A Comprehensive Study on the Rapid Growth of North American Cancer Biopsy Market
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North America cancer Biopsy market is flourishing due to the high prevalence of cancer, government initiatives, technological advancements, and product launches.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the North America Cancer Biopsy Market size at USD 10.34 Billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the North America Cancer Biopsy Market size to expand at a CAGR of 9.77% reaching a value of USD 22.87 Billion by 2030.
The market is expected to grow significantly due to the high burden of cancer among the population, with a large number of breast, colon, and rectal cancer cases, particularly in the United States and Canada. Initiatives undertaken by the government for the early diagnosis of cancer are also driving market growth such as The National Breast and Cervical Cancer Early Detection Program (NBCCEDP) provides free and low-cost breast and cervical cancer screening services for people who can’t afford them. Moreover, the market is being driven by technological advancements and product launches by key players. For example, the launch of new oncology liquid biopsy products is contributing to market growth.
Opportunity: Collaborations and Partnerships
Collaborations and partnerships represent a pivotal opportunity in the North America Cancer Biopsy Market. The complex landscape of cancer diagnostics and biopsy technologies necessitates strategic alliances between key players, research institutions, and healthcare organizations. By fostering collaborations, stakeholders can leverage combined expertise, resources, and innovative technologies to accelerate advancements in cancer biopsy methodologies. These partnerships facilitate the development of cutting-edge diagnostic tools, enhance research capabilities, and promote the efficient implementation of novel biopsy techniques. For instance, SOPHiA GENETICS, a cloud-native software firm in the healthcare market, has entered into an agreement with Memorial Sloan Kettering Cancer Centre (MSK) to give physicians and researchers new tools to improve their testing and analytical capabilities. This includes using patented complete Genomic Panel (CGP) sequencing assays like MSK-ACCESS?, which will be commercialized by SOPHiA GENETICS as the first complete ctDNA liquid biopsy test powered by the SOPHiA DDMTM Platform. Furthermore, collaborative efforts create synergies that can streamline regulatory processes, ensuring quicker market access for innovative biopsy solutions. Overall, collaborations and partnerships emerge as a key avenue for fostering innovation, addressing unmet needs, and driving the growth of the North America Cancer Biopsy Market.
Impact of Geopolitical Tensions on the North America Cancer Biopsy Market
Geopolitical tensions can impact the North America cancer biopsy market in various ways. The increasing conflicts may disrupt the overall market dynamics, leading to uncertainties in trade and investment. Cross-border capital outflows triggered by rising geopolitical tensions could pose a threat to macro-financial stability, affecting the financial landscape within the region. These uncertainties may influence decision-making processes, leading to delays or fluctuations in healthcare investments, research, and technology adoption in the field of cancer diagnostics. As geopolitical challenges evolve, businesses operating in the North America Cancer Diagnostics Market need to navigate through this landscape strategically to ensure sustained growth and stability.
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North America Cancer Biopsy Market
Segmental Information
North America Cancer Biopsy Market - By Application
Based on application, the North America cancer Biopsy market is segmented into breast cancer, colorectal cancer, cervical cancer, lung cancers, and others (including liver cancer, blood cancer, prostate cancer). The breast cancer segment leads the North American cancer biopsy market. Breast cancer accounts for about 30% (or 1 in 3) of all new female cancers each year in the United States. The rising use of biopsies for breast cancer screening, with a preference for core-needle biopsy over surgical biopsy, is propelling this segment forward. The American Cancer Society's projections for breast cancer in the United States in 2024 are that approximately 310,720 new instances of invasive breast cancer will be diagnosed in women, an estimated 56,500 new instances of ductal carcinoma in situ (DCIS) will be diagnosed, and about 42,250 women will die from breast cancer. Furthermore, the availability of enhanced diagnostic procedures, government programs aimed at raising awareness about breast cancer, and the launch of novel biopsy methods have all contributed to market expansion in this area.
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North America Cancer Biopsy Market – By End User
Based on end user, the North America cancer biopsy market is segmented into hospitals, diagnostic laboratories, and others. Hospitals segment dominate the North America cancer biopsy market in terms of end user. Hospitals are the primary end customers of cancer diagnostic products. The existence of advanced healthcare infrastructure, favorable reimbursement rules, and a high prevalence of cancer in the region are the primary factors contributing to hospitals' dominant position. Hospitals are the principal sites for cancer diagnosis and treatment, and they do a large number of biopsies. Furthermore, hospitals have access to advanced diagnostic technology and equipment that are required for precise cancer diagnosis. The diagnostic laboratories segment is predicted to expand due to rising cancer rates and increased demand for early detection. However, hospitals are currently dominating the North America cancer market due to their significant role in cancer diagnosis and treatment.
North America Cancer Biopsy Market - By Country
Based on Country, the North America cancer Biopsy market is segmented into United States and Canada. The United States holds a dominant position in the North American Cancer Biopsy Market. This is primarily due to the rising prevalence of cancer in the US population, which has raised the demand for cancer biopsies. Furthermore, the United States has a well-established healthcare infrastructure, a powerful research and development environment, and large investments in biotechnology and medical device industries, which all contribute to its leadership in the cancer biopsy market.
Competitive Landscape
The North America Cancer Biopsy Market is fragmented, with numerous players serving the market. The key players dominating the North America Cancer Biopsy Market include lllumina Inc, BD (Becton, Dickinson and Company), Myriad Genetics Inc., Thermo Fisher Scientific, BIOCEPT INC., Hologic Inc, Danaher, Agilent Technologies Inc., IZI Medical, Johnson & Johnson Services, Inc., Medtronic, Boston Scientific Corporation, CONMED Corporation, INRAD, Inc. and other prominent players. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the North America Cancer Biopsy Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the North America Cancer Biopsy Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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