Covina, Aug. 21, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global multi-cancer early detection market size and share is projected to grow from USD 1.25 Billion in 2024 and is forecasted to reach USD 5.1 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 16.4% during the forecast period (2024 - 2034).
Multi-Cancer Early Detection Market Report Overview
Multi-Cancer Early Detection represents a transformative approach in oncology aiming to identify multiple types of cancers at their earliest and most treatable stages. Traditional cancer screening methods often focus on a single type of cancer using techniques specific to that particular cancer’s biomarkers.
A prominent technology in MCED is the liquid biopsy, which analyzes circulating tumor DNA (ctDNA), RNA, or other biomarkers in a blood sample. This non-invasive method allows for the detection of genetic mutations associated with various cancers.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Multi-Cancer Early Detection Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Burning Rock Biotech
- Exact Sciences
- Thrive Earlier Detection
- Foundation Medicine
- Genomic Health
- Freenome
- VolitionRX
- CellMax Life
- Guardant Health
- Elypta
- StageZero Life Sciences
- GRAIL
- C2i Genomics
- ArcherDX
- 1drop Inc.
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Analyst View:
The global increase in cancer incidence and mortality rates underscores the need for effective early detection methods. Multi-cancer early detection technologies offer a promising solution by enabling the detection of multiple cancers from a single test, potentially reducing the overall burden of cancer and improving patient outcomes.
Market Dynamics:
Drivers:
Increased Focus on Preventive Healthcare
- There is a growing emphasis on preventive healthcare and early detection to reduce the incidence of advanced-stage cancers and associated healthcare costs. Multi-cancer early detection aligns with this shift by offering a comprehensive screening approach that identifies multiple cancers early, facilitating timely intervention and reducing overall treatment costs.
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Market Trends:
Emergence of New Technologies
- The target market is characterized by the emergence of new technologies and approaches. Innovations such as improved liquid biopsy techniques, next-generation sequencing (NGS), and advanced data analytics are continually enhancing the accuracy and efficacy of multi-cancer detection.
Segmentation:
Multi-Cancer Early Detection Market is segmented based on Type, End-User, and Region.
Type Insights
- This sector includes Liquid Biopsy, Gene Panel, LDT, and Others. The liquid biopsy segment is expected to dominate the target market growth as it involves analyzing biomarkers from a blood sample, making it a less invasive alternative to traditional tissue biopsies. This method is highly attractive to both patients and healthcare providers because it minimizes the discomfort and risk associated with surgical biopsy procedures.
End-User Insights
- In the target market hospitals are the most dominant segment as hospitals are equipped with comprehensive patient care facilities and advanced medical infrastructure, making them ideal environments for the use of multi-cancer early detection technologies.
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Recent Development:
- In February 2024, The National Institutes of Health launched a clinical trials network to evaluate emerging technologies for cancer screening. To support the Biden-Harris administration's Cancer Moonshot, the Cancer Screening Research Network (CSRN) will look at ways to detect malignancies sooner when they might be simpler to treat. The National Cancer Institute (NCI), a division of the National Institutes of Health (NIH), has awarded funds to eight entities to implement the network's initial initiatives. The Vanguard research on Multi-Cancer Detection is pilot research that the network will conduct to see whether multi-cancer detection (MCD) tests can be used in randomized controlled trials in the future.
Regional Insights
- North America: This region is at the forefront of technological innovation in the healthcare sector. The region benefits from substantial investments in research and development, leading to the introduction of cutting-edge multi-cancer early detection technologies.
- Asia Pacific: The increasing prevalence of cancer in the Asia-Pacific region drives the demand for early detection solutions. As cancer rates rise, there is a greater emphasis on implementing advanced screening technologies to manage and treat cancer more effectively.
Browse Detail Report on "Multi-Cancer Early Detection Market Size, Share, By Type (Liquid Biopsy, Gene Panel, LDT & Others), By End-use (Hospitals, Diagnostic Laboratories, and Others), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/multi-cancer-early-detection-market-5572
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