Fairfield Market Research, a renowned market research firm, predicts a promising future for the global cancer biopsy market. With a valuation of approximately US$21 billion in 2021, the market is poised for robust growth in the coming years.
Market Analysis Highlights
The global cancer biopsy market is witnessing rapid expansion due to the escalating prevalence of cancer cases worldwide. The increasing demand for biopsies to diagnose and stage cancer has surged in tandem with the rise in cancer cases. Advanced diagnostic technologies such as next-gen sequencing, molecular diagnostics, and liquid biopsy have significantly enhanced the efficiency and accuracy of cancer biopsies. These advancements enable early detection, precise diagnosis, and informed treatment decisions, thus driving substantial growth in the market. Key industry players are actively engaging in strategic collaborations and product innovations, further fueling market growth.
Key Report Findings
- The global cancer biopsy market achieved revenue of around US$21 billion in 2021.
- Rapid technological advancements have immense potential to drive market expansion.
- The liquid biopsy segment is poised to lead the market, offering personalized treatment options.
- North America is expected to maintain a strong foothold in the global cancer biopsy market.
- Key market players include Myriad Genetics Inc., Exact Sciences Corporation, Guardant Health Inc., Bio-Rad Laboratories Inc., and Agena Bioscience Inc.
Growth Drivers
- Surge in Elderly Population and Rise in Cancer Incidence: The increasing elderly population, coupled with the growing prevalence of cancer, is projected to drive market growth. Cancer is more commonly diagnosed in older individuals, and the global elderly population is expanding rapidly.
- Rapid Technological Advancements in Diagnosis: Technological advancements in cancer diagnostics have led to more efficient and accurate biopsy techniques. Minimally invasive procedures like liquid biopsies, which analyze circulating tumor DNA and cancer biomarkers in blood samples, are gaining prominence, leading to increased demand for biopsies.
Overview of Key Segments
- Liquid Biopsy Gains Prominence with Growing Boom Around Personalized Treatment: Physicians are increasingly favoring liquid biopsies due to their ability to access distant and primary tumor sites and deliver customized treatment based on patient responses.
- Breast Cancer Represents the Leading Application Category: Breast cancer incidence is rising significantly, driving demand for surgical or needle biopsies to obtain tissue for microscopic analysis.
- Kits and Consumables Sought-after Product Category: Kits and consumables continue to dominate the market, offering accuracy, efficiency, and rapid results. However, the emergence of modern technologies is expected to increase the demand for instruments over time.
Growth Challenges
- High Costs Associated with Molecular Testing: The high cost of molecular testing, particularly for advanced technologies like liquid biopsy, poses a growth challenge for the global cancer biopsy market. Accessibility and interpretation complexities also hinder market growth.
Growth Opportunities Across Regions
- North America Remains Lucrative, Asia Pacific to Closely Follow: North America, with its advanced healthcare infrastructure, is expected to maintain its market lead. The US is set to emerge as a key regional player. Meanwhile, Asia Pacific is projected to experience the highest growth rate, driven by a rising incidence of cancer and growing awareness of cancer diagnosis.
Prominent Market Players
Some of the prominent market players driving growth in 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.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/cancer-biopsy-market
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COMTEX_441948440/2840/2023-10-15T23:09:48