Biopsies have played a huge role in the advancement of the molecular medicine sector. Technological developments in molecular medicine have significantly improved the molecular classification of cancers and has paved the way for growth in the cancer biopsy market.
Emerging technologies in the field such as fine needle aspiration biopsies are being incorporated in the diagnosis of various types of cancers such as thyroid cancer, colorectal cancer, breast cancer, blood cancer, and lung cancer. The growing trend of image-guided needle biopsies is anticipated to spur the growth in cancer biopsies market owing to their role in precision medicine field.
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Liquid biopsy of cancer is another emerging diagnostic test that has the potential to shape the market. It is a minimally invasive process of extraction of the circulating tumor cells (CTCs). However, liquid biopsy poses technical challenges for radiologists who deal with the isolation of CTCs. Advancements in the next-generation sequencing techniques could potentially amplify the growth of the cancer biopsy market.
Bioinformatics players increasing investments in the cancer biopsy market
A growing number of multidimensional research on the new techniques for biopsies and molecular medicine in projected to expand the avenue for aspiring players in the cancer biopsy market. Besides this, players that pioneered in bioinformatics are seen to increase their investments and research initiative to benefit the cancer biopsy market. They are launching advanced data analysis platforms that will help the clinicians and patients in the field of oncology. Some of the key players in the cancer biopsy market include Guardant Health, Myriad Genetics, Chronix Biomedical, Hoffman-La Roche Ltd., and Thermo Fisher Scientific Inc.
Regionally, North America has been offering incredible growth opportunities for the stakeholders and industry players in the cancer biopsy market. A large share of revenue in the market in the last few years was generated in the U.S. Advancements in precision medicine in oncology has contributed to growth in the market. Prevalence of breast cancer and growing awareness of impact of cancer on patients and their families is seen to indirectly spur the growth of cancer biopsy market in Asia Pacific region.
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