PUBLISHER: BIS Research | PRODUCT CODE: 1266587
PUBLISHER: BIS Research | PRODUCT CODE: 1266587
“Global Multicancer Screening Market to Reach $7.78 Billion by 2032.”
The global multicancer screening market is projected to reach $7.78 billion by 2032 from $1.90 billion in 2022, growing at a CAGR of 15.09% during the forecast period 2023-2032. The growth in the global multicancer screening market is expected to be driven by the increased use of liquid biopsy testing and increasing prevalence of cancers.
Multicancer screening is a cancer screening test that has the potential to screen for more than one cancer type with a single test. This test can be tissue-based or liquid biopsy-based. Most of the newly developed multicancer screening tests in the market right now are liquid biopsy-based, which detects cancer biomarkers in bodily fluids such as blood, saliva, urine, etc. Biomarkers/genetic markers from RNA, DNA, or protein are analyzed from these samples. If any of these biomarkers or gene mutations are positive in the analysis, further follow-up tests need to be performed to confirm the findings.
Some multicancer screening tests can also identify the tissue of the origin of cancer, while others need imaging tests to verify the origin. There are a lot of laboratory-based multicancer screening tests available in the market right now, and a few have also received U.S. Food and Drug Administration (FDA) and conformite europeenne (CE) approvals as well. Multicancer screening tests are also important because, according to the America Cancer Society, Inc., 70% of all cancer deaths are from cancers that still do not have any proven individual screening tests. This can be extremely decreased with the advent of new biomarkers through increasing funding investments in multicancer screening tests.
In 2019, the world was hit by a pandemic. The culprit is coronavirus disease (COVID-19), which is an illness caused by the severe acute respiratory syndrome coronavirus-2 (SARS-CoV-2) virus. SARS-CoV-2 was found to be a novel type of coronavirus that started causing severe illness and deaths around the world. The global pandemic began in early 2020, causing mild respiratory tract infections to serious lower respiratory infections. The first case of coronavirus was reported in Wuhan, China, in December 2019.
According to an electronic medical record company, there was approximately an 80%-90% decline in screenings of breast, cervical, and colorectal cancers in patients during March and April of 2020 as compared to the same months in 2019. Even though screenings did increase in June 2020, they were still down by 29%-36%. Additionally, according to the Centers for Disease Control and Prevention, HPV vaccinations dropped by 73% between February and April 2020. The full impact of these delays will be realized in the coming years.
The global multicancer screening market (by test type) is expected to be dominated by the laboratory developed tests (LDTs) segment during the forecast period 2023-2032. The in-vitro diagnostics (IVDs) segment is expected to grow with a high CAGR and have a market share of 35.72% till 2032.
The global multicancer screening market (by technology) is expected to be dominated by the next-generation sequencing (NGS) segment during the forecast period 2023-2032. This is because it is the most efficient and accurate technology currently available when it comes to gene analysis.
The global multicancer screening market (by sample) is expected to be dominated by the tissue segment during the forecast period 2023-2032. This is due to the high validation and trust on these tests as compared to the newer liquid biopsy-based tests.
The DNA segment is expected to dominate the global multicancer screening market (by method) during the forecast period 2023-2032. This growth in this segment is attributed to the fact that DNA analysis is the most convenient, even with the fast-growing liquid biopsy methods.
The global multicancer screening market (by cancer type) is expected to be dominated by the breast and gynecological segment during the forecast period 2023-2032. This is because the high prevalence of these cancer types and high number of known biomarkers makes them easy to screen for.
As of 2021, the global multicancer screening market (by application) was dominated by the research segment, holding a 85.06% market share.
As of 2021, the global multicancer screening market (by end user) was dominated by the academic and research institutions segment, holding a 62.17% market share.
North America is expected to dominate the global multicancer screening market with a revenue of $0.87 billion in 2021. However, the Asia-Pacific (APAC) region, constituting several emerging economies, is expected to register the highest CAGR of 17.60% during the forecast period 2023-2032.
Following are the demand drivers for the global multicancer screening market:
The market is expected to face some limitations too due to the following challenges:
The companies that are profiled have been selected based on inputs gathered from primary experts, analyzing company coverage, product portfolio, and market penetration.
The top segment players leading the market include in-vitro diagnostics (IVDs) and laboratory developed tests (LDTs). IVD kit providers constitute around 30.54% of the presence in the market, and LDT kit providers constitute 69.46% of the multicancer screening market.
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