Cancer biopsy is a medical test performed to diagnose cancer in which a small sample of suspicious tissue is removed from the body and examined under a microscope or subject to other special diagnostic tests. Cancer biopsy is used to determine if cancer cells are present or not in the suspicious area. It also helps determine the type of cancer and its stage or severity, which helps decide the best course of treatment. The most common types of cancer biopsy procedures include fine needle aspiration, core needle biopsy, incisional biopsy, excisional biopsy, and image-guided biopsy.
The global Cancer Biopsy Market is estimated to be valued at US$ 25.61 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers for the cancer biopsy market growth is the increasing prevalence of cancer across the globe. According to the World Health Organization (WHO), cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Lung, prostate, colorectal, stomach and liver cancer are the most common types of cancer in men, while breast, colorectal, lung, cervical and thyroid cancer are the most common among women. Early detection improves treatment outcomes and survival rates of various cancers. Cancer biopsy plays a vital role in early detection of cancer by confirming cancer diagnosis, determining the stage and type of cancer, and helping determine the best treatment options. Moreover, increasing awareness initiatives by governments and organizations regarding early cancer screening is also expected to drive the demand for cancer biopsies during the forecast period.
SWOT Analysis
Strength: The cancer biopsy market has several diagnostic advantages. Biopsies allow doctors to determine the exact type and stage of cancer, which helps determine the best treatment options. Biopsy specimens can also be used for various molecular and genetic tests to personalize treatment approaches. Many new biopsy devices and techniques provide minimally invasive procedures with precise targeting abilities and high success rates.
Weakness: Biopsies have some limitations and risks. An inaccurate biopsy may miss detecting cancer or provide an incorrect diagnosis. While rare, biopsies can cause complications like bleeding or infections. Biopsy procedures also require highly skilled technicians and pathologists for tissue processing and analysis. The procedures involve some costs and may not be accessible or affordable for all patients.
Opportunity: Emerging non-invasive liquid biopsy techniques are gaining popularity as they only require blood samples. This avoids pain and risks of traditional biopsies. Liquid biopsies can detect cancer molecular signatures and monitor treatment response longitudinally. Growing cancer incidence globally will drive the need for more effective biopsy devices, especially in developing countries. New technology partnerships can improve biopsy affordability and accessibility in underserved regions.
Threats: Stringent regulatory norms for new biopsy devices may delay product approvals and market entry. Reimbursement issues can affect biopsies adoption amid rising healthcare costs. Alternative cancer screening methods pose competition. Economic slowdowns impact the healthcare sector and affect market demand.
Key Takeaways
The global Cancer Biopsy Market Size is expected to witness high growth over the forecast period driven by rapid innovations. The market size for cancer biopsy is estimated to reach US$ 25.61 Billion by 2024 growing at an estimated CAGR of 13% between 2023-2030.
Regional analysis: North America currently dominates the cancer biopsy market owing to advanced healthcare facilities and widespread medical coverage. However, Asia Pacific region is expected to grow at the fastest pace due to improving access to care, favorable government initiatives and increasing patient awareness. The rising cancer incidence in developing Asian countries will boost regional biopsy procedures over the coming years.
Key players operating in the cancer biopsy market are Atlassian Corporation Plc, Microsoft Corporation, Monday.com Ltd., Wrike, Inc., Asana, Inc., Jira Software, Smartsheet Inc., Trello, Inc., Basecamp LLC, Teamwork.com Ltd., Zoho Corporation Pvt. Ltd., Pivotal Software, Inc., VersionOne Inc., Clarizen Ltd., Targetprocess Inc. These players are focusing on new product launches, mergers, partnerships and geographical expansions to strengthen their market position.
Check below related articles on this topic : https://www.ukwebwire.com/cancer-biopsy-market-propelled-by-advancements-in-biopsy-techniques/
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian