Cancer Biopsy Market is Estimated to Witness High Growth Owing to Innovation in Cancer Biopsy Proced

Author : CMI Blogging | Published On : 03 Feb 2024

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.

Get More Insights On This Topic: https://www.newswirestats.com/global-cancer-biopsy-market-share/