Cancer Biopsy Market to Reach $ 61.06 Billion by 2030, Fueled by Advancements in Precision Oncology & Rising Demand for Minimally Invasive Diagnostic Techniques

AUSTIN, TEXAS, UNITED STATES, February 23, 2024 /EINPresswire.com/ -- The report aims to provide a comprehensive analysis of the Global Cancer Biopsy Market from 2023 to 2030. With a valuation of USD 26.24 billion in 2022, the cancer biopsy market is projected to grow to USD 61.06 billion by 2030, reflecting a compound annual growth rate (CAGR) of 11.13% during the forecast period. The scope of this study encompasses an in-depth exploration of the market dynamics, including drivers, restraints, opportunities, and challenges influencing market growth. It seeks to offer insights into key trends such as technological advancements, advancements in personalized medicine, and evolving diagnostic approaches in oncology. Additionally, the report will present a detailed segmentation of the market based on biopsy type, application, end-user, and region, facilitating a comprehensive understanding of market dynamics across various segments. Through rigorous research and analysis, this report aims to serve as a valuable resource for stakeholders including healthcare providers, diagnostic laboratories, pharmaceutical companies, regulatory authorities, investors, and suppliers, enabling them to make informed decisions and formulate effective strategies to capitalize on emerging opportunities in the global Cancer Biopsy Market.

Cancer biopsy plays a crucial role in the diagnosis, staging, and management of various cancer types, enabling oncologists to obtain tissue samples for histological examination, molecular analysis, and biomarker testing to guide personalized treatment decisions and therapeutic interventions. Minimally invasive biopsy techniques, such as fine-needle aspiration (FNA), core needle biopsy (CNB), and liquid biopsy, offer several advantages over traditional surgical biopsies, including reduced patient discomfort, shorter recovery times, and lower procedural risks, while providing reliable tissue specimens for comprehensive molecular profiling and targeted therapy selection.

Major Key Players in the Cancer Biopsy Market:

- ANGLE Plc
- BD (Becton, Dickinson and Company)
- Biocept, Inc.
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- Hologic, Inc.
- Illumina, Inc.
- Myriad Genetics
- Qiagen N.V.
- Thermo Fisher Scientific

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Cancer Biopsy Market Analysis

The global cancer biopsy market is experiencing significant growth due to several key factors. Firstly, the rising prevalence of cancer worldwide has led to an increased demand for accurate and early diagnosis through biopsies. This has been further fueled by advancements in medical technology, such as liquid biopsy and precision medicine, which have improved the efficiency and accuracy of cancer diagnostics. Additionally, a growing aging population, changing lifestyles, and environmental factors are contributing to the increasing incidence of cancer cases, driving the need for more efficient biopsy procedures. Moreover, government initiatives aimed at promoting cancer awareness and early detection are also playing a crucial role in driving market growth. Overall, these factors are expected to continue driving growth in the cancer biopsy market in the coming years.

Cancer Biopsy Market Segmentation

By Product
• Kits and Consumables
• Instruments
• Services

By Type
• Tissue Biopsies
• Surgical Biopsies
• Liquid Biopsies
• Core Needle Biopsy (CNB)
• Needle Biopsies
• Fine Needle Aspiration (FNA)
• Others

By Application
• Breast Cancer
• Prostate Cancers
• Cervical Cancers
• Colorectal Cancer
• Pancreatic Cancers
• Lung Cancers
• Kidney Cancers
• Blood Cancers
• Ovarian Cancers
• Skin Cancers
• Liver Cancers

By type, the highest revenue was generated by tissue biopsy, which accounted for 62.02% of the total turnover in 2022. It is still widely accepted for different cancer diagnosis applications and continues to be regarded as the cornerstone of biopsy. This is due to the robust research activities that have contributed to this segment's dominant position on the global market over the forecast period by evaluating its safety and effectiveness. In the coming years, advances in tissue biopsy techniques are expected to reinforce its dominance on the world market.

By application, in 2022, breast biopsy accounted for a market share of 15.31%, and the same is expected to increase at an accelerated compound annual growth rate during the forecast period. Breast cancer has the highest prevalence rate. Around 1 in 8 U.S. women develop invasive breast cancer as per the U.S. breast cancer statistics. For instance, in 2022, in the US, women will be diagnosed with 287,850 new cases of invasive breast cancer, 51,400 cases of DCIS, and 43,250 will pass away from breast cancer.

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Key Regional Development

In 2022, the North American market accounted for 40.53% of all revenue generated. North America is expected to maintain a dominant share throughout the forecast period, with the US contributing significantly to regional revenues. Furthermore, distributors and manufacturers in the region are working to distribute as well as develop new diagnostic kits that are suitable for rapid diagnosis applications.

Key Takeaway from Cancer Biopsy Market Study

- To detect different types of cancer, liquid biopsy techniques have continued to develop and become more sensitive and specific. Early detection of cancer, monitoring of response to treatment, and detection of recurrence of cancer are all promising uses of this technology.

- Targeted therapy has been developed as a result of the increased understanding of cancer genetics and molecular profiling. In order to identify specific genetic mutations or biomarkers that can guide treatment choices and lead to more personalised and effective treatments, biopsy samples are of paramount importance.

Recent Development Related to Cancer Biopsy Market

- In January 2023, Qiagen's acquisition of Verogen, a firm specialising in next generation sequencing for forensic science, will contribute to strengthening the organisation's product portfolio and thus enhance its worldwide presence.

- In August 2022, Guardant Health received FDA approval for its Guardant360 CDx liquid biopsy test as a companion diagnostic (CDx) to choose patients with unresectable or metastatic HER2-mutant non-small cell lung cancer (NSCLC) with tumors that have activating HER2 mutations for treatment with ENHERTU (fam-trastuzumab deruxtecan-nxki).

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Akash Anand
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