Jersey City, NJ, Sept. 06, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the " Global Multi Cancer Early Detection Market by Type (Liquid Biopsy and Gene Panel, LDT And Others.), End-User (Hospitals, Diagnostic Laboratories And Other)- Trends, Industry Competition Analysis, Revenue and Forecast To 2030."
Multi-cancer early detection (MCED) tests are a modern development in cancer detection and are increasingly becoming popular quickly. Currently, new blood-based devices can quickly and accurately diagnose various cancers. With the rising incidence of cancer and the administration's increased emphasis on early cancer detection, the market for multi-cancer early detection (MCED) is anticipated to expand. Additionally, the creation of diagnostics that can concurrently and reliably look for indications of a variety of malignancies, the majority of which lack a practical assessment approach, is anticipated to drive the growth of the entire market.
The market's major players are developing new technologies for cancer diagnostics. Government and non-government groups are investing an increasing amount of funds in finding a solution for this fatal disease; as a result, they believe it is more appropriate to identify the signs as soon as feasible. Almost all cancer treatments are expensive, posing a challenge to the market's expansion.
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Major players are expanding their market share by predicting future demand and introducing new products. They are using acquisition and combination tactics to reach largely untapped markets, likely accelerating the market's growth. However, MCED tests are a growing trend in the disease detection and diagnosis market and gathering sufficient reliability and efficacy evidence for federal approval is one of their biggest obstacles.
Recent Developments:
- In September 2020-Orbis Biosciences, Inc., a provider of sample-to-result solutions for molecular diagnostic testing, was purchased QIAGEN N.V. With this acquisition, QIAGEN will be able to offer more sample-to-result cancer testing options.
- In September 2019 -The Guardant360 CDX liquid biopsy test for patients with advanced cancer went on sale from Guardant Health, Inc. The test is made to offer thorough genetic profiling of the tumor in a patient in order to inform therapy choices. The Guardant360 CDX test was successful in detecting actionable genetic changes in 77% of instances in a clinical trial, including more than 500 patients with advanced solid.
List of Prominent 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.
Multi Cancer Early Detection Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 1537.94 Million |
| Revenue Forecast In 2031 | USD 23743.57 Million |
| Growth Rate CAGR | CAGR of 35.76 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| 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 |
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Market Dynamics:
Drivers:
Significant R&D for the development of MCED and rising cancer prevalence are vital drivers propelling global revenue growth. Early cancer identification is essential given the rising prevalence of the disease because later-stage discovery offers fewer treatment options and frequently worse consequences. Furthermore, with Increasing demand and innovation, significant businesses are expanding their market share. Companies are using purchase and merger tactics to reach unique market markets, which will most likely accelerate the market's growth.
Challenges:
The high price of Multi Cancer Early Detection and the accessibility of innovative technologies and investments are anticipated to restrain the market's overall expansion in the following years. Cancer screening rates have significantly decreased due to the COVID-19 pandemic caused by the global epidemic. As the coronavirus epidemic spread, the frequency of screenings dropped sharply.
Other processing facilities suffered significant manpower shortages and temporarily suspended operations. Additionally, due to the concern that they would develop COVID-19, people were hesitant to go to hospitals and other healthcare facilities for non-emergency treatments. However, the cancer screening rate has returned to normal, which is anticipated to impede market expansion.
Regional Trends:
North America region the market is accounted to hold the most significant share in the multi-cancer early detection market during the forecast period. One of the important factors influencing market expansion in North America is the high prevalence of cancer, the existence of significant players, and the accessibility of cutting-edge healthcare infrastructure.
Asia Pacific is accounted to be the fastest-growing region in the MCED market over the upcoming years. The main aspects propelling market growth in this region are the rising tumor incidence and the expanding government programs to support early cancer detection.
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Segmentation of Multi Cancer Early Detection Market-
By Type
- Liquid Biopsy
- Gene Panel, LDT and Others
By End Use
- Hospitals
- Diagnostic Laboratories
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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