New York, United States , Nov. 28, 2023 (GLOBE NEWSWIRE) -- The Global Multi-Cancer Early Detection Market Size is to Grow from USD 0.82 Billion in 2022 to USD 2.66 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period.
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Multi-Cancer Early Detection (MCED) is a transformative approach aimed at identifying various cancer types at their initial stages, when treatment outcomes are generally more favorable. By employing advanced techniques such as genomics, proteomics, and liquid biopsies, MCED seeks to detect common molecular signatures and biomarkers shared across multiple cancer types, transcending the limitations of single-cancer screening methods. This comprehensive strategy holds the potential to revolutionize cancer diagnosis by offering a holistic perspective on an individual's health, allowing for timely intervention and personalized treatment plans.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on “Global Multi-Cancer Early Detection Market Size, Share, and COVID-19 Impact Analysis, By Type (Liquid Biopsy and Gene Panel, LDT & Others), By End-Use (Hospitals, Diagnostic Laboratories, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032
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In 2022, the gene panel, LDT & others segment accounted for around 85.4% market share
On the basis of the type, the global multi-cancer early detection market is segmented into liquid biopsy and gene panel, LDT & others. The gene panel, Laboratory Developed Test (LDT) segment's significant revenue share dominance in the field of multi-cancer early detection (MCED) can be attributed to its pivotal role in personalized medicine. Gene panels offer targeted analysis of multiple genes associated with various cancers, enabling precise risk assessment and early detection. Their versatility in identifying a broad spectrum of cancer-related genetic mutations and alterations drives their adoption across medical settings. Furthermore, the adaptability of LDTs allows researchers and clinicians to tailor panels to specific populations or cancer types, bolstering their utility. This flexibility, coupled with their proven efficacy, establishes gene panel LDTs as a cornerstone in the MCED landscape, resulting in the segment's substantial revenue share.
The hospitals segment held the largest market with more than 45.2% revenue share in 2022
Based on the end-use, the global multi-cancer early detection market is segmented into hospitals, diagnostic laboratories, and others. The hospitals segment's prominent position as the largest market share holder in multi-cancer early detection (MCED) is primarily due to its role as a central hub for comprehensive healthcare services. Hospitals possess the infrastructure and resources to offer a wide range of medical procedures, including advanced diagnostic techniques like MCED. Their ability to provide integrated care, access to specialized medical professionals, and state-of-the-art equipment enhances the adoption of MCED technologies. Additionally, hospitals' established patient base and referral networks contribute to higher utilization of MCED services. This, in turn, solidifies their dominant position in driving the market for early cancer detection.
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North America is predicted to grow at a higher CAGR of around 12.7% over the projected period
Based on region, North America's projected higher growth in the forecast period for multi-cancer early detection (MCED) can be attributed to a strong research and development capabilities, fostering rapid technological advancements in MCED. Access to substantial investment, coupled with a supportive regulatory environment, accelerates innovation and commercialization. Additionally, increasing awareness among both healthcare providers and the public about the potential benefits of early cancer detection drives adoption.
Europe's dominant market share in multi-cancer early detection (MCED) is attributed to advanced healthcare infrastructure, facilitating the adoption of cutting-edge technologies. Robust research and development initiatives, coupled with substantial investment in biotechnology and healthcare, contribute to the development of innovative MCED solutions. Furthermore, stringent regulatory frameworks ensure high-quality standards and instill confidence in both clinicians and patients.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships Some of the major players in the global multi-cancer early detection market include 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. others
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Recent Market Developments
- In April 2022, Elypta, a Swedish molecular diagnostics business, has announced the start of its second clinical trial to investigate the usefulness of GAGomes, or the whole profile of human glycosaminoglycans, as metabolic markers for the early identification of various malignancies (MCED). The purpose of the LEVANTIS-0093A (LEV93A) research is to detect any type of cancer in those who have a high chance of obtaining it due to a lengthy history of smoking.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global multi-cancer early detection market based on the below-mentioned segments:
Multi-Cancer Early Detection Market, By Type
- Liquid Biopsy
- Gene Panel, LDT & Others
Multi-Cancer Early Detection Market, By End-Use
- Hospitals
- Diagnostic Laboratories
- Others
Multi-Cancer Early Detection Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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