London, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global multi-cancer early detection market, presently valued at approximately US$0.89 Bn, is projected to witness an impressive CAGR of 16.3% through 2030. By the end of forecast year, the market size will reach approximately US$2.5 Bn.
The key drivers for the market’s expansion include the rising cancer incidence, government emphasis on early detection, and the development of precise tests capable of simultaneously detecting various cancers lacking efficient screening approaches.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$0.89 Bn | |
| Estimated Market Size in 2030 | US$2.5 Bn | |
| CAGR | 16.3% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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| Key Players | Illumina, Inc., Foundation Medicine, Inc., Grail, Llc, Exact Sciences Corporation, AnchorDx, GENECAST, Burning Rock Biotech Limited, Guardant Health, Inc., Laboratory for Advanced Medicine, Inc., Elypta, Singlera Genomics Inc., Oncocyte Corporation, EarlyDiagnostics, Inc., Prenetics Global Limited (Prenetics), Micronoma Inc. | |
“The multi-cancer early detection market is poised for substantial growth fueled by technological advancements, increasing awareness, and the significant benefits associated with early cancer detection. Key trends such as technological innovation and government support are pivotal factors shaping the market's trajectory,” explains the company’s analyst.
The global prevalence of cancer is on the rise, significantly impacting both American, and international societies. The ageing population, especially in high-income countries, is expected to contribute to the increasing burden of cancer. The market for early detection of the disease is thus anticipated to grow in the years to come.
Key Research Insights
- The gene panel category led the market in 2022, providing precise risk assessment, and early detection by studying various genes linked to malignancies.
- Hospitals worldwide dominate the market owing to their role as comprehensive medical service hubs, offering a focal point for all-inclusive medical services.
- Europe is expected to hold the largest market share globally, for multi-cancer early detection.
Insights into Segmentation Analysis
Gene Panels Led the Charge in 2022
In a transformative year for cancer detection, the gene panel category takes the spotlight, dominating the multi-cancer early detection market in 2022. Driven by a growing awareness of hereditary disorders, gene panels offer comprehensive testing for various malignancies, aiming to detect tumors early and elevate patient survival rates.
Notably, the liquid biopsy segment emerges as a frontrunner, experiencing rapid market growth and gaining acclaim as one of the world's top 10 emerging technologies. Gene panels' adaptability in detecting a wide range of cancer-related genomic abnormalities will continue to position it in a dominant position.
Hospitals Spearhead Awareness and Testing
Hospitals emerge as the central hub for multi-cancer early detection, dominating the industry in 2022. Leveraging specialized medical professionals, hospitals play a pivotal role in diagnosis, treatment, and public awareness.
As awareness of multi-cancer early detection technologies grows, hospitals become crucial in checking asymptomatic patients for various cancers, contributing to therapy advancements.
The diagnostic laboratories category anticipates substantial growth, fueled by increased testing demands and resources utilized for comprehensive assessments.
Key Report Highlights
- Awareness campaigns conducted by governmental and non-governmental groups are addressing the need for early detection, resulting in increased demand for multi-cancer screening tests, especially in developing regions.
- Early diagnosis leads to better treatment outcomes, lower healthcare expenditures, and higher patient survival rates. The emphasis on prompt intervention and specialised therapy, made possible by early diagnosis, encourages investment in multi-cancer early detection technologies.
Insights into Regional Analysis
Europe Takes the Lead in Revenue Contribution
Paving the way to earlier detection and improved outcomes, the market for multi-cancer early detection has the strongest foothold across Europe, and North America. These regions will continue to lead the charge, leveraging research initiatives and government support.
Europe solidifies its position as the largest revenue-contributing region in the global multi-cancer early detection market. The region's ascent is propelled by a surge in cancer incidence and substantial investments in research and development.
Initiatives like the EU-funded DeteCTCs effort, accelerating the commercialization of CellMate innovation, underscore Europe's commitment to enhancing cancer patient detection and care standards.
With an expanding population vulnerable to chronic diseases, the European Union intensifies its focus on multi-cancer early detection programs, driving significant market expansion.
North America Races Ahead with Unprecedented Growth
Anticipating the fastest growth, North America emerges as a dynamic force in the multi-cancer early detection market. The region's momentum is fueled by increased government and market participant activity, with a significant NCI-funded trial on a single MCED test on the horizon.
As the region grapples with a surge in cancer incidence, projections from the American Cancer Society highlight the urgent need for advanced detection methods. With groundbreaking trials and rising cancer cases, North America sets the pace for the market's rapid expansion through 2030.
North America's leadership in the multi-cancer early detection market is clearly attributable to the region’s outstanding R&D capabilities, accelerated technological advancements, and a supportive regulatory framework that fosters innovation and commercialisation.
The hope for earlier detection and improved outcomes in the battle against cancer has been higher across these two regions, which continues to keep the North American and European markets ahead of the others in the industry.
Browse Global Multi-cancer Early Detection Market Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Type Coverage, By End User Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/multi-cancer-early-detection-market
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