Multicancer Screening Market Heats Up: Demand for Comprehensive Cancer Detection Rises

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Multicancer Screening Market Size, Share & Trends Analysis Report By Test Type (Laboratory Developed Tests (LDTs) and In-Vitro Diagnostics (IVDs)), Technology (Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), Immunohistochemistry (IHC), Fluorescence In-Situ Hybridization (FISH)), Sample (Tissue, Blood, Saliva, Buccal Swabs), Method (DNA, RNA, and Proteins), Cancer Type (Breast and Gynecologic, Gastrointestinal, Endocrine, Genitourinary, Skin, Brain/Nervous System, Sarcoma, Hematological Malignancies, Lung, Head and Neck), Application (Clinical and Research), And End-User (Hospitals, Diagnostic and Clinical Laboratories, Academic and Research Institutions)- Market Outlook And Industry Analysis 2031"

The global Multicancer Screening market is estimated to reach over USD 6.57 billion by 2031, exhibiting a CAGR of 15.32% during the forecast period.

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As the government places a greater emphasis on cancer early detection and the incidence of cancer continues to rise, it is anticipated that the market for multi-cancer early detection (MCED) will expand. Cancer is projected to be the leading cause of mortality globally in 2020, accounting for approximately 10 million deaths, or nearly one in every six individuals, as reported by the WHO. A third of cancer-related fatalities can be attributed to risk factors, including smoking, obesity, hypertension, alcohol consumption, and elevated cholesterol levels.
As an increasing number of individuals recognize the benefits of early cancer detection, including improved patient survival and reduced treatment expenses, the market exhibits tremendous potential. Multiple hospitals and community health centres are actively engaged in efforts to enhance screening rates. Cancer screening rates have decreased substantially due to the COVID-19 pandemic, which was precipitated by the pandemic. In 2020, as the coronavirus pandemic spread, there was a significant decline in the number of screenings. Additional screening facilities were forced to cease operations due to severe staffing shortages temporarily.

Additionally, individuals were reticent to visit hospitals/clinics and other comparable healthcare facilities for non-emergency procedures out of concern that they might contract COVID-19. Nonetheless, the cancer screening rate stabilized in 2021 and 2022.

Moreover, it is expected that the development of tests capable of accurately and concurrently detecting signs of various malignancies, the majority of which currently lack an efficacious screening method, will stimulate the overall market's expansion. GENECAST, GRAIL, and Thrive Earlier Detection, for instance, present new MCED opportunities and substantially expand the potential of liquid biopsy.

List of Prominent Players in the Multicancer Screening Market:
• Agilent Technologies, Inc.
• Atara Biotherapeutics, Inc.
• Guardant Health, Inc.
• Illumina, Inc.
• Konica Minolta, Inc.
• Laboratory Corporation of America Holdings.
• Myriad Genetics, Inc.
• Burning Rock DX
• Danaher Corporation
• Exact Sciences Corporation
• F. Hoffmann-La Roche Ltd
• Fulgent Genetics.
• Genecast Biotechnology Co., Ltd
• Tempus
• Thermo Fisher Scientific Inc.

Market Dynamics:
Drivers-
The market will experience growth due to the increasing adoption of early detection for multiple cancers in laboratory and hospital settings. Government emphasis and increased awareness of early detection tests have contributed to the market's substantial growth potential for the early detection of multiple cancers. To mitigate any potential setbacks in the diagnosis and treatment of cancer, the World Health Organization (WHO) provides support to Member States in the development and execution of cancer early detection and screening initiatives, evaluating their feasibility and economic efficiency. The market for early-detection diagnostics for multiple cancers is anticipated to expand at an exponential rate.

Challenges:
The collection of adequate safety and efficacy data, which is essential for obtaining regulatory approval, is a critical factor that is expected to restrict the growth of market revenue. A primary challenge encountered in MCED experiments pertains to the acquisition of sufficient safety and efficacy data to satisfy regulatory requirements. Prospective and observational research has provided the majority of long-term survival data for currently approved single cancer screening tests. Post-marketing epidemiological studies and prospective randomized controlled trials (RCTs) have contributed some short-term survival data. Nevertheless, the generation of clinically valid and practical evidence for MCED screening tests, which identify rare forms of cancer, is hindered by logistical challenges. Test developers were recently requested to provide information by the NCI regarding their willingness to participate in studies, ongoing clinical trials for MCED tests, and other potential research opportunities.

Regional Trends:
European nations held the market share. The increase in cancer incidence and increased funding for R&D are credited with the region's ascent. The EU-funded DeteCTCs initiative, for instance, seeks to accelerate the commercialization of the CellMate invention in order to raise the bar for the detection and treatment of cancer patients. By employing sophisticated technologies for capturing and detecting universally circulating cancer cells, DNA sequencing, and AI-driven bioinformatics, CellMate can simultaneously identify numerous forms of cancer in their nascent stages using a single blood draw.

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Recent Developments:
• In December 2022, The LENA Q51(R) launch has been scheduled for January 2023, according to Alercell. It is a DNA-based diagnostic test for leukaemia that can find up to 51 gene abnormalities in those who have the disease.
• In June 2022, A CE mark was awarded to Burning Rock Biotech Limited for its OverC multi-cancer detection blood test. A high-quality in vitro diagnostic tool based on next-generation sequencing (NGS) is the OverC Multi-Cancer Detection Blood Test.

Segmentation of Multicancer Screening Market-
By Test Type-
• Laboratory Developed Tests (LDTs)
• In-Vitro Diagnostics (IVDs)

By Technology-
• Next-Generation Sequencing (NGS)
• Polymerase Chain Reaction (PCR)
• Immunohistochemistry (IHC)
• Fluorescence In-Situ Hybridization (FISH)
• Other Technologies

By Sample-
• Tissue
• Blood
• Saliva and Buccal Swab
• Others

By Method -
• DNA
• RNA
• Proteins

By Cancer Type-
• Breast and Gynecologic
• Gastrointestinal
• Sarcoma
• Hematological Malignancies
• Lung
• Head and Neck
• Endocrine
• Genitourinary
• Skin
• Brain/Nervous System
• Other Cancer Types

By Application -
• Clinical
• Research

By End User -
• Hospitals
• Diagnostic and Clinical Laboratories
• Academic and Research Institutions
• Other End Users

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.