With advancements in precision medicine and adoption of advanced diagnostic procedures, cancer biopsy has emerged as a key method for effective cancer diagnosis and personalized treatment planning. Cancer biopsy helps doctors obtain tumor tissue samples to understand the molecular changes and mutations driving cancer growth in a patient. This allows doctors to determine the most suitable treatment approach such as chemotherapy, radiation therapy or targeted therapy.
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.
Key Takeaways
Key players operating in the cancer biopsy market are Atlassian Corporation Plc, Microsoft Corporation, Wrike, Inc., Asana, Inc., Jira Software (part of Atlassian), Smartsheet Inc., Trello, Inc., Basecamp LLC, Zoho Corporation Pvt. Ltd., Pivotal Software, Inc., VersionOne Inc., Clarizen Ltd., Targetprocess Inc. These players are focusing on developing advanced biopsy devices and diagnostic assays to gain a competitive edge in the market.
The rising adoption of minimally invasive procedures such as liquid biopsy presents lucrative opportunities for Cancer Biopsy Market Size players. Liquid biopsy helps diagnose cancer using blood samples and does not require an invasive tissue biopsy. Furthermore, growing demand for personalized medicine is also fueling the adoption of advanced cancer diagnostic tests globally.
Key players are expanding their presence across emerging markets such as Asia Pacific and Latin America. Increasing healthcare investments and growing incidence of cancer in developing nations are encouraging key players to focus on these untapped markets.
Market Drivers
Precision medicine is a major driver boosting the cancer biopsy market. Determining the genetic mutations in tumor samples helps doctors customize treatment as per the patient's genetic profile. This improves treatment outcomes and represents the future of cancer care. As precision medicine grows in application, demand for tissue biopsy will witness a corresponding rise as an important companion diagnostic.
PEST Analysis
Political: Regulations related to patient safety, ethics, data privacy and insurance coverage has a major impact on the cancer biopsy market.
Economic: Rising healthcare expenditure along with growing demand for early diagnosis is fueling the market growth. However, budget constraints faced by hospitals and diagnostic centers remains a challenge.
Social: Increasing prevalence of cancer, rising awareness about early detection and growing focus on minimally invasive procedures are helping drive the demand.
Technological: Advancements in imaging technologies, molecular diagnostics and liquid biopsy are transforming the market. Developments in artificial intelligence and robotics also aid in improving biopsy procedures.
The cancer biopsy market in North America remains the dominant regional market in terms of value. With favorable reimbursement policies, high healthcare spending and presence of key players driving innovations, the United States accounts for the major share in the region.
The Asia Pacific region is expected to be the fastest growing market for cancer biopsy over the forecast period driven by expanding patient population, improving access to diagnostic services and rising healthcare expenditure in developing countries. China and India are expected to offer lucrative opportunities with increasing awareness, healthcare reforms and focus of global players on emerging markets.
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