SAN FRANCISCO, Oct. 10, 2022 /PRNewswire/ -- The global multi cancer early detection market size is expected to reach USD 2.77 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 15.80% from 2022 to 2030. The need for providing effective ways to detect cancer at an early stage so that the right treatment can be given and the rising prevalence of cancer and multiple forms are expected to fuel the growth of the market. The requirement for early detection diagnostics, which facilitates simple disease management and subsequently lowers the death rate, drives the overall market.
Key Industry Insights & Findings from the report:
- By type, the liquid biopsy segment is expected to emerge as the fastest-growing segment over the forecast period owing to it being the most emerging technique for detecting DNA-based blood test.
- By end-use, the hospitals segment held the largest revenue share in 2021 due to the presence of specialized healthcare professionals focusing on improving the treatment with early detection.
- North America is anticipated to be the fastest-growing region over the forecast period owing to the high prevalence of cancer among the population in the region, with cancer being the 2nd most common cause of death.
Read full market research report, "Multi Cancer Early Detection Market Size, Share & Trends Analysis Report By Type (Liquid Biopsy, Gene Panel, LDT & Others), By End-use (Hospitals, Diagnostic Laboratories), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Multi Cancer Early Detection Market Growth & Trends
Multi cancer early detection (MCED) tests are designed to find tumors in the body even when a patient is asymptomatic. To determine whether there is a high probability that a person has cancer, they simultaneously evaluate several signals. Although numerous tests are being developed to detect cancer at an early stage, the first MCED screening test was just recently made available in the U.S. as a lab-developed test. For instance, in July 2022, GRAIL's Galleri was made available as an LDT at Mercy, St. Louis. Furthermore, MCED screening tests are being developed by Exact Sciences and Freenome, and GRAIL's Galleri test is being marketed without payer coverage with the claim that it can detect up to fifty different forms.
Studies show that MCED tests have a higher sensitivity for detecting later-stage or advanced than for detecting earlier stages, which are more treatable and occasionally curable. Additionally, it was found that the tests were highly specific, which made it extremely unlikely that they would give a positive result for someone who did not have cancer. To meet the demand for early diagnosis, ongoing research is still being done in the field of developing MCED.
The major players in the market assert that they can identify as few as two or three different cancer types or as many as fifty. They are focusing on the growth and development of these screening tests and faster commercialization. For instance, in December 2020, Singlera Genomics raised $150 million in Series B funding for the development, marketing, and promotion of its MCED tests. GRAIL launched a pilot project with Point32Health, making Point32Health the first commercial plan for health to include MCED tests.
Multi Cancer Early Detection Market Segmentation
Grand View Research has segmented the global multi cancer early detection market based on type, end-use, and region
Multi Cancer Early Detection Market - Type Outlook (Revenue, USD Million, 2018 - 2030)
- Liquid Biopsy
- Gene Panel, LDT & Others
Multi Cancer Early Detection Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Hospitals
- Diagnostic Laboratories
- Others
Multi Cancer Early Detection Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
List of Key Players in Multi Cancer Early Detection Market
- 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.
Check out more related studies published by Grand View Research:
- Liver Cancer Diagnostics Market- The global liver cancer diagnostics market size is expected to reach USD 17.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.5% from 2021 to 2028. The rising prevalence of liver cancer and the introduction of innovative diagnosis products are propelling the market growth.
- Cancer Biopsy Market - The global cancer biopsy market size is expected to reach USD 44.51 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 11.13% from 2021 to 2027. The expanding landscape of molecular medicine paved the way for the development of new devices for the molecular characterization of cancers. Thus, increasing adoption and product approvals for liquid biopsies are expected to drive the overall market.
- U.S. Cancer Biopsy Market - The U.S. cancer biopsy market size is expected to reach USD 15.98 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 11.0% from 2021 to 2028. The increasing usage of technologically advanced devices for the early detection of diseases is one of the key factors driving the market.
Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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