Global Multi Cancer Early Detection Market 2024 – 2033

Reports Description

According to Custom Market Insights (CMI), The Global Multi Cancer Early Detection Market Size was valued at USD 800.23 million in 2021 and is expected to reach USD 934.11 million in 2022, 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.

Furthermore, several medical device manufacturing companies are coming up with various devices that detect cancer at an early stage. In addition, government support and investment in these sectors are driving market growth.

Growth Factors

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.

In response to this, the rise in the number of smoking, drinking, obesity, and elevated cholesterol level, 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. These factors are making people more conscious about multi-cancer early detection tests, which have enhanced the potential sales of the market, thus, offering the most lucrative opportunities.

Multi-cancer early detection Market Segmentation

Multi Cancer Early Detection market, segmented by Type

Depending upon the types, 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.

Furthermore, the liquid biopsy segment is expected to show a significant growth rate during the forecast period. The FDA has approved the

blood test for cancer detection, known as liquid biopsies as a simple and non-invasive alternative to surgical biopsies that enable doctors to discover a range of information about tumors through simple blood sample assays. The multi-cancer early detection device is gaining popularity owing to its efficiency and accuracy with advanced software solutions, which has boosted the market growth in upcoming years.

Multi-cancer early detection market, the segment based on End-User

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.

Hospital’s 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 easy operation, accuracy, and quick detection. Owing to these factors multi, early cancer 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 demand in the market during the forecast period.

In addition, the growing population worldwide, rising disease, increased R&D activities in cancer institutes, and government and NGO support from developed and developing nations have spurred the overall market growth.

Furthermore, the research and laboratory and diagnostic laboratories segment are expected to create the most lucrative application for the multi-cancer early detection market. The demand for multi-cancer early detection is increasing owing to consumers increasing demand, rapid shift in lifestyle, and increased health consciousness among people making them more linear towards opting for body checks, and early detection multi-cancer tests, among others. In addition, several key companies are offering multi-cancer early detection diagnostic tests in various laboratories at cheap prices compared to hospitals. Furthermore, the increased focus on multi-cancer early detection activities has surged the market growth.

Report Scope

Regional Insights

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 multi-cancer early detection programs across the region. These factors are responsible for the market growth in the upcoming years.

Asia-Pacific and North America have shown positive growth in multi cancer early detection market.

The multi-cancer early detection market in the Asia Pacific is expected to experience rapid growth over the forecast period due to the growing population and increasing purchasing power of patients, an increase in the number of tests during a pandemic, and growing awareness of people about good health I have made them more linear towards purchasing or opting for multi cancer early detection market. These factors are projected to enhance the overall demand for the multi-cancer early detection market in the upcoming years.

Moreover, China and Japan are the topmost producers of medical devices in the world where. Multi-cancer early detection testing is widely employed in medical, hospitals, diagnostic centers, and many others due to rising obesity among people, an increase in lung cancer, and an increase in the number of multi-cancer people has increased the potential sales of multi-cancer early detection market.

These factors are escalating the demand for multi-cancer early detection in Asia-Pacific.

Also, the region has well established in the medical sector, where demand for multi-cancer early detection has increased.

North America is also anticipated to maintain its dominance throughout the forecast period. Countries such as the U.S., Canada, and Mexico have significantly contributed to the region’s multi-cancer early detection market growth.

COVID-19 Analysis

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The guidelines and policies of the logistics and supply chain of the multi-cancer early detection market were affected slightly. In the first quarter of 2020, reductions in cancer diagnosis worldwide have led to concerns over the implications of reduced testing for multi-cancer morbidity and mortality.

In addition, the increase in the number of COVID patients, in turn, leads to more cancer tests. Furthermore, several manufacturers have increased their production capacities for Multi cancer early detection devices to meet the growing demand.

In addition, as the restrictions imposed due to lockdowns are being lifted in the fourth quarter of the pandemic, the healthcare, pharmaceutical, among other sectors is expected to recover soon owing to the record of multi-cancer early detection production units in both developed and developing economies.

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

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• 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