SAN FRANCISCO, July 29, 2021 /PRNewswire/ -- The global cancer biopsy market size is expected to reach USD 44.51 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 11.13% from 2021 to 2027. The expanding landscape of molecular medicine paved the way for the development of new devices for the molecular characterization of cancers. Thus, increasing adoption and product approvals for liquid biopsies are expected to drive the overall market.
Key Insights & Findings:
By product, kits and consumables accounted for the largest revenue share in 2020 and are anticipated to maintain its lead throughout the forecast period. The adoption of kits and consumables is expected to increase owing to the significant transition from tumor to liquid biopsy
Based on type, tissue biopsies are still considered to be a mainstay of biopsies and are largely adopted across various diagnosis applications. Additionally, tumor biopsy is most adopted for diagnosis on individual levels, along with monitoring the effects of an ongoing oncology treatment
North America held the largest revenue share in 2020 owing to the concentrated pool of active organizations and cancer foundations. The strong network of government organizations and private cancer foundations in the U.S. has made significant contributions to the regional revenue generation capacity
In terms of application, breast cancer dominated the global market in 2020 and is expected to maintain its lead throughout the forecast period. Open surgical biopsy is considered to be a reference standard for the evaluation of patients with a suspicious breast lesion. This is attributed to its proven accuracy in diagnosing breast lesions, further contributing to the revenue generated by this segment
Read 140 page market research report, "Cancer Biopsy Market Size, Share & Trends Analysis Report By Product (Kits & Consumables, Instruments, Services), By Type (Tissue Biopsies, Liquid Biopsies), By Application, And Segment Forecasts, 2021 - 2027", by Grand View Research
The kits and consumables product segment is expected to maintain its lead in the years to come. Acknowledging this trend, various market players have invested in the development of novel kits in order to expand their biopsy kits portfolio. For instance, in April 2021, Sysmex Europe GmbH, along with Sysmex Inostics GmbH, introduced Plasma-SeqSensei liquid biopsy research use only (RUO) kits in EMEA.
The tissue biopsies segment emerged as the dominant type segment in 2020. Shortcomings of liquid biopsies such as the lack of robust efficacy evaluations and associated high costs are currently bridged by tissue biopsies. This has made tissue biopsy a gold-standard procedure in the present diagnostic scenario.
Liquid biopsies are expected to offer lucrative opportunities in the field of oncology-based personalized medicine and genomic data analysis. Recognizing the potential of these tests, the regulatory bodies are actively supporting the commercialization of these products and increasing the use of these assays in clinics. For instance, in November 2020, the FoundationOne Liquid CDx test was approved by the U.S. FDA as a companion diagnostic device for multiple cancers.
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. The 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 the overall market growth.
Key players are focusing on developing novel biopsy platforms, set to achieve business expansion, further contributing to the revenue generation in the market. In March 2021, Quick-Core Auto Biopsy System for biopsy procedure soft tissue biopsy was launched by IZI Medical Products. This product is fully automated, which is built based on the company's proprietary semi-automatic system, Quick-Core.
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 Million, 2018 - 2027)
Cancer Biopsy Type Outlook (Revenue, USD Million, 2018 - 2027)
Cancer Biopsy Application Outlook (Revenue, USD Million, 2018 - 2027)
Cancer Biopsy Regional Outlook (Revenue, USD Million, 2018 - 2027)
List of Key Players of Cancer Biopsy Market
BD (Becton, Dickinson And Company)
Thermo Fisher Scientific, Inc.
F. Hoffmann-La Roche Ltd.
Lucence Diagnostics Pte. Ltd.
Exact Sciences Corporation
Freenome Holdings, Inc.
Biodesix (Integrated Diagnostics)
HelioHealth (Laboratory for Advanced Medicine)
Genesystems, Inc. (Genesys Biolabs)
Chronix Biomedical, Inc.
Personal Genome Diagnostics Inc.
Check out more studies related to biopsy and associated devices, conducted by Grand View Research:
U.S. Cancer Biopsy Market – The U.S. cancer biopsy market size is expected to reach USD 15.98 billion by 2028. It is expected to expand at a CAGR of 11.0% from 2021 to 2028.
Biopsy Devices Market – The global biopsy devices market size is expected to reach USD 2.3 billion by 2020. Surging demand for effective diagnostic procedures for cancer is expected to work in favor of the market.
Smart Biopsy Devices Market – The global smart biopsy device market size is anticipated to reach USD 3.72 billion by 2026. Rising demand for minimally invasive biopsy procedure is anticipated to boost the growth.
Browse through Grand View Research's coverage of the Global Clinical Diagnostics Industry.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
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.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Follow Us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.