmented into tissue and liquid biopsy. In recent years, it is observed that physicians are preferring liquid biopsies. This is majorly attributed to its ability to penetrate distant and primary tumour sites.
In addition to this, this approach is being leveraged for delivering customised treatment to patients. Tumour markers are sampled repeatedly to modify the therapy based on the patient’s response to the treatment.
Breast Cancer Represents the Leading Application Category
Among numerous types of cancers, the incidence of breast cancer is rising at an alarming rate. Individuals with the risk of breast cancer are subjected to microscopic analysis of breast issues. This is done to obtain a diagnosis and detect the stage and characterisation of the type.
Such a scenario has led to the growing demand for surgical or needle biopsy to take tissue for microscopic analysis. Therefore, based on application, breast cancer is expected to dominate the global cancer biopsy market.
Kits and Consumables Sought-after Product Category
Based on product, the global cancer biopsy market is broadly expanded over instruments, kits and consumables, and services. Kits and consumables are expected to sustain their dominance in the global cancer biopsy market.
Cancer patients find kits and consumables to be more accurate, efficient, and rapid than its counterpart. That said, the emergence of modern technologies is anticipated to increase the demand for instruments over the forecast period.
Growth Challenges
High Costs Associated with Molecular Testing
The high cost associated with molecular testing has emerged as a major growth challenge for the global cancer biopsy market. Moreover, advanced technologies such as liquid biopsy, are highly expensive, making it highly difficult for healthcare practitioners and patients to access.
Apart from this, the needed expertise to interpret the report and develop a treatment program is highly complicated and inefficient. These key factors are expected to limit the otherwise unabated growth of the global cancer biopsy market.
Growth Opportunities Across Regions
North America Remains Lucrative, Asia Pacific to Closely Follow
North America’s cancer biopsy market is anticipated to maintain its market lead over the forecast period. The US is expected to emerge as the key regional player owing to the advanced healthcare infrastructure in the country. Moreover, manufacturers in the regional market are investing in product innovation to ensure rapid diagnostic application.
On the other hand, Asia Pacific is projected to grow at the highest rate throughout the forecast period. The growing incidence of cancer cases in Asia has led to growing awareness of cancer diagnosis among individuals.
Prominent Market Players
Some of the prominent market players harnessing growth across the global cancer biopsy market include Myriad Genetics Inc., Exact Sciences Corporation, Guardant Health Inc., Bio-Rad Laboratories Inc., Agena Bioscience Inc., Personal Genome Diagnostics Inc., Exosome Diagnostics Inc., ANGLE Plc., and F. Hoffmann-La Roche Ltd.
Regional Classification of the Global Cancer Biopsy Market is Described Below:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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