Multicancer Screening Market to Surpass USD 6.57 Billion by 2031, Driven by Advancements in Early Detection Technologies.

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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Due to reasons such as the rising incidence of cancer and the government's increased emphasis on cancer early detection, the market for multi-cancer early detection (MCED) is anticipated to expand. According to the WHO, cancer will account for about 10 million deaths in 2020, or nearly one in every six, making it the top cause of death worldwide. One-third of cancer-related deaths are caused by smoking, high body mass index, drinking, obesity, and raised cholesterol.

With more people becoming aware of the pros of early cancer detection for enhancing patient survival and lowering treatment costs, the market presents tremendous potential. To increase screening rates, numerous hospitals and community health centers are working. Cancer screening rates have significantly decreased as a result of the COVID-19 pandemic, which was caused by the pandemic. As the coronavirus pandemic spread in 2020, the number of screenings dropped sharply. Other screening facilities battled severe staffing shortages and temporarily shuttered operations.

Additionally, due to the worry that they might contract COVID-19, people were hesitant to go to hospitals/clinics and other similar healthcare facilities for non-emergency procedures. However, in 2021 and 2022, the cancer screening rate returned to normal.

Furthermore, the creation of tests that can precisely and simultaneously look for indications of a wide range of cancers, the majority of which lack an effective screening method at the moment, is anticipated to fuel the growth of the overall market. For example, GENECAST, GRAIL, and Thrive Earlier Detection significantly increase the potential of liquid biopsy and present new MCED opportunities.

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

Market Dynamics:
Drivers-
The market will develop as a result of the expanding use of multi-cancer early detection in the hospital and laboratory sectors. Increased awareness and government emphasis on early detection tests have contributed to the multi-cancer early detection market's high potential growth. In order to prevent delays in diagnosis and cancer treatment, for instance, WHO assists the Member States in creating and implementing cancer early diagnosis and screening programs based on assessments of their viability and cost-effectiveness. It is anticipated that the market for multi-cancer early-detection tests will experience exponential growth.

Challenges:
The gathering of sufficient safety and efficacy data required for regulatory approval is a crucial aspect anticipated to limit market revenue growth. One of the main obstacles to MCED experiments is gathering enough safety and efficacy data for regulatory approval. The majority of the long-term survival data for currently approved single cancer screening tests have come from prospective and observational research, with some data on short-term survival coming from prospective Randomised Controlled Trials (RCTs) and epidemiological studies in the post-marketing setting. However, there are logistical difficulties in producing clinically validating and useful proof for MCED screening tests, which detect rare cancer forms. NCI recently issued a request for information from test creators regarding their openness to participating in studies and their ongoing work on clinical trials for MCED tests and other research opportunities.

Regional Trends:
The market share belonged to Europe. The increased funding for R&D and the rising incidence of cancer are credited with the region's rise. For instance, the EU-funded DeteCTCs initiative aims to raise the bar for the detection and treatment of cancer patients by speeding up the commercialization of the CellMate invention. CellMate uses advanced universal circulating cancer cell capture and detection technologies, DNA sequencing, and AI-powered bioinformatics to concurrently identify many cancer types at an early stage with just one 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
• Endocrine
• Genitourinary
• Skin
• Brain/Nervous System
• Sarcoma
• Hematological Malignancies
• Lung
• Head and Neck
• 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.