The global cancer biopsy market is driven by advancements in biopsy technologies. Cancer biopsy continues to witness major technological transformations ranging from imaging to needle design aimed at improving the accuracy and safety of tissue sampling. The biopsy procedure involves surgically removing a small amount of suspicious tissue or lymph nodes from the body for examination under a microscope by a pathologist. The global cancer biopsy market witnesses high demand for products including biopsy needles, biopsy forceps, biopsy guide tubes, biopsybrushes, and other consumables. These tools facilitate minimally invasive removal of targeted tissues with minimal patient trauma.
The global cancer biopsy market is estimated to be valued at US$ 29.51 Bn in 2024 and is expected to exhibit a CAGR of 13. % over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Advanced imaging systems: Imaging technologies play a pivotal role in guiding safe biopsy procedures with minimal complications. Advanced ultrasound systems, MRI scanners, and CT imaging offer real-time guidance for precise needle placement. Novel contrast agents and minimally invasive navigation also support accurate biopsy. Together, enhanced imaging solutions boost procedure success rates.
Artificial intelligence fuel cell design: AI applications show promise for optimizing biopsy tools. Powered by vast datasets, AI algorithms analyze tissue properties to bioengineer next-gen needles engineered for specific tumor types. AI may facilitate design of ultra-sharp yet flexible cell sampling techniques for hard-to-reach areas or deformable lesions. Such targeted innovations aim to simplify biopsies and reduce need for multiple passes.
Porter’s Analysis
Threat of new entrants: The cancer biopsy market requires high R&D investments and stringent regulatory approvals, which act as entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternative diagnostic modalities. However, biopsy remains the gold standard for cancer diagnosis.
Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to the availability of alternative suppliers in the market.
Threat of new substitutes: The threat of new substitutes is moderate as liquid biopsy and other non-invasive diagnostic methods emerge but biopsy remains the gold standard.
Competitive rivalry: The cancer biopsy market is moderately competitive with the presence of global and local players.
Key Takeaways
The Global Cancer Biopsy Market Size is expected to witness high growth at a CAGR of 13% during the forecast period.
Regional analysis: North America is expected to hold the largest share in the cancer biopsy market during the forecast period. This is attributed to factors such as increasing cancer prevalence, advanced healthcare infrastructure, favorable reimbursement policies, and presence of key players in the region. Asia Pacific is anticipated to grow at the fastest rate due to growing awareness, improving healthcare infrastructure, and rising healthcare expenditure in emerging countries.
Key players:
Key players operating in the cancer biopsy market are Atlassian Corporation Plc, Microsoft Corporation, Monday.com Ltd., Wrike, Inc., Asana, Inc., Jira Software (part of Atlassian), Smartsheet Inc., Trello, Inc., Basecamp LLC, Teamwork.com Ltd., Zoho Corporation Pvt. Ltd., Pivotal Software, Inc., VersionOne Inc., Clarizen Ltd., Targetprocess Inc. Microsoft Corporation leads the market, driven by its team collaboration software offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
