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| Global Cancer Biopsy Market Size |
Cancer biopsy refers to the removal of cells or tissues from a suspicious area for examination under a microscope. It helps doctors diagnose cancer and determine appropriate treatment plans. Traditionally, surgical biopsies that require invasive procedures were performed to extract tumor tissues. However, various new minimally invasive techniques like liquid biopsy, fine needle aspiration biopsy, and core needle biopsy have been developed in recent years. These advanced biopsy methods help obtain tissue samples precisely with minimal discomfort to patients.
The global
cancer biopsy market is estimated to be valued at US$ 29.51 Bn in 2024 and is expected to exhibit a CAGR of 13.% over
the forecast period 2024 to 2031, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity:
The opportunity for innovation in cancer biopsy procedures presents lucrative
prospects for market players. Techniques like liquid biopsy analyze blood or other
body fluids instead of extracting solid tumor tissues. This non-invasive method
enables early cancer detection, real-time tumor monitoring, and identification
of drug-resistant mutations. Liquid biopsy aids in capturing circulating tumor
cells and cell-free nucleic acids that circulate in the bloodstream due to
tumor growth and metastasis. As liquid biopsy provides a less painful
alternative to traditional biopsies, its demand is increasing rapidly. Advanced
research activities focused on developing highly sensitive liquid biopsy tests
for screening various cancers will further expand the market size during the
forecast period.
Porter's Analysis
Threat of new entrants: The cancer biopsy market requires high capital
investments and stringent regulatory requirements which act as entry barriers
for new players.
Bargaining power of buyers: The presence of several service providers and test
options gives buyers moderate bargaining power in the cancer biopsy market.
Bargaining power of suppliers: Few large companies dominate the supply of
biopsy instruments, making supplier power strong in this market.
Threat of new substitutes: No major substitute exists presently for cancer
biopsy tests limiting threat from new substitutes.
Competitive rivalry: Large number of players and ongoing new product launches
and approvals intensify competitive rivalry in the market.
SWOT Analysis
Strength: Non-invasive nature and ability to allow diagnosis at early stages of
cancer. Growing awareness about early detection.
Weakness: Requirement of highly skilled professionals, high costs involved.
Risks of infection, bleeding etc. associated with surgical biopsies.
Opportunity: Growth in emerging economies with rising healthcare expenditure.
Growing geriatric population globally.
Threats: Presence of alternative diagnostic methods. Issues with tissue sample
collection, analysis and reporting delays.
Key Takeaways
Global
Cancer Biopsy Market Size is expected to witness high growth at a CAGR
of 13% during the forecast period of 2024 to 2031.
North
America currently dominates the market due to presence of major players, higher
healthcare spending and growing prevalence of cancer in the region. The Asia
Pacific region is expected to grow at the fastest rate owing to rapidly
developing healthcare infrastructure and rising medical tourism in countries
like India and China.
Key players operating in the cancer biopsy market are Atlassian Corporation
Plc, Microsoft Corporation, Monday.com Ltd., Wrike, Inc., Asana, Inc., Jira
Software (part of Atlassian), 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, partnerships and regulatory approvals to consolidate
their position in the cancer biopsy market.
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