SAN FRANCISCO, Dec. 7, 2020 /PRNewswire/ -- The global cancer biopsy market size is expected to reach USD 32.63 billion by 2027, accordingto a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.33% from 2020 to 2027. Several methods of diagnosing cancer patients exist currently, however, biopsy remains to be the only definitive method to confirm the onset of the disease in a patient. Since it involves close examination of organs/tissues, doctors largely rely on biopsies to perform accurate and early diagnosis in susceptible patients.
Key suggestions from the report:
By product, kits and consumables accounted for the largest revenue share in 2019 and are anticipated to maintain their lead throughout the forecast period. A significant transition from tumor to liquid biopsy is expected to increase the adoption of kits as well as consumables
Based on type, tissue biopsies led the market in 2019. They are still considered to be a mainstay of biopsies and are largely adopted across various diagnosis applications
In terms of application, breast cancer dominated the market in 2019 and is expected to maintain its lead from 2020 to 2027. Open surgical biopsy is considered to be a reference standard for the evaluation of patients with a suspicious breast lesion, which is attributed to its proven accuracy in diagnosing breast lesions, further contributing to the revenue generated by this segment
North America held the largest revenue share of over 37.0% in 2019 owing to a concentrated pool of active organizations as well as cancer foundations. A Strong network of government organizations and private cancer foundations in the U.S. has made a significant contribution to the regional revenue generation
Key players are focusing on developing novel biopsy platforms, set to achieve business expansion, further contributing to the revenue generation of the market.
There has been a significant transition from tumor to liquid biopsy, which is expected to increase the adoption of kits as well as consumables. Acknowledging this trend, various market players have invested in the development of novel kits in order to expand their biopsy kits portfolio. For instance, Biocept, Inc. recently launched a liquid biopsy kit that is designed for research use pertaining to gene mutations.
Additionally, tumor biopsy is most adopted for the diagnosis on individual levels, along with monitoring the effects of ongoing oncology treatment. Shortcomings of liquid biopsies such as lack of robust efficacy evaluations and their associated high costs are currently bridged by tissue biopsies. This has made tissue biopsy a gold-standard procedure in the present diagnostic scenario.
Moreover, revolutionary advancements in liquid biopsies are expected to be a key factor fueling the overall market growth. Liquid biopsies are expected to offer lucrative opportunities in the field of genomic data analysis and oncology-based personalized medicine. Key players operating in the market such as Cardinal Health; BD; and Biocept, Inc. are focusing on the development of novel or automated biopsies to sustain the current market competition.
The liquid biopsies segment is expected to expand at an exponential rate in the coming years, wherein, increasing investments and strategic initiatives by companies involved in biopharmaceutical manufacturing and genomic data analysis are expected to play a central role. For instance, in early 2018, Seven Bridges Genomics, a company engaged in biomedical data analysis, announced its plan to enter the liquid biopsy market space.
Such emerging companies are inclined towards collaborating with well-established industry participants, including SOPHiA Genetics, QIAGEN Bioinformatics, Agilent Technologies, and Fabric Genomics. This trend is further expected to favor overall market growth.
In April 2020, Personal Genome Diagnostics, a liquid biopsy company, announced that its proprietary comprehensive genomic profiling diagnostic kit designed for oncology diagnostics received FDA approval. This kit is designed to enhance the scalability of precision medicine. With the launch of AdnaTest Lung Cancer Kit and AdnaTest Prostate Cancer Panel AR-V7 Kit, the company has further strengthened its position in the market, by affiliating with the American Association for Cancer Research (AACR).
Grand View Research has segmented the global cancer biopsy market on the basis of product, type, application, and region:
Cancer Biopsy Product Outlook (Revenue, USD Billion, 2016 - 2027)
Kits and Consumables
Cancer Biopsy Type Outlook (Revenue, USD Billion, 2016 - 2027)
Fine Needle Aspiration (FNA)
Core Needle Biopsy (CNB)
Cancer Biopsy Application Outlook (Revenue, USD Billion, 2016 - 2027)
· Breast Cancer
· Colorectal Cancer
· Cervical Cancers
· Lung Cancers
· Prostate Cancers
· Skin Cancers
· Blood Cancers
· Kidney Cancers
· Liver Cancers
· Pancreatic Cancers
· Ovarian Cancers
Cancer Biopsy Regional Outlook (Revenue, USD Billion, 2016 - 2027)
Bacterial & Viral Specimen Collection Market – With an increase in demand for diagnostic testing for COVID-19, several manufacturers have ramped up the production of viral specimen collection products globally. This, in turn, is driving the market for bacterial and viral specimen collection.
Mycoplasma Testing Market– Increasing investments in R&D activities have contributed to huge revenue for the market. The rising introduction of novel technologies by key players is expected to further boost growth.
Molecular Diagnostics Market – Advancements in molecular diagnostics have facilitated the detection of numerous diseases and are particularly effective when faced with challenging differential diagnosis. Technological advancements in molecular diagnostics are anticipated to substantially drive market growth as they facilitate cost-effectiveness, accuracy, and portability.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.