CANCER BIOPSY MARKET ANALYSIS

The global cancer biopsy market was valued at US$ 22.86 Bn in 2022 and is forecast to reach a value of US$ 67.11 Bn by 2030 at a CAGR of 14.7% between 2023 and 2030. The global cancer biopsy market is experiencing strong growth due to the increasing awareness among people about cancer and advent of liquid biopsy. Moreover, rise in burden of cancer and growing geriatric population around the world is expected to boost the growth of the market. However, factors such as high cost of diagnosis and technical and clinical challenges are expected to hamper the growth of the global cancer biopsy market.

Global Cancer Biopsy Market: Regional Insights

Based on geography, the global cancer biopsy market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the rising burden of oncology disorders, growing geriatric population, increase in adoption of liquid biopsies, and rise in product approval and launches in the region. For instance, the Food and Drug Administration (FDA) has approved two blood tests, known as liquid biopsies, to help guide people with cancer. Guardant360 CDx is a liquid biopsy for all advanced solid tumors that delivers results in as soon as 7 days. FoundationOne Liquid CDx is a companion diagnostic that analyses guideline-recommended genes from a simple blood draw.

Europe and Asia Pacific are also expected to witness significant growth in the global cancer biopsy market due to the increasing prevalence of cancer, growing geriatric population, rising awareness among people, and increasing adoption of liquid biopsies in these regions. For instance, European Liquid Biopsy Academy (ELBA) project is an Innovative Training Network (ITN) aims to move the promising technology of liquid biopsies out of its infancy and bring it to the clinic with a further focus on Non-Small Cell Lung Cancer (NSCLC) early diagnosis. Moreover, with the rise in burden of cancer, the adoption of cancer biopsies is also increasing.

Figure 1. Global Cancer Biopsy Market Share (%), by Region, 2023

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Global Cancer Biopsy Market Drivers:

Advent of liquid biopsy to augment market growth

One of the key factors expected to propel the growth of the global cancer biopsy market over the forecast period is the advent of liquid biopsy. For instance, a liquid biopsy analyses the circulating DNA (cfDNA) from cells that are shed into the bloodstream by all tumors present in a patient with metastatic cancer. In June 2023, Labcorp announced the launch of liquid biopsy to detect cancer-related biomarkers. A new blood test from Labcorp could potentially help the cancer patients begin the most efficient treatments as early as possible. The test is designed to analyze genomic makeup of both advanced and metastatic solid tumors.

Increasing awareness among people to drive market growth

Another factor driving the growth of the global cancer biopsy market is the increasing awareness among people about cancer. Several governments and healthcare organizations around the world have undertaken several initiatives to spread awareness about cancer. For instance, World Health Organization’s (WHO’s) National Cancer Control Program is a public health program that aims to reduce the number of cancer deaths and improve the quality of life of cancer patients. Being better informed about cancer, people can significantly reduce their health risk and potentially prevent cancers, as well as enjoy both healthy and happy life.

Global Cancer Biopsy Market Opportunities:

Rise in burden of cancer across the globe is expected to offer significant growth opportunities for players in the global cancer biopsy market. For instance, with the increasing prevalence of cancer, the use/adoption of cancer biopsy is also increasing with the rapid pace. According to the American Cancer Society (ACS), in 2023, more than 1,958,310 new cancer cases and 609,820 cancer deaths are projected to occur in the U.S. Moreover, according to the Indian Council of Medical Research (ICMR), India’s cancer cases could increase by 12% in the next five years, with around 1.5 million people projected to suffer from the non-communicable disease by 2025.

Growing geriatric population around the world is expected to offer lucrative growth opportunities for players in the global cancer biopsy market. For instance, for older adults with advanced cancer, a geriatric assessment can be an important part of treatment planning. A geriatric assessment offer a detailed evaluation of medical, psychosocial, and functional problems in geriatrics with cancer. According to the World Health Organization (WHO), by 2030, one in six people in the world will be aged 60 years or over, and the world’s population of people aged 60 years and older will double (2.1 billion) by 2050. This in turn is expected to drive the market growth. 

Global Cancer Biopsy Market Trends:

Increasing adoption of liquid biopsies is a recent trend

Liquid biopsies help clarify the characteristics of cancer by identifying tumor cells or tumor DNA released into the blood by the growth and/or apoptosis of cancer cells. Currently, liquid biopsies are commonly used to identify specific genetic changes in people with non-small cell lung cancer (NSCLC). They are also being studied and used for other types of cancer, including breast cancer, ovarian cancer, and prostate cancer. Thus, the use or adoption of liquid biopsies is also increasing, and this trend is expected to continue over the forecast period.

Introduction of novel technologies is another trend

Novel diagnostic and therapeutic oncology technologies are penetrating not only across benchtop settings but are also gaining significant demand in clinics. Several novel diagnostic technologies have ability to transform oncology diagnostic and treatment. This has caught attention of several care providers, regulators, and manufacturers, increasing investments in this area. This offers huge opportunity for cancer biopsy manufacturers to establish their market presence as a need for safe and effective management of cancer burden becomes imperative.

Global Cancer Biopsy Market Restraints:

High cost of diagnosis to hamper the market growth

One of the key factors expected to hamper growth of the global cancer biopsy market is the high cost of diagnosis. Diagnostic tests of cancer are very expensive and increase the financial burden on families of patients. Thus, these tests are not affordable for middle-class patient population that is not covered under any insurance. Moreover, several private insurance players do not cover cost associated with cancer diagnosis, and thus high cost of diagnosis is limiting the adoption of cancer screening tools. However, the scenario is expected to change in the coming years due to increasing medical tourism, where diagnostic solutions are becoming affordable. 

Technical and clinical challenges to hinder market growth

Another factor which is hampering the growth of the global cancer biopsy market is the technical and clinical challenges. Introduction of image-guided biopsy to overcome the cost and efficiency challenges pertaining surgical biopsy is associated with several technical and clinical challenges. For instance, some patients are predisposed to psychosocial, physical, or mental comorbidities that may restrict their participation & involvement in image-guided breast biopsy. Despite informative nature of the tissue biopsy, it is painful, invasive, costly, time consuming, and, most importantly, sometimes inappropriate to capture tumor heterogeneity.

Figure 2. Global Cancer Biopsy Market Share (%), by Product, 2023

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Global Cancer Biopsy Market Segmentation:

The global cancer biopsy market report is segmented into Product, Biopsy Type, Application, and Region.

Based on Product, the market is segmented into Instruments, Kits and Consumables, and Services. Out of which, Instruments Segment is expected to dominate the cancer biopsy market over the forecast period and this is attributed to the increasing demand for biopsy instruments.

Kits and Consumables Segment is also expected to witness significant growth in the near future and this is owing to the increasing demand for biopsy kits and consumables.

Based on Biopsy Type, the market is segmented into Tissue Biopsy (Needle Biopsy (Fine Needle Aspiration (FNA) and Core Needle Biopsy (CNB)), Liquid Biopsy, and Others. Out of which, Tissue Biopsy Segment is expected to dominate the market during the forecast period and this is attributed to the rise in burden of cancer across the globe.

Liquid Biopsy Segment is also expected to witness significant growth in the near future and this is owing to increasing adoption of liquid biopsies worldwide.

Based on Application, the market is segmented into Breast Cancer, Colorectal Cancer, Cervical Cancer, Lung Cancer, Prostate Cancer, Skin Cancer, Blood Cancer, Kidney Cancer, Liver Cancer, Pancreatic Cancer, Ovarian Cancer, and Others. Of which, Breast Cancer Segment is expected to dominate the market over the forecast period and this is attributed to the increasing prevalence of breast cancer (one of the leading cause of death worldwide).

Lung Cancer Segment is also expected to witness significant growth in the near future and this is owing to rise in burden of lung cancer around the world.

Global Cancer Biopsy Market: Key Developments

In August 2022, Guardant Health received FDA approval for its Guardant360 CDx liquid biopsy test as a companion diagnostic (CDx) to choose patients with unresectable or metastatic HER2-mutant non-small cell lung cancer (NSCLC) with tumors that have activating HER2 mutations for treatment with ENHERTU (fam-trastuzumab deruxtecan-nxki).

In July 2022, BillionToOne Inc. announced the launch of its first oncology liquid biopsy product, Northstar Select and Northstar Response. These products are currently available for research use with selected academic cancer centres.

In May 2022, Delfi Diagnostics, a developer of a new class of high-performance, affordable liquid biopsy tests for the early cancer detection, presented multiple applications for its next-generation liquid biopsy platform. Delfi presented a trial-in-progress update on DELFI-L101, a prospective, case-control study to train and test classifiers for lung cancer detection.

Global Cancer Biopsy Market: Key Companies Insights

The global cancer biopsy market is highly competitive. This is attributed to the increasing burden of oncology disorders and increase in adoption of liquid biopsies, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global cancer biopsy market are QIAGEN, Illumina, Inc., Angle PLC, Myriad Genetics, COUNSYL, Inc., Hologic, Inc., Biocept, Inc., Thermo Fisher Scientific, Inc., Danaher, F. Hoffmann-La Roche Ltd., Epigenomics AG, BD (Becton, Dickinson and Company), and Helio Health (Laboratory for Advanced Medicine), among others.

*Definition: A biopsy is a procedure to remove a piece of tissue or a sample of cells from the body so that it can be tested in a laboratory. A cancer biopsy is a medical test in which a tissue or cells of the affected patient is taken to discover the presence, cause, or extent of cancer.