The global multi-cancer early detection (MCED) market is on the verge of substantial expansion, with the publisher projecting a notable CAGR of 16.3% between 2023 and 2030. The market, which reached a valuation of approximately $0.89 billion in 2022, is anticipated to soar to around $2.5 billion by the end of 2030.
2. Development of Precise Tests: The development of tests that can precisely and simultaneously search for signs of various cancers is projected to fuel market growth. These tests address the lack of efficient screening approaches for many types of cancer.
3. Growing Awareness: Increased awareness of the benefits of early cancer detection for enhancing patient survival and lowering treatment costs is driving market potential.
4. Gene Panels Dominate: In 2022, the gene panel category dominated the MCED market. Gene panels enable precise risk assessment and early detection by offering targeted studies of multiple genes associated with various malignancies.
Awareness Initiatives: Rising government initiatives to increase public awareness of the benefits of early diagnosis will drive market growth for MCED. These initiatives aim to educate people about the need for early diagnosis, leading to increased demand for multi-cancer screening tests.
Benefits of Early Detection: Early cancer detection results in better treatment outcomes, lower healthcare expenditures, and higher patient survival rates. Prompt intervention and specialized therapy made possible by early diagnosis lead to better patient outcomes, encouraging investment in MCED technologies.
Adoption of Refurbished Imaging Systems: Hospitals in poorer countries, unable to invest in new diagnostic imaging technology, often opt for refurbished systems. These systems are more affordable than new ones, impacting market growth.
North America Shows Fastest Growth: North America is expected to experience the fastest growth due to government and market participant activities. The region's expanding cancer incidence and significant trials further boost market growth.
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Key Market Trends
1. Rising Incidence of Cancer and Government Emphasis: The MCED market is set to expand due to factors such as the increasing incidence of cancer and government initiatives focusing on early cancer detection.2. Development of Precise Tests: The development of tests that can precisely and simultaneously search for signs of various cancers is projected to fuel market growth. These tests address the lack of efficient screening approaches for many types of cancer.
3. Growing Awareness: Increased awareness of the benefits of early cancer detection for enhancing patient survival and lowering treatment costs is driving market potential.
4. Gene Panels Dominate: In 2022, the gene panel category dominated the MCED market. Gene panels enable precise risk assessment and early detection by offering targeted studies of multiple genes associated with various malignancies.
Key Growth Determinants
Exploding Cancer Prevalence: The growing prevalence of cancer is a major driver of market demand. Chronic diseases like cancer disproportionately affect the elderly population, particularly in high-income countries. The market is expected to rise as the elderly population increases.Awareness Initiatives: Rising government initiatives to increase public awareness of the benefits of early diagnosis will drive market growth for MCED. These initiatives aim to educate people about the need for early diagnosis, leading to increased demand for multi-cancer screening tests.
Benefits of Early Detection: Early cancer detection results in better treatment outcomes, lower healthcare expenditures, and higher patient survival rates. Prompt intervention and specialized therapy made possible by early diagnosis lead to better patient outcomes, encouraging investment in MCED technologies.
Major Barriers
High Diagnostic System Costs: High costs of diagnostic devices, stringent regulatory regulations, and lengthy clearance processes for new launches hinder global MCED market growth.Adoption of Refurbished Imaging Systems: Hospitals in poorer countries, unable to invest in new diagnostic imaging technology, often opt for refurbished systems. These systems are more affordable than new ones, impacting market growth.
Regional Highlights
Europe Leads in Revenue Contribution: Europe's dominance is due to rising cancer incidence and increased investment in research and development. The region's expanding population, vulnerability to chronic diseases, and economic diagnosis in rural areas support market expansion.North America Shows Fastest Growth: North America is expected to experience the fastest growth due to government and market participant activities. The region's expanding cancer incidence and significant trials further boost market growth.
Competitive Landscape Analysis
The global MCED market is consolidated, with a few significant companies operating worldwide. Major firms are launching new products and expanding their distribution networks to increase their global presence. Market consolidation is expected to continue in the coming years.Global Multi Cancer Early Detection Market is Segmented as Below:
By Type:
- Liquid Biopsy
- Gene Panel
- LDT
- Others
By End User:
- Hospitals
- Diagnostic Laboratories
- Others
By Geographic Coverage:
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Turkey
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Egypt
- Nigeria
- Rest of Middle East & Africa
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Table of Contents
1. Executive Summary
2. Market Overview
3. Global Multi Cancer Early Detection Market Outlook, 2018 - 2030
4. North America Multi Cancer Early Detection Market Outlook, 2018 - 2030
5. Europe Multi Cancer Early Detection Market Outlook, 2018 - 2030
6. Asia Pacific Multi Cancer Early Detection Market Outlook, 2018 - 2030
7. Latin America Multi Cancer Early Detection Market Outlook, 2018 - 2030
8. Middle East & Africa Multi Cancer Early Detection Market Outlook, 2018 - 2030
9. Competitive Landscape
10. Appendix
Companies Mentioned
- 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.
- Elypta
- Prenetics Global Limited (Prenetics)
- Oncocyte Corporation
- Micronoma Inc
- EarlyDiagnostics, Inc
Methodology
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