The Multi Cancer Early Detection Market Size is valued at 2057.31 Million in 2023 and is predicted to reach 23743.57 Million by the year 2031 at a 35.98 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The increasing cases of various types of cancer globally is driving the demand for early detection methods.
- Government initiatives and funding to support cancer research and early detection programs are propelling market growth.
- North America dominated the market and accounted for a global revenue share in 2023.
- The key challenge for the multi-cancer early detection market is the high initial investment as well as high diagnosis cost required.
Multi-cancer early detection is a novel technique for spotting cancer in its early stages. Multi Cancer Early Detection is a novel technique for spotting cancer in its early stages. The test searches for certain antigens released into cancer patients' blood. There are numerous distinct cancer kinds, and each type has its collection of indicators. The Multi Cancer Early Detection test scans the blood of cancer patients for a particular set of markers. The market for multi-cancer early detection (MCED) is anticipated to grow due to factors including the rising incidence of cancer and the increased government emphasis on the early detection of cancers.
The market presents a significant opportunity, given a growing understanding that early cancer detection can improve patient survival and lower treatment costs. The development of MCED is undergoing extensive Research & Development to improve diagnostic performance. Additionally, the creation of tests that can precisely and continuously look for indications of a wide range of malignancies, the majority of which lack an effective screening method, is anticipated to fuel the expansion of the entire market.
Along with these other aspects, firms functioning in the global Multi Cancer Early Detection Market can anticipate profitable revenue growth potential due to rising R&D activities, government initiatives to employ sustainable components in production and investments from well-known companies.
Competitive Landscape
Some Major Key Players In The Multi Cancer Early Detection Market:
- Micronoma Inc
- Anpac Bio
- EarlyDiagnostics, Inc
- Early is Good (EIG)
- Cansense
- Freenome Holdings, Inc.
- Oncocyte Corporation
- SeekIn
- Naveris
- VESEN, Inc.
- Grail, LLC (Illumina, Inc.)
- Exact Sciences Corporation
- Foundation Medicine, Inc.
- AnchorDx
- Guardant Health, Inc.
- Burning Rock Biotech Limited
- GENECAST
- Laboratory for Advanced Medicine, Inc.
- Singlera Genomics Inc.
Market Segmentation:
The multi cancer early detection market is segmented based on product and end user. Based on type, the market is segmented as liquid biopsy and gene panel, LDT and Others. By end user, the market is segmented into hospitals, diagnostic laboratories and other.
Based On Type, The Liquid Biopsy Segment Is Accounted As A Major Contributor In The Multi Cancer Early Detection Market
The liquid biopsy category is expected to hold a major share in the global multi-cancer early detection market in 2021. Cancer detection's great uptake and acceptance are credited with the segment's supremacy. One of the innovative and newest advances in diagnostics is a liquid biopsy which is expected to drive the market further.
Hospital’s Sector Witnessed Growth At A Rapid Rate In The Market
The hospital segment is projected to grow at a rapid rate in the global multi-cancer early detection market. Medical professionals with specialized training and other healthcare workers involved in diagnosis and treatment are responsible for this segment's dominance. Hospitals inform and raise public knowledge of various illnesses and ailments. The target audience knows very little about MCED, a new technology. As a result, hospitals examine asymptomatic people for several types to facilitate therapy, especially in countries such as the US, Germany, the UK, China, and India.
The North America Multi Cancer Early Detection Market Holds The Biggest Revenue Share.
The North American multi-cancer early detection market. Some major components propelling market expansion in North America are the increasing cancer frequency, the accessibility of cutting-edge medical infrastructure, and the involvement of significant players here. In addition, Asia Pacific is accounted to hold the highest share in the global multi-cancer early detection market. One of the key reasons propelling market expansion in this region is the escalating disease population and the expanding government measures to improve early cancer detection.
Recent Developments:
- In February 2024, Freenome, a leading biotech company at the forefront of developing blood tests for early cancer detection, has successfully raised an additional $254 million from a combination of new and existing investors. The money allows Freenome to progress the development of single-cancer and customized multi-cancer early detection assays using its multiomics platform.
Multi Cancer Early Detection Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 2057.31 Million |
|
Revenue Forecast In 2031 |
USD 23743.57 Million |
|
Growth Rate CAGR |
CAGR of 35.98 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Type, End-Use |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Grail, LLC (Illumina, Inc.), Exact Sciences Corporation, Foundation Medicine, Inc., AnchorDx, Guardant Health, Inc., Burning Rock Biotech Limited, GENECAST, Laboratory for Advanced Medicine, Inc., and Singlera Genomics Inc. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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