Multi Cancer Early Detection Market Size, Share & Trends Analysis Report 2024-2030: Rapid Commercialization Efforts Drive Growth, Major Players Focus on Expanding MCED Test Capabilities

Dublin, May 21, 2024 (GLOBE NEWSWIRE) -- The "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, 2024 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global multi cancer early detection market size is expected to reach $2.89 billion by 2030 from $992.99 million in 2023, expanding at a CAGR of 16.61% from 2024 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.

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.

Multi Cancer Early Detection Market Report Highlights

• The gene panel, LDT, & others segment led the market and accounted for a share of 97.08% in 2023. The growth of the segment is attributed to the non-requirement of FDA approval for the utilization of LDT in diagnostic laboratories.
• The liquid biopsy segment is anticipated to grow at the fastest CAGR over the forecast period. The growth of this segment is attributed to the increasing number of players receiving funding from investors for the development of new tests.
• The hospitals end-use segment led the market with a share of 48.44% in 2023. This is attributed to the growing preference of hospitals for care due to the availability of various services under one roof.
• The North America multi cancer early detection market accounted for a share of 34.39% in 2023 owing to high cancer prevalence, rapid technological advancements, and the presence of various supportive government initiatives in the region.
• Asia Pacific multi cancer early detection market is anticipated to witness the fastest CAGR over the forecast period due to a significantly improving healthcare infrastructure, a growing population, and a rising number of local companies entering the market.

Key Attributes:

Market Dynamics

Market driver analysis

• Increasing prevalence of cancer
• Extensive R&D for the development of MCED
• Need to develop diagnostic options that can detect cancer at an early stage

Market restraint analysis

• Collection of adequate safety and efficacy data for regulatory approval

Multi Cancer Early Detection (MCED) Market Analysis Tools

• Industry Analysis - Porter's
• PESTEL Analysis

Competitive Landscape

• Illumina, Inc. (GRAIL, LLC)
• Exact Sciences Corporation
• FOUNDATION MEDICINE, INC.
• AnchorDx
• Guardant Health
• Burning Rock Biotech Limited
• GENECAST
• Beijing Lyman Juntai International Medical Technology Development Co.
• Freenome Holdings, Inc.
• Elypta AB

For more information about this report visit https://www.researchandmarkets.com/r/9p8w5g

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Attachment

• Global Multi Cancer Early Detection Market