Multi Cancer Early Detection Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Type (Liquid Biopsy, Gene Panel, Laboratory Developed Tests (LDT), Others); End User (Hospitals, Diagnostic Laboratories, Others); and Region/Country
Global Multi Cancer Early Detection Market is expected to grow at a significant rate of around 16% during the forecast period. Multi-cancer early detection (MCED) tests have the potential to find more than one type of cancer from a single sample of blood. The blood sample is tested for certain pieces of DNA or proteins from cancer cells. The growing use of multi-cancer early diagnosis in hospitals and laboratory sectors and screening programs due to increased awareness, and government focus on the early detection test has driven the market growth. With just one test, multi-cancer early detection (MCED) testing, which is a minimally invasive technique, can detect malignancies from numerous organ sites, cutting down on medical procedures and saving time. Blood is required for MCED tests, which can be more patient-friendly than other types of cancer screening tests. In order to comprehend and evaluate the test’s efficacy, the market is concentrating on research and development and evaluating the developed detection test on a sizable population pool. For instance, MiRXES Pte Ltd, in July 2022, a Singapore-headquartered biotechnology company, whose mission is to save and improve lives through early, actionable, and personalized diagnoses with its innovative RNA-powered cancer early detection solutions, announced today the signing of a Memorandum of Understanding (MOU) that launched Project CADENCE (CAncer Detected Early caN be CurEd). Thus, the above-mentioned factors drive the multi-cancer early detection market.
Illumina, Inc., EXACT Sciences Corporation, Foundation Medicine Inc., Guardant Health Inc., Burning Rock Biotech Limited, GENECAST, Biocept Inc., Sysmex Corporation, Berry Genomics, Biocartis are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, gene panel category to hold significant market share during the forecast period”
Based on type, the market is segmented into liquid biopsy, gene panel, laboratory-developed tests (LDT), and others. The gene panel segment accounted for a significant market share in 2020. Gene panels target the identification of hereditary malignancies, and growing public awareness of hereditary diseases is driving demand for genetic testing that can identify cancers early and improve patient survival rates.
“Amongst end user, the diagnostic laboratories to hold a significant share in the market in 2020”
On the basis of end user, the market is fragmented into hospitals, diagnostic laboratories, and others. The diagnostic laboratories segment accounted for a significant market share in 2020. In diagnostic laboratories, more testing is being done, and resources are being made available. The segment is expanding at an accelerated rate due to hospitals’ increased reliance on diagnostic laboratories for testing and evaluation.
“Europe to hold a significant share in the market”
In 2020, Europe held a significant share of the global multi cancer early detection market. This is mainly attributed to the increasing prevalence of cancer and increased funding in research and development. According to the Horizon Europe Framework Programme (HORIZON), in 2022, The expected impact of research and innovation is to benefit patients from improved diagnostic and therapeutic procedures and innovations better adapted to their individual health condition, while meeting the needs of the healthcare system. As per the European Health Union, in 2022, Commission welcomes the adoption of new EU cancer screening recommendations. This is an important step to improve early detection throughout the EU, an important goal of Europe’s Beating Cancer Plan.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|Research Process of the Multi Cancer Early Detection Market
|Research Methodology of the Multi Cancer Early Detection Market
|IMPACT OF COVID-19 ON THE MULTI CANCER EARLY DETECTION MARKET
|MULTI CANCER EARLY DETECTION MARKET REVENUE (USD BN), 2020-2028F
|Rest of North America
|Rest of Europe
|Rest of Asia-Pacific
|Rest of World
|MULTI CANCER EARLY DETECTION MARKET OPPORTUNITIES
|MULTI CANCER EARLY DETECTION MARKET TRENDS
|Demand Side Analysis
|Supply Side Analysis
|VALUE CHAIN ANALYSIS
|Porters Five Forces Analysis
|EXACT Sciences Corporation
|Foundation Medicine Inc.
|Guardant Health Inc.
|Burning Rock Biotech Limited
Research Methodology for the Multi Cancer Early Detection Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global multi cancer early detection market were the three major steps undertaken to create and analyze the adoption of multi cancer early detections in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global multi cancer early detection market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the multi cancer early detection market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the multi cancer early detection market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and end user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the multi cancer early detection market. Further, we conducted factor analysis using dependent and independent variables such as various types, and end user of multi cancer early detections. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the multi cancer early detection market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global multi cancer early detection market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the multi cancer early detection market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global multi cancer early detection market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global multi cancer early detection market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, and end user in the global multi cancer early detection market.
The main objective of the Global Multi Cancer Early Detection Market Study
The current & future market trends of the global multi cancer early detection market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the multi cancer early detection market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type and end user.
- Define and analysis of the regulatory framework for the multi cancer early detection
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the multi cancer early detection market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the multi cancer early detection market and the growth strategies adopted by the market players to sustain in the fast-growing market
Deep dive regional level analysis of the industry