According to a new report published by UnivDatos Markets Insights, the Multi Cancer Early Detection Market was valued at more than USD 787 million in 2020 and is expected to grow at a CAGR of around 16% from 2022-2028. The analysis has been segmented into Type (Liquid Biopsy, Gene Panel, Laboratory Developed Tests (LDT), Others); End User (Hospitals, Diagnostic Laboratories, Others); Region/Country.
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The multi cancer early detection market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the multi cancer early detection market. The multi cancer early detection market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the multi cancer early detection market at the global and regional levels.
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Market Overview
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.
Some of the major players operating in the market include Illumina, Inc., EXACT Sciences Corporation, Foundation Medicine Inc., Guardant Health Inc., Burning Rock Biotech Limited, GENECAST, Biocept Inc., Sysmex Corporation, Berry Genomics, Biocartis.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The multi cancer early detection market has been significantly affected during these times owing to the delay in elective surgeries during the pandemic.
The global multi cancer early detection market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· 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.
· On the basis of end user, the market is fragmented into hospitals, diagnostic laboratories, and others. The hospital segment dominated the multi-cancer early detection market and generate a significant market share in 2020. The dominance of this segment is attributed to the presence of medical professionals involved in diagnosis and treatment, such as doctors with specific training. Hospitals are used as a platform to inform and raise public knowledge of various illnesses and ailments.
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Multi cancer early detection Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
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.
The major players targeting the market include
· Illumina, Inc.
· EXACT Sciences Corporation
· Foundation Medicine Inc.
· Guardant Health Inc.
· Burning Rock Biotech Limited
· GENECAST
· Biocept Inc.
· Sysmex Corporation
· Berry Genomics
· Biocartis
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Multi cancer early detection market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the multi cancer early detection market?
• Which factors are influencing the multi cancer early detection market over the forecast period?
• What are the global challenges, threats, and risks in the multi cancer early detection market?
• Which factors are propelling and restraining the multi cancer early detection market?
• What are the demanding global regions of the multi cancer early detection market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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