Dublin, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The "Asia Pacific Multi-cancer Early Detection Market Size, Share & Trends Analysis Report By Type (Liquid Biopsy, Gene Panel, LDT ), By End-use (Hospitals, Diagnostic Laboratories), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific multi-cancer early detection market size is expected to reach USD 404.75 million by 2030, expanding at a CAGR of 11.84% from 2023 to 2030
The rising prevalence of cancer in Asian countries is one of the major factors driving the growth of the market. According to Global Cancer Statistics 2020, nearly half of all cases and around 58.3% of cancer deaths globally in 2020 occurred in the Asia Pacific.
The Multi-cancer Early Detection (MCED) market represents an upcoming field of interest for the diagnostics industry, which not only allows early detection of oncology conditions but also facilitates early treatment of these patients by saving time and minimizing the risk of requiring invasive medical surgical procedures.
There are several limitations to single cancer tests, such as high false-positive rates and optimized sensitivity. In addition, diagnosis is usually conducted with a focus on just one type of cancer. Hence, other cancers are left undiagnosed, and hence, these single-detection tests fail to meet consumers' changing needs.
Thus, the opportunity presented by these MCED tests is transformational. Understanding the underlying genetic factors can aid in developing targeted therapies for various diseases, such as cancer and inheritable diseases. Outsourcing clinical testing services is a key trend expected to shape the industry's growth.
Moreover, constant developments in oncology screening have positively impacted the market. For instance, in July 2022, Banphaeo General Hospital collaborated with AstraZeneca Thailand to launch the "Don't Wait. Get Checked." campaign, which integrated AI to diagnose early-stage lung cancer. This would create further opportunities in the country's market.
Furthermore, many biotechnology companies have initiated trials in the region, as clinical trial regulations are lenient, and companies expect higher approvals for MCED tests in countries situated in Asia than in the Americas and Europe, where trials required for approval and reimbursement are expensive. However, the remoteness of certain locations of the region may hamper test reach, and expensive testing is expected to impede market growth.
Furthermore, key players involved in developing and formulating various technologies are focusing on collaborations and partnerships to develop novel instruments and maintain their competitive position in the market.
For instance, in June 2023, Prenetics Group and the Chinese University of Hong Kong entered into a joint venture for the development of an MCED test for the detection of liver and lungs by 2025. It is a USD 200 million joint venture and aims to deliver the MCED test by 2025, priced at USD 200, making early detection available to all. The test is projected to be based on cfDNA diagnosis technology.
Asia Pacific Multi-cancer Early Detection Market Report Highlights
- Based on type, the gene panel, LDT, and others segment held the largest revenue share in 2022 in the multi-cancer early detection market due to commercialized tests
- However, the liquid biopsy segment is expected to show the fastest CAGR over the forecast period due to the expected launch of promising products post-FDA approval
- Based on end-use, the hospital segment dominated the market in 2022 and is anticipated to grow at the fastest CAGR over the forecast period
- However, the diagnostic laboratories segment held a significant revenue share in 2022
- Key market players constantly focus on product launches and geographical expansion to maintain their presence
Company Profiles
- Grail, LLC (Illumina, Inc.)
- Exact Sciences Corporation
- AnchorDx
- Guardant Health
- Burning Rock Biotech Limited
- GENECAST
- Singlera Genomics Inc.
- Laboratory for Advanced Medicine, Inc.
- MiRXES Pte Ltd.
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Snapshot
2.2. Type and End-use Snapshot
2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related/Ancillary Market Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.1.1. Increasing prevalence of cancer
3.2.1.2. Extensive R&D for the development of MCED
3.2.1.3. Need to develop diagnostic options that can detect cancer at an early stage
3.2.2. Market Restraint Analysis
3.2.2.1. Collection of adequate safety and efficacy data for regulatory approval
3.2.3. Challenges Analysis
3.2.4. Opportunity Analysis
3.3. SWOT Analysis, by Factor
3.4. Industry Analysis- Porter's
Chapter 4. Type Business Analysis
4.1. Asia Pacific Multi-cancer Early Detection Market: Type Movement Analysis
4.2. Liquid Biopsy
4.2.1. Liquid Biopsy Market, 2018 - 2030 (USD Million)
4.3. Gene Panel, LDT, and Others
4.3.1. Gene Panel, LDT, and Others Market, 2018 - 2030 (USD Million)
Chapter 5. End-Use Business Analysis
5.1. Asia Pacific Multi-cancer Early Detection Market: End-Use Movement Analysis
5.2. Hospitals
5.2.1. Hospitals Market, 2018 - 2030 (USD Million)
5.3. Diagnostic Laboratories
5.4. Others
Chapter 6. Regional Business Analysis
6.1. Asia Pacific Multi-cancer Early Detection Market Share By Region, 2022 & 2030
6.2. Asia Pacific
6.2.1. SWOT Analysis
6.2.2. Asia Pacific Multi-cancer Early Detection Market, 2018 - 2030 (USD Million)
Chapter 7. Competitive Landscape
7.1. Company Categorization
7.2. Strategy Mapping
7.3. Company Market Share Analysis, 2022
For more information about this report visit https://www.researchandmarkets.com/r/wio4qu
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