Cancer Biopsy Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2029
Cancer Biopsy Market: Overview
Biopsies have remarkably advanced the molecular medicine in general and oncology in particular. Technological strides in the devices used for biopsies have considerably improved the molecular characterization of cancers. They have been used popularly to diagnose the malignancy, identify the histology of the tumor, and also in staging of cancer. The expanding vistas of molecular medicine paved the way to the development of new devices. A notable case in point is image-guided percutaneous biopsies used in lung cancer. The growing assays of molecular assays is key to evolution of cancer biopsy market. In clinical trials, biopsies are used to determine response rates of drugs, notably for patients receiving epidermal growth factor receptor (EGFR) therapies. Growing number of clinical trials in biomarker studies has helped in the evolution of the cancer biopsy market.
Cancer Biopsy Market: Key Trends
An emerging technology is fine needle aspiration biopsies, which is increasingly being incorporated in different types of cancer notably including breast cancer, lung cancer, colorectal cancer, blood cancer, and thyroid cancer. The growing popularity of multi-parametric magnetic resonance (MR) imaging-based biopsies is due to the benefits they offer. The growing role of image-guided needle biopsies in precision medicine is a key trend boosting the market. The circulating tumor cells (CTCs) have high diagnostic potential in cancer.
Another emerging paradigm is liquid biopsy of cancer. The minimally invasive nature of extraction of circulating tumor cells (CTCs) has made it a popular investigative tool in lung cancer, particularly in patients with lung adenocarcinoma. However, their isolation poses challenges to radiologists. Advancing techniques in next-generation sequencing are boosting the growth of the market.
Cancer Biopsy Market: Competitive Assessment
Over the years, clinicians have successfully used molecular biomarkers in prognosis of various cancer types. The demand for interventional oncology procedures has also gathered pace on the back of advances made in image-guidance technologies. Companies pioneering in bioinformatics are increasing their stakes in the cancer biopsy market. They are launching advanced bioinformatics platforms to make data analytics more useful for clinician and patients in oncology. Meanwhile, growing focus on Human Genome Project on understanding personalized patterns of tumor also bodes well for the market.
A growing body of multidimensional research on the role of biopsies in molecular medicine will expand the avenue for aspiring players in the cancer biopsy market. Some of the key players in the cancer biopsy market are Chronix Biomedical, Inc., Epigenomics AG, Freenome Holdings, Inc., Guardant Health, Lucence Diagnostics Pte. Ltd., F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., Biocept, Inc., Hologic, Inc., Myriad Genetics, and ANGLE Plc.
Cancer Biopsy Market: Regional Assessment
On the regional front, North America has been offering some incredible opportunities for industry players and other stakeholders. A large chunk of the revenues in recent years came from the U.S. A favorable framework engendered by the regulatory agencies of the region also has encouraged the spirit of innovations for biotech companies in the cancer biopsy market. The regional market has also received growth impetus from the strides made by precision medicine in oncology. Extensive demand for biopsies in interventional oncology procedures has also fueled revenue generation in the overall market.
On the other hand, Asia Pacific is emerging at rapid pace. Its growth has been continuously expanding from the growth awareness about the morbidity of cancer. The prevalence of breast cancer has also fueled the demand for biopsies, and a favorable reimbursement and payers’ networks are trend boosting the growth potential of the region in the global cancer biopsy market.
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