PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401799
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401799
Multi-Cancer Early Detection Market size was valued at USD 880 Million in 2022, expanding at a CAGR of 16.2% from 2023 to 2030.
Multi-cancer early detection (MCED) pertains to the advancement and deployment of technologies and methodologies aimed at identifying various cancer types at their initial stages or even before symptoms manifest, utilizing either a single test or a series of tests. Rather than concentrating solely on a particular cancer type, MCED strives to simultaneously detect multiple cancer types or employ a unified assay. These strategies often involve scrutinizing various biomarkers present in bodily fluids like blood, urine, or saliva, such as circulating tumor DNA (ctDNA), proteins, and other molecular indicators. Technological advancements like next-generation sequencing (NGS), liquid biopsy, and machine learning algorithms play a pivotal role in discerning minute cancer-specific signals, enabling the identification of cancers at earlier, more treatable phases.
Multi-Cancer Early Detection Market- Market Dynamics
Escalating incidence of cancer and governments' heightened emphasis on early cancer detection to propel market demand
The market for multi-cancer early detection (MCED) is poised for growth owing to various factors, including the escalating incidence of cancer and governments' heightened emphasis on early cancer detection. According to the World Health Organization (WHO) in 2020, cancer ranked as the leading cause of global mortality, accounting for nearly 10 million deaths, or approximately one in six deaths. Factors such as smoking, high body mass index, alcohol consumption, obesity, and elevated cholesterol levels contribute to approximately one-third of cancer-related fatalities. The market presents a significant opportunity amid increasing awareness concerning the importance of early cancer detection, aiming to enhance patient survival rates and mitigate treatment expenses. The demand for efficacious early-stage cancer detection methods, facilitating streamlined disease management and subsequently reducing mortality rates, propels the overall market growth.
Multi-Cancer Early Detection Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 16.2% over the forecast period (2023-2030)
Based on product type segmentation, gene panel, LDT and others was predicted to show maximum market share in the year 2022
Based on end user segmentation, hospital was the leading type in 2022
On the basis of region, North America was the leading revenue generator in 2022
The Global Multi-Cancer Early Detection Market is segmented on the basis of Product Type, Technology, End User, and Region.
The market is divided into two categories based on product type: liquid biopsy and gene panel, LDT and others. In 2022, the gene panel, LDT, and other segments captured the largest portion of revenue, primarily due to their provision of testing for multiple types of cancers. Gene panels specifically target the identification of hereditary cancers, and the increasing awareness surrounding hereditary cancers is driving the demand for genetic tests that can detect cancers at their early stages, thereby enhancing patients' survival rates.
The market is divided into three categories based on End User: Hospitals, Diagnostic Laboratories and Others. The hospitals segment emerged as the dominant force in the overall market by securing a significant revenue share in 2022. This dominance is credited to the presence of specialized medical practitioners and healthcare professionals engaged in the diagnosis and treatment of various conditions. Hospitals function as platforms for educating and raising awareness among individuals about specific diseases and disorders. As multi-cancer early detection (MCED) represents an emerging technology with limited awareness among the target audience, hospitals play a crucial role. They facilitate the testing of asymptomatic patients for multiple cancer types, simplifying subsequent treatment procedures.
Multi-Cancer Early Detection Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The multi-cancer early detection market is undergoing various strategies to transform cancer diagnosis methodologies. Technological advancements in liquid biopsy, next-generation sequencing, and AI-driven algorithms enhance the precision of detecting diverse cancers through a single test. Companies prioritize extensive clinical trials to authenticate the reliability and accuracy of these methodologies. Additionally, strategic collaborations between biotech firms, research institutions, and healthcare providers facilitate the development and commercialization of innovative multi-cancer screening tools. The focus on regulatory compliance, cost-effectiveness, and accessibility of these tests further propels market growth, aiming to revolutionize cancer detection by delivering more prompt and precise diagnoses for improved patient outcomes.
In July 2022, Grail, LLC announced the completion of enrollment for the NHS-Galleri trial in under 10 months. This trial involved the enrollment of 140,000 healthy volunteers, marking the largest-ever investigation of a multi-cancer early detection test.
The scope of this report covers the market by its major segments, which include as follows: