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Multi Cancer Early Detection Market Report 2024 - Cancer Detection Market Demand And Trends
Multi Cancer Early Detection Market
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According to The Business Research Company's, The multi cancer early detection market size has grown rapidly in recent years. It will grow from $1.22 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 19%. The growth in the historic period can be attributed to increasing prevalence of cancer, government initiatives and funding, growing awareness about early cancer detection, expansion of healthcare infrastructure, rising adoption of personalized medicine, decreasing costs of genetic testing.
The multi cancer early detection market size is expected to see rapid growth in the next few years. It will grow to $2.93 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. The growth in the forecast period can be attributed to expansion of telemedicine and digital health, growing emphasis on preventive healthcare, increasing adoption of precision oncology, advances in biomarker discovery, surge in direct-to-consumer genetic testing. Major trends in the forecast period include increasing use of AI and machine learning, growing adoption of liquid biopsy techniques, integration of multi-omics approaches, expansion of at-home testing kits, rising focus on early-stage cancer detection, development of minimally invasive diagnostics.
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Market Drivers and Trends:
The rise in spinal cord injuries is expected to propel the growth of the interbody fusion cages market going forward. A spinal cord injury is caused by damage to the spinal cord, which is the network of nerves that carries signals from the brain to the body's other organs. The rise in spinal cord injuries is due to falls, traffic accidents, sports and recreational activities, occupational injuries, violence, illnesses, and medical problems. Interbody fusion cages are vital in treating spinal cord injuries by promoting bone fusion, providing structural support, and improving the spine's stability and function. For instance, in May 2023, according to Spinal Cord Inc., a US-based medical information provider, approximately 18,000 new spinal cord injuries occurred annually in the United States, which impact a population of around 330 million residents yearly. Therefore, the rise in spinal cord injuries is expected to propel the growth of the interbody fusion cages market.
Major companies operating in the multi-cancer early detection market are developing ctDNA-based liquid biopsy tests to enhance sensitivity, specificity, and early detection rates, thereby improving patient outcomes. A ctDNA-based liquid biopsy test detects circulating tumor DNA in the bloodstream, providing a non-invasive means to monitor tumor dynamics, treatment response, and minimal residual disease or early recurrence. For instance, in May 2023, Lucence, a US-based cancer diagnostics manufacturer, launched LucenceINSIGHT, an innovative multi-cancer early detection (MCED) blood test, at their US headquarters. This innovative ctDNA-based liquid biopsy test offers screening for 10 prevalent cancers with just one blood sample. With 78% of global cancer fatalities attributed to types lacking routine screening recommendations, this blood test promises enhanced convenience and accessibility for asymptomatic individuals seeking screening across multiple cancer types.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Illumina Inc., Sysmex Inostics GmbH, Exact Sciences Corporation, Natera Inc, Guardant Health, Core Diagnostics, Genecast Biotechnology Co. Ltd, Burning Rock Biotech Limited, Freenome Holdings Inc., Guangzhou AnchorDx Medical Co. Ltd, Singlera Genomics Incorporated, Naveris Inc. , Lucence Health Inc., PredOmix Technologies, Micronoma INC., EarlyDiagnostics (EarlyDx), Elypta AB, Predictive Oncology, ANPAC Bio-Medical Science Co. Ltd, CanSense Ltd, Epigenomics AG, VolitionRX, OncoSeek , Laboratory for Advanced Medicine, Inc., AnchorDx
Multi Cancer Early Detection Market 2024 Key Insights:
• The multi cancer early detection market size is expected to see rapid growth in the next few years. It will grow to $2.93 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%.
• Shift Towards Personalized Medicine On The Multi-Cancer Early Detection Market
• Innovations In Diagnostic Technologies Drive Advancements In The Multi-Cancer Early Detection Market
• North America was the largest region in the multi cancer early detection market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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