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Multi Cancer Early Detection Market Trends

Report ID: GMI11171
Published Date: Sep 2024
Report Format: PDF

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Multi Cancer Early Detection Market Trends

The rising global cancer incidence significantly drives the multi-cancer early detection market.
For example, the World Health Organization reported approximately 20 million new cancer cases and 9.7 million cancer-related deaths worldwide in 2022.
Public awareness about the significance of early cancer detection is increasing, thanks to campaigns and educational initiatives by governments and non-profits. This shift towards preventive healthcare is supported by data indicating that early detection can boost survival rates by up to 90% for specific cancer types.
Consequently, as public awareness grows, the adoption of multi-cancer early detection tests is set to rise.
Moreover, top pharmaceutical and biotechnology firms are increasingly teaming up with diagnostic companies to develop and promote MCED tests. Such collaborations play a crucial role in introducing new technologies to the market and ensuring their widespread acceptance.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The multi cancer early detection industry size was valued at USD 1.3 billion in 2023 and is anticipated to witness a 14.8% CAGR between 2024 and 2032 driven by the rising prevalence of cancer, often attributed to lifestyle changes, including increased alcohol consumption and smoking.

The gene panel, LDT, & others segment in the multi cancer early detection industry attained USD 1.2 billion in 2023, due to technology's high throughput, accuracy, and declining costs.

North America multi cancer early detection market, generating revenues of USD 518.9 million in 2023, is expected to surge to USD 1.9 billion by 2032, due to substantial investments in next-generation sequencing (NGS) and liquid biopsy technologies.

AnPac Bio-Medical Science Co., Ltd., Burning Rock Biotech Limited, EarlyDiagnostics, Elypta AB, EXACT SCIENCES CORPORATION, and Freenome Holdings, Inc., among others.