A new report by Reports and Data predicts that the size of the global Cancer Biopsy Market will reach USD 122.76 billion by 2032. The report reveals that the market size was USD 29.88 billion in 2022 and is projected to experience a revenue CAGR of 17% during the forecast period. Cancer is the second leading cause of death worldwide, responsible for 9.6 million deaths in 2018, according to the World Health Organization (WHO). Liquid biopsy, a less invasive and more efficient method of detecting and monitoring cancer, involves searching for cancer biomarkers in bodily fluids like blood or urine. The cancer biopsy market is experiencing growth due to the demand for personalized treatment and targeted therapy. By identifying the type and stage of cancer through biopsy samples, the most appropriate treatment can be selected for patients, resulting in better patient outcomes.
The market for cancer biopsies is experiencing revenue growth, which is being driven by the introduction of non-invasive biopsy techniques, such as liquid biopsy, due to improvements in diagnostic and imaging technology. Cancer is the second leading cause of death worldwide, responsible for 9.6 million deaths in 2018, according to the World Health Organization (WHO). Liquid biopsy, which involves the examination of cancer biomarkers in bodily fluids like blood or urine, has the potential to offer a less invasive and more effective way to detect and monitor cancer.
The demand for personalized medicine and targeted therapy is another factor contributing to the revenue growth of the cancer biopsy market. By accurately identifying the type and stage of cancer through biopsy samples, it becomes possible to select the most suitable treatment for patients, leading to better patient outcomes.However, the high cost of cancer biopsy procedures is a major factor that could restrain revenue growth of the market. Additionally, the lack of trained healthcare workers and a lack of awareness regarding cancer screening and diagnosis in underdeveloped nations may also hinder the growth of the market.
Key Highlights :
- The instruments segment is predicted to be the main revenue contributor due to its use in various industries.
- Tissue biopsies are expected to have the largest revenue share in the upcoming period.
- North America is expected to dominate the revenue share in the cancer diagnostics market.
- Prominent players in the global cancer biopsy market include F. Hoffmann-La Roche, Becton, Dickinson and Company, and Thermo Fisher Scientific.
- Qiagen N.V. has released QIAseq Targeted RNA Panels, which can assist with cancer diagnosis and treatment.
- Danaher Corporation has acquired Aldevron to expand their biosciences portfolio.
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Some major companies operating in the global cancer biopsy market are:
- F. Hoffmann-La Roche Ltd.
- Becton, Dickinson and Company
- Thermo Fisher Scientific Inc.
- Danaher Corporation
- Qiagen N.V.
- Bio-Rad Laboratories Inc.
- Hologic, Inc.
- Cepheid Inc.
- Illumina, Inc.
- Exact Sciences Corporation
- GE Healthcare
- Agilent Technologies, Inc.
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Driving Factors:
- Rising prevalence of cancer: The increasing incidence of cancer across the globe is one of the primary drivers of the cancer biopsy market.
- Advancements in diagnostic technologies: The development of sophisticated and advanced diagnostic technologies has improved the accuracy and efficiency of cancer diagnosis, leading to increased demand for cancer biopsy procedures.
- Growing demand for personalized medicine: The growing trend towards personalized medicine and targeted therapy is driving the demand for cancer biopsy procedures as they enable the selection of the most appropriate treatment for patients.
- Increasing awareness about cancer detection: The growing awareness about the importance of early cancer detection and diagnosis is contributing to the growth of the cancer biopsy market.
- Rising healthcare expenditure: The increasing healthcare expenditure and government initiatives to improve healthcare infrastructure is expected to drive the growth of the cancer biopsy market.
Restaints:
- High costs associated with cancer biopsy procedures can limit the accessibility of these procedures to patients, particularly those in developing countries with limited healthcare resources.
- Limited awareness and education among patients and healthcare providers about the benefits of cancer biopsies and the importance of early cancer detection can act as a barrier to the growth of the market.
- The potential for false-positive or false-negative results in cancer biopsy procedures can create uncertainty and reduce confidence in the effectiveness of these procedures, leading to reluctance among patients and healthcare providers to use them.
- Ethical and legal concerns surrounding the use of biopsy samples for research purposes can create hesitation among patients to consent to the procedure, hindering the growth of the market.
- The shortage of trained professionals in performing biopsy procedures can limit the capacity of healthcare facilities to provide these services to patients.
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There have been several notable innovations in the cancer biopsy market in recent years. Here are a few examples:
- Liquid Biopsy: Liquid biopsy is a minimally invasive technique that involves the detection of cancer biomarkers in bodily fluids such as blood, urine, or saliva. It allows for early cancer detection, monitoring, and personalized treatment.
- Next-Generation Sequencing (NGS): NGS is a high-throughput DNA sequencing technology that enables the detection of genetic mutations associated with cancer. It is used to identify specific mutations that can guide targeted therapy and improve patient outcomes.
- Artificial Intelligence (AI): AI is being used to develop algorithms that can analyze large datasets and identify patterns in cancer cells. This technology is particularly useful for identifying subtle changes in cells that might be missed by human pathologists.
- 3D Biopsy: 3D biopsy involves using advanced imaging techniques to create a 3D model of a tumor, which can then be used to guide a biopsy needle to the most suspicious area. This technique improves the accuracy of biopsies and reduces the risk of complications.
- Liquid Biopsy Kits: Liquid biopsy kits are now available that allow researchers and clinicians to isolate and analyze circulating tumor cells (CTCs) and circulating tumor DNA (ctDNA) from patient samples. These kits have the potential to revolutionize cancer diagnosis and monitoring by providing a less invasive and more accurate alternative to traditional biopsies.
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