Global Multi Cancer Early Detection Market Share Likely to Grow at a CAGR of 16.5% By 2033

According to Custom Market Insights (CMI), The Global Multi Cancer Early Detection Market Size was valued at USD USD 800.23 million in 2021 and is estimated to reach USD 3186.8 Million by the end of 2030 at a CAGR of approximately 16.5% during the forecast period 2022-2030.

Multi-cancer early detection is a diagnostic test intended to detect the various types of cancer in the human body. Multi-cancer early detection test is carried out by taking various samples such as blood, liquid biopsy, gene, LTD, and others. This diagnostic test helps physicians examine the risk of developing the multiplication of cancer cells inside a blood vessel, epidermis, colon, lungs, throat, and other body parts. In response, MCED is intended to find tumors in the body.

Browse the full “Multi Cancer Early Detection Market Size, Trends and Insights By Type (Liquid Biopsy, Gene Panel, LDT, Others), By End User (Hospitals, Diagnostic Laboratories, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/multi-cancer-early-detection/

Market dynamics
Drivers

The Growing use of multi-cancer early detection in hospitals and laboratory sectors will aid the market growth. The multi-cancer early detection market has witnessed a high potential growth due to increased awareness, and government focus on the early detection test has driven the market growth. For instance, WHO supports the Member States in developing and implementing cancer early diagnosis and screening programs, according to assessed feasibility and cost-effectiveness of screening, and with adequate capacity to avoid delays in diagnosis and cancer treatment. The overall demand for the multi-cancer early detection testing market will be expected to grow exponentially.

Restraints

However, some primary screening of multi-cancer early detection tests may cause potential adverse health effects such as tears in the lining of the epidermis and colon. Furthermore, the expensive testing of the multi-cancer early detection market is restraining the market’s overall growth. In addition, high production costs and the requirement of advance machinery will slow down the market.

Opportunities

The rise in smoking, drinking, obesity, elevated cholesterol levels, and exposure to harmful radiation are the key factors contributing to the death of people every year. For instance, according to an article by WHO in February 2022, cancer deaths accounted for nearly 10 million deaths in 2020 or nearly one in six deaths. These factors are making people more conscious about multi-cancer early detection tests, which has enhanced the market’s potential sales of the market; thus offering the most lucrative opportunities.

Challenges

Over the forecast period, the false negative result while screening may occur, and maintenance of the machinery by no trained clinical staff, inadequate or even absent calibrations and quality controls, lack of cost-effectiveness because of an increased number of different types of cancer, and more expensive tests and many others will act as a challenging factor for the growth of multi cancer early detection market.

Report Highlights

Depending upon the type, the multi-cancer early detection market is segmented into liquid biopsy, gene panel, LDT, and others.
The gene panel, LDT, and other segments dominated the market in 2021 and are expected to grow with 80% of the total market share over the forecast period. The gene panel segment mainly deals with hereditary cancers where various organizations in developed and developing countries have initiated the multi-cancer early detection test. For instance, an article published by National Cancer Institute (NIH) recommended cancer genetic testing projects, and a clinical trial has been acknowledged. These factors are boosting the overall market growth in the outlook period.

According to an article published by National Cancer Institute, several Companies with MCED tests currently under study claim that they can detect anywhere from two or three cancer types up to as many as 50. These factors capture the market growth during the forecast period.

The global multi-cancer early detection market is studied across hospitals, diagnostic laboratories, and others. It is expected that the global hospital end-user segment to hold a dominant position during 2022 -2031 and accounts for 48% of the total market share.

Hospitals’ end-user segment dominates the multi-cancer early detection market and is expected to remain dominant during the forecast period. This is attributed to the fact that specialized physicians and well-trained staff in the treatment procedure are expected to enhance the overall demand for multi-cancer early detection tests. The testing is considered a high-performance, effective device with ease of operation, accuracy, and quick detection. Owing to these factors, multi-cancer early detection has been used extensively in multispecialty and tertiary care hospitals. The multi-cancer early detection devices have captured the overall market share and escalated the market demand during the forecast period.

Regional Snapshots

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Europe is the dominant region in the multi-cancer early detection market and accounts for 30% of the total market share. The utilization of multi-cancer early detection has increased in sectors such as hospitals, laboratories, diagnostic centers, and other key market trends in Europe.

The rise in the population, associated with high susceptibility to chronic diseases related to cancer, and economic diagnosis of chronic diseases in rural areas are expected to boost the global market growth in Europe. In addition, Europe’s rising cases have witnessed significant market growth. For instance, according to an article by Eurostat in 2019, among the EU Member States, the highest standardized death rates for cancer were recorded in Hungary and Croatia, each with at least 300 per 100 000 inhabitants. Owing to these factors European Union has initiated and increased focus on the multi-cancer early detection programs across the region. These factors are responsible for the market growth in the upcoming years.

Report Scope

Key Players

• 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.

Segments covered in the report

By Type

• Liquid Biopsy
• Gene Panel
• LDT
• Others

By End User

• Hospitals
• Diagnostic Laboratories
• Others

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America