Multi-Cancer Early Detection Market

Multi-Cancer Early Detection Market Size Survey Report – In a Glance

As per the survey report on global multi-cancer early detection market, the market is projected to foresee a CAGR of 16.9% between 2024-2033, and further generate a market size of USD 4.3 billion revenue by the end of 2033. In the year 2024, the market size was valued at USD 1.2 billion revenue.

• The global Multi-cancer early detection market is projected to grow on account of the rising cancer incidence.
• In Japan, the Multi-cancer early detection market growth can be attributed to the increased public awareness about cancer diagnostics.
• KDMI analyst’s growth analysis foresees cost and affordability to challenge the market growth.
• North America, having the highest market share in the Multi-cancer early detection market, is projected to dominate the global market.

Multi-Cancer Early Detection Market Analysis

Multi-cancer early detection (MCED) refers to the tests carried out to determine multiple types of cancers from a single blood sample with the use of cutting-edge technologies. These tests have an extraordinary ability to detect cancer-associated indicators like protein markers or genetic mutations before signs and symptoms become noticeable. In recent times, the number of cancer cases has been escalating due to various factors such as unhealthy lifestyles, aging population and environmental exposures which are responsible for the fueling of the multi-cancer early detection market globally. Report states that in 2022, there were approximately 20 million new cases of cancer and 9.7 million deaths from cancer. Moreover, by 2050, the cancer burden will rise to about 77%, further worsening the healthcare systems, people and communities.

Illumina, Inc., GRAIL, Inc., FOUNDATION MEDICINE, INC., are some of the significant parties in the global market for multi-cancer early detection.

Analyst’s Observation on Japan Multi-Cancer Early Detection Market Survey

In Japan, the market growth for Multi-cancer early detection can be attributed to the increased public awareness about cancer diagnostics. The amplified awareness of cancer among the country’s population grew into a powerful market growth catalyst with the help of a variety of initiatives, education campaigns, and the region's changing healthcare landscape. Moreover, media coverage and the spread of information via digital platforms have also played a role in boosting awareness about cancer risks and the importance of early diagnosis. In Japan, several National screening programs are provided for gastric, colorectal, lung, breast, and cervical cancers that have predominantly been made available in communities and workplaces. All these initiatives are driving the multi-cancer early detection market in the country.

GENECAST, Singlera Genomics Inc., Laboratory for Advanced Medicine, Inc., are some of the significant parties in the market for Multi-cancer early detection in Japan.

Multi-Cancer Early Detection Market Growth Driver and Challenges

Growth Driver

Advancement in data analytics and artificial intelligence (AI):

The incorporation of data analytics and AI technologies has drastically transformed cancer detection and diagnosis. These advancements facilitate the processing and analysis of heaps of clinical and molecular data to recognize intricate patterns and anomalies indicative of malignancy. To be specific, machine learning algorithms have indicated potential for bettering the accuracy and efficiency of multi-cancer screening tests. AI is aiding in bettering the speed, accuracy, and reliability of some cancer screening and detection methods. Medical images such as mammograms can be processed in no time with the help of AI and allow radiologists to allocate their time to other tasks that demand their technical expertise. Therefore, by making use of AI-driven analytics, healthcare professionals can make more thoughtful decisions regarding patient risk assessment, screening protocols, and treatment strategies, ultimately boosting the effectiveness of multi-cancer early detection programs and improving the battle against cancer.

Restraint

Cost and affordability:

One of the key barriers to the wide-scale adoption and availability of multi-cancer screening tests is its high cost linked with other associated expenses such as follow-up diagnostic procedures. Many patients may encounter economic strain and disparities without adequate reimbursement mechanisms and insurance coverage for availing of early detection services. Moreover, the high expenditure can impede the multi-cancer early detection market expansion, by minimizing consumer access to the test services. As per findings, in 2021, the total health care system costs for initial cancer screenings in the United States was worth $43 billion. Furthermore, about 88.3% of costs were attributable to private insurance; 8.5% to Medicare; and 3.2% to Medicaid, other government programs, and uninsured persons.

Multi-Cancer Early Detection Market Segmentation

Our experts at KD Market Insights have segmented the global Multi-cancer early detection market research report as:

Multi-Cancer Early Detection Market Regional Synopsis

The North America Multi-cancer early detection (MCED) market is majorly driven by the growing number of cancer patients, heightened patient awareness, rising innovation in medical technology and increasing investments by major market players in the early detection of multiple types of cancer. The region is dominating with around 35% global market shares. The United States leads the market in the region due to its substantial investments and the existence of a large number of biotechnology companies creating advanced MCED tests. According to the data collected by the National Center for Health Statistics, around 1,958,310 new cancer cases and 609,820 cancer deaths are forecasted to occur in the United States in 2023.

The multi cancer early detection market in Asia Pacific is supposed to experience the fastest growth, driven by advanced healthcare infrastructure, a large and growing population, and an increasing number of local companies entering the market. It was revealed that about half of all the global cases and cancer deaths were found in Asia due to which the need for early detection solutions is surging. Furthermore, there are an estimated 3,246,625 new cancer cases and 1,699,066 cancer deaths in China alone, in 2024. Besides, demographic changes such as urban growth and development, aging populations, and economic growth are amplifying the emphasis on cancer prevention.

As per our analysts at KD Market Insights, the following five players lead the North America Multi-cancer early detection market growth:

• Naveris (U.S.)
• VESEN, Inc. (U.S.)
• Grail, LLC (Illumina, Inc.) (U.S.)
• Exact Sciences Corporation (U.S.)
• FOUNDATION MEDICINE, INC. (U.S.)

Multi-Cancer Early Detection Market Competitive Landscape

Some of the key players who top the global Multi-cancer early detection market share:

• Micronoma, INC., (U.S.)
• ANPAC Bio-Medical Science Co., Ltd (U.S.)
• EARLYDIAGNOSTICS (U.S.)
• Early is Good (U.S.)
• CanSense Ltd (U.S.)
• Freenome Holdings, Inc. (U.S.)
• Oncocyte Corporation (U.S.)
• SeekIn, Inc. (U.S.)
• Naveris (U.S.)
• VESEN, Inc. (U.S.)
• Grail, LLC (Illumina, Inc.) (U.S.)
• Exact Sciences Corporation (U.S.)
• FOUNDATION MEDICINE, INC. (U.S.)
• Guangzhou AnchorDx Medical Co., Ltd. (China)
• Guardant Health (U.S.)
• Burning Rock Biotech Limited (China)
• Genecast Biotechnology Co., Ltd (China)
• Singlera Genomics, Inc. (U.S.)

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Multi-Cancer Early Detection Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Type
      2. By End-user
      3. By Region
5. Market Segmentation by Type
   1. 1. Liquid Biopsy
      2. Gene Panel
      3. LDT
      4. Others
6. Market Segmentation by End-user
   1. 1. Hospitals
      2. Diagnostic Laboratories
      3. Others
7. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      5. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      6. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
   3. Asia Pacific
      1. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      2. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      3. India
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      4. Australia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
         4. South Korea
         5. Market Size and Forecast
         6. Key Trends and Developments
         7. Market Analysis by Type and End-user
      5. Rest of Asia Pacific
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
   4. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
   5. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      2. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      3. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
      4. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Type and End-user
8. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
   3. Medtronic (Ireland)
   4. IBM
   5. Apple Inc.
   6. Siemens Medical Solutions
   7. Pepperl+Fuchs
   8. Cisco
   9. GE Healthcare
9. Strategic Recommendations
10. Appendix
    1. List of Tables
    2. List of Figures
11. References