North America Multi Cancer Early Detection Market 2024–2033

Reports Description

As per the current market research conducted by CMI Team, the North America Multi Cancer Early Detection Market is expected to record a CAGR of 17.1% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 273.1 Million. By 2032, the valuation is anticipated to reach USD 1345.2 Million.

The North America Multi Cancer Early Detection Market refers to the market segment focused on the production, development and distribution of tools, technologies, and services for detecting different types of cancer at an early stage.

This market includes various approaches, such as blood-based tests, liquid biopsies, genomic profiling, and other advanced techniques that help in the early detection of different forms of cancer. The main goal is to enable timely intervention and treatment of cancer, hence improving patient outcomes and reducing cancer-related morbidity and mortality rates in the North American region.

North America Multi Cancer Early Detection Market – Significant Growth Factors

The North America Multi Cancer Early Detection Market presents significant growth opportunities due to several factors:

• Increasing Prevalence of Cancer: The rising prevalence of cancer disease in the North America region is one of major drivers for the market’s growth. There is a growing need for effective early detection strategies to improve patient outcomes due to the continuous rise in cancer rates in the region.

• Emphasis on Early Detection: There is an increase in awareness among healthcare providers and patients regarding the advantages of early cancer detection for its treatment. The early identification of disease helps in timely treatment interventions, resulting to a better prognosis and increased chances of successful treatment. This emphasis on early detection fuels the demand for multi-cancer screening and diagnostic tools.

• Technological Advancements in Diagnostic Technologies: There have been significant advancements in diagnostic technologies for more accurate and efficient methods of detecting multiple types of cancer. Techniques such as liquid biopsies, genomic profiling, and others have shown promising results in identifying cancer at its early stages, hence driving the market growth.

• Government Initiatives and Funding: Governments and healthcare organizations in North America are increasingly investing in cancer research, innovation, screening programs, and early detection initiatives. The motive of these initiatives is to improve cancer outcomes and reduce the cost of advanced-stage cancer treatment for the general public. Government support and funding has resulted in favourable environment for market growth.

• Technological Innovations: There has been a continuous development of new technologies for diagnosing cancer, such as next-generation sequencing, artificial intelligence, and machine learning that are contributing to the growth of the multi-cancer early detection market. These innovations have enhanced the accuracy, efficiency, and accessibility of diagnostic tests, hence driving market expansion in North America.

North America Multi Cancer Early Detection Market  – Mergers and Acquisitions

The North America Multi Cancer Early Detection Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the North America Multi Cancer Early Detection Market  include:

• Illumina’s Acquisition of GRAIL: Illumina, a leading genomic sequencing company, announced its acquisition of GRAIL, a biotechnology company focused on multi-cancer early detection in September 2020. The acquisition aimed to capitalize on GRAIL’s expertise in liquid biopsy technology and expedite the development of innovative solutions for cancer screening.

• Exact Sciences’ Acquisition of Thrive Earlier Detection: In January 2020, Exact Sciences, a molecular diagnostics company, purchased Thrive Earlier Detection, a healthcare company dedicated to the development of early-stage cancer screening tests. The acquisition aimed to merge Thrive’s proficiency in blood-based, multi-cancer screening with Exact Sciences’ capabilities in molecular diagnostics.

• Roche’s Acquisition of Foundation Medicine: In 2018, Roche, a global pharmaceutical and diagnostics company, acquired Foundation Medicine, a specialized molecular information company focused on comprehensive genomic profiling. The acquisition sought to enhance Roche’s position in the personalized healthcare sector and advance its initiatives in early cancer detection and treatment.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the North America Multi Cancer Early Detection Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

North America Multi Cancer Early Detection Market – Significant Threats

The North America Multi Cancer Early Detection Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Regulatory Challenges: The multi cancer early detection market in North America faces various regulatory challenges. The approval of new screening tests and developments involves stringent regulatory oversight to ensure safety, efficacy, and accurate results. Regulatory hurdles and delays can hinder the growth of the market and effect the adoption of innovative solutions.

• Reimbursement Issues: Unfavourable reimbursement policies and coverage for multi cancer early detection tests can pose a significant threat to the industry. The lack of enough reimbursement or less coverage by insurance providers can hinder patient access to such tests, thereby affecting market demand and growth. Hence, the ambiguity in reimbursement policies can discourage healthcare providers from offering these tests, impacting market expansion.

• Expensive: The high cost of multi cancer early detection tests can pose some challenges to the growth of the market. Advanced technologies and genomic profiling techniques used in these tests can be very costly, making them less accessible to the general population, especially for people with low income. The high costs of testing can limit adoption rates and lead to slow down market penetration.

• Lack of Awareness and Education: There is very limited awareness and knowledge about the advantages of multi cancer early detection that hinders market growth. Many people are not aware of the availability of such tests or the potential benefits they offer in terms of successful treatment outcomes. Educational initiatives targeting healthcare professionals, patients, and the general public are crucial for increasing awareness and driving market expansion.

Report Scope

Category-Wise Insights

By Type:

• Blood-Based Tests: These tests include a collection of blood samples to detect specific biomarkers or genetic alterations that can be associated with different types of cancer. Some of its examples include circulating tumour DNA (ctDNA) analysis, protein-based assays, and other liquid biopsy techniques.

• Imaging-Based Tests: Imaging technologies include mammography, computed tomography (CT), magnetic resonance imaging (MRI), and positron emission tomography (PET) scans that can be leveraged to detect suspicious lesions or tumors that may reflect the presence of cancer.

• Genomic Profiling: Genomic profiling technique includes analyzing the genetic makeup of tumor cells to detect specific mutations, gene expression patterns, or alterations associated with various cancer stages. This type of testing provides valuable insights for personalized treatment options and potential targeted therapies.

• Tissue-Based Tests: These tests involve the analysis of tissue samples that are collected through biopsies or surgical procedures. These techniques help to get to know the presence of cancer cells, their characteristics, and their stage of development.

By End User Channel:

• Hospitals and Clinics: Hospitals and clinics are one of the major end users in cancer detection and diagnosis market. They provide the required infrastructure and medical staff required to perform various diagnostic tests and procedures, such as blood-based tests, imaging scans, and tissue biopsies.

• Diagnostic Laboratories: Various diagnostic laboratories have the expertise to analyze samples and conduct tests using specific diagnostic techniques like genomic profiling or liquid biopsy analysis. These labs offer valuable diagnostic insights to doctors or hospitals that helps in the early detection of various types of cancer and for successful treatment.

• Cancer Research Institutions: Research institutions also play an important role in pioneering innovative technologies and methodologies for multi-cancer early detection. They conduct clinical trials, validate diagnostic tools, and contribute to the advancement of scientific knowledge in the field of cancer detection and diagnosis. Their work helps drive progress in improving early detection strategies and enhancing patient outcomes.

North America Multi Cancer Early Detection Market  – Regional Analysis

The North America Multi Cancer Early Detection Market is segmented into various regions, including the United States, Canada and Mexico.

Here is a brief overview of each region:

• United States: The North America Multi Cancer Early Detection Market sees significant growth in the United States. With its well-established healthcare infrastructure, advanced research capabilities, and high cancer prevalence, the country serves as a key market. The presence of major market players, renowned research institutions, and government initiatives focused on cancer detection contribute to the market’s expansion in the United States.

• Canada: Canada also holds a considerable share of the North America Multi Cancer Early Detection Market. The country boasts a robust healthcare system, renowned research institutions, and a growing emphasis on early cancer detection. Government initiatives, collaborative efforts among research organizations, and increasing awareness among healthcare providers and patients play crucial roles in driving market growth in Canada.

• Mexico: Mexico is an emerging market for multi-cancer early detection in North America. The country’s healthcare sector is evolving, witnessing increased investments in cancer research, infrastructure development, and awareness campaigns. The growing prevalence of cancer and efforts to enhance early detection capabilities contribute to the market’s growth in Mexico.

Competitive Landscape – North America Multi Cancer Early Detection Market

The North America Multi Cancer Early Detection Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

• Illumina Inc.
• Exact Sciences Corporation
• GRAIL Inc.
• Guardant Health Inc.
• Foundation Medicine Inc. (Roche)
• Biocept Inc.
• Thrive Earlier Detection Corp. (Exact Sciences Corporation)
• Natera Inc.
• Freenome Holdings Inc.
• Genomic Health Inc. (Exact Sciences Corporation)
• Bio-Rad Laboratories Inc.
• Personal Genome Diagnostics Inc.
• Biodesix Inc.
• Sysmex Corporation
• ArcherDX Inc. (Invitae Corporation)
• Others

The North America Multi Cancer Early Detection Market is segmented as follows:

By Type

• Blood-Based Tests
• Imaging-Based Tests
• Genomic Profiling
• Tissue-Based Tests

By End Use

• Hospitals
• Diagnostic Laboratories
• Cancer Research Institutions
• Others

On the basis of North America Geography

• U.S
• Canada
• Mexico