CANCER BIOPSY MARKET ANALYSIS

Market Challenges And Opportunities

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: 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.