Cancer Biopsy Market is Estimated to Hit USD 61.06 Billion by 2030 owing to Rising Cancer Cases coupled with Growing Need for Reliable Diagnostic Tools | Research by SNS Insider

Pune, March 10, 2023 (GLOBE NEWSWIRE) — The Cancer Biopsy Market had a worth of USD 26.24 billion in 2022 and is anticipated to expand to USD 61.06 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.13% during the forecast period of 2023-2030, as reported by SNS Insider.

Market Report Overview

A cancer biopsy is a medical procedure in which a small sample of tissue or cells is removed from a suspicious area of the body and examined under a microscope to determine whether cancer is present. Biopsies are typically performed when a patient has symptoms or imaging tests that suggest the possibility of cancer, or when a screening test, such as a mammogram or colonoscopy, reveals an abnormality.

Market Analysis

The cancer biopsy market is expected to experience significant growth in the coming years, fueled by several key factors. One of the main drivers of this growth is the increasing prevalence of oncology indications. As cancer rates continue to rise around the world, the demand for biopsy procedures is also increasing. Additionally, the growing geriatric population is expected to contribute to the growth of the market, as cancer is more common among older adults. Another key factor driving growth in the market is the advent of liquid biopsy. This innovative technique allows for the detection and analysis of cancer cells and genetic material through a simple blood test, eliminating the need for invasive tissue biopsies.

Key Company Profiles Listed in this Report Are:

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

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Impact of COVID-19 Pandemic:

The COVID-19 pandemic has had a significant impact on the cancer biopsy market. Biopsy is a crucial procedure for diagnosing cancer, and its demand has increased significantly during the pandemic. However, the outbreak of the virus has also resulted in several challenges and disruptions in the market. One of the major impacts of the pandemic on the market is the delay or cancellation of elective procedures, including biopsies.

Key Regional Development:

According to recent market research, North America is the dominant region in the cancer biopsy market. The region is expected to maintain its lead in the industry throughout the forecast period, with the United States playing a significant role in contributing to regional revenue. The strong presence of distributors and manufacturers in North America has allowed for the development and distribution of innovative biopsy kits that are well-suited for rapid diagnostic applications.

Market Report Scope:

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Key Takeaway from Cancer Biopsy Market Study

• The kits and consumables segment is projected to account for the largest revenue share during the forecast period. The rising incidence of cancer has led to an increase in the number of biopsies performed, which, in turn, has boosted the demand for biopsy kits and consumables.
• The tissue biopsy is now recognized as the most reliable and accurate diagnostic tool for cancer, and its continued use is expected to drive further growth in the market in the coming years.

Recent Developments Related to Cancer Biopsy Market

• mDetect, a liquid biopsy startup based in Canada, has received a grant of C$900,000 (US$669,510) from the Canadian Institute of Health Research to launch a clinical trial of its DNA methylation pattern-based breast cancer test. This innovative test is designed to detect breast cancer through analyzing the DNA methylation patterns in the blood. This technology has the potential to revolutionize breast cancer diagnosis and treatment, as it can detect breast cancer at an early stage, even before any symptoms appear.
• Guardant Health has recently announced that it has received approval from the US Food and Drug Administration (FDA) for its liquid biopsy companion diagnostic (CDx) test in combination with Menarini Silicon Biosystems’ drug, a therapy used to treat breast cancer patients. This approval is a significant milestone for the company, as it further strengthens its position in the liquid biopsy market.

Table of Contents – Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7.  PEST Analysis

8. Cancer Biopsy Market Segmentation, By Product

9. Cancer Biopsy Market Segmentation, By Type

10. Cancer Biopsy Market Segmentation, By Application

11. Regional Analysis

12 Company Profiles

13 Competitive Landscape

14 Conclusion

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About Us:

SNS Insider is one of the leading market research and consulting agencies that dominate the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.