US Multi Cancer Early Detection Market Size, Trends and Insights By Type (Blood-Based Tests, Imaging-Based Tests, Genomic Profiling, Tissue-Based Tests), By End Use (Hospitals, Diagnostic Laboratories, Cancer Research Institutions, Others), and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032
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As per the current market research conducted by CMI Team, the US Multi Cancer Early Detection Market is expected to record a CAGR of 16.7% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 209.5 million. By 2032, the valuation is anticipated to reach USD 995.2 million.
The US Multi Cancer Early Detection Market refers to the market segment focused on the production, development and distribution of tools, technologies, and services for detecting different types of cancer at an early stage.
This market includes various techniques, such as blood-based tests, liquid biopsies, genomic profiling, and other advanced techniques that help in the early detection of different forms of cancer. The main aim is to enable timely intervention and treatment of cancer, hence improving patient outcomes and reducing cancer-related morbidity and mortality rates in the US region.
US Multi Cancer Early Detection Market – Significant Growth Factors
The US Multi Cancer Early Detection Market presents significant growth opportunities due to several factors:
- Increasing Awareness and Focus on Early Detection: There is a rise in the recognition of the importance of detecting cancer in its early stages, as treatment options become more cost effective and survival chances are higher. This increased awareness, driven by public health campaigns, educational initiatives, and advancements in cancer research, has emphasised the benefits of early detection and resulted in an increase in demand for multi-cancer screening tests.
- Technological Advances in Diagnostic Techniques: The innovations in advanced diagnostic technologies have improved the ability to detect cancer at an early stage more easily and effectively. Developments in various techniques such as liquid biopsies, genomic profiling, and molecular diagnostics have enhanced the accuracy and specificity of cancer detection tests. These technological advancements have made early detection more accessible and cost efficient, resulting in market growth.
- Rising Cancer Incidence: The occurrence of various types of cancer, such as breast, colorectal, lung, and prostate cancer, continues to rise in the US region. An increase in the number of cancer cases has created a greater demand for effective early detection methods to detect and treat the disease at its initial stages. The rising incidence of cancer is driving the growth of the multi-cancer early detection market.
- Government Initiatives and Support: Government organizations like the National Cancer Institute (NCI) and the Centers for Disease Control and Prevention (CDC) are actively promoting cancer screening programs and allocating huge amounts of funds for research and development in early cancer detection. These government initiatives aim to improve access to cancer detection services and implement nationwide screening programs to contribute to the market’s growth.
- Significant Benefits of Early Detection: Early detection of cancer offers various benefits, such as improved successful treatment outcomes, reduced healthcare costs, and enhanced patient survival rates. Timely intervention and targeted therapies made possible by early diagnosis lead to better patient outcomes. The advantages associated with early detection incentivize individuals, healthcare providers, and payers to adopt and invest in multi-cancer early detection solutions, fostering the market growth.
US Multi Cancer Early Detection Market – Mergers and Acquisitions
The US Multi Cancer Early Detection Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the US Multi Cancer Early Detection Market include:
- Illumina’s Acquisition of GRAIL: Illumina, a leading genomic sequencing company, announced its acquisition of GRAIL, a biotechnology company focused on multi-cancer early detection in September 2020. The acquisition aimed to capitalize on GRAIL’s expertise in liquid biopsy technology and expedite the development of innovative solutions for cancer screening.
- Exact Sciences’ Acquisition of Thrive Earlier Detection: In January 2020, Exact Sciences, a molecular diagnostics company, purchased Thrive Earlier Detection, a healthcare company dedicated to the development of early-stage cancer screening tests. The acquisition aimed to merge Thrive’s proficiency in blood-based, multi-cancer screening with Exact Sciences’ capabilities in molecular diagnostics.
- Roche’s Acquisition of Foundation Medicine: In 2018, Roche, a global pharmaceutical and diagnostics company, acquired Foundation Medicine, a specialized molecular information company focused on comprehensive genomic profiling. The acquisition sought to enhance Roche’s position in the personalized healthcare sector and advance its initiatives in early cancer detection and treatment.
These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the US Multi Cancer Early Detection Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.
COMPARATIVE ANALYSIS OF THE RELATED MARKET
|US Multi Cancer Early Detection Market||Multi Cancer Early Detection Market||Breast Cancer Diagnostics Market|
|CAGR 16.7% (Approx)||CAGR 16.5% (Approx)||CAGR 6% (Approx)|
|US$ 995.2 Million by 2032||USD 3186.8 Million by 2030||USD 7.5 Billion by 2030|
US Multi Cancer Early Detection Market – Significant Threats
The US Multi Cancer Early Detection Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:
- Regulatory Challenges: The multi cancer early detection market in the US faces various regulatory challenges. The approval of new screening tests and developments involves stringent regulatory oversight to ensure safety, efficacy, and accurate results. Regulatory hurdles and delays can hinder the growth of the market and effect the adoption of innovative solutions.
- Reimbursement Issues: Unfavourable reimbursement policies and coverage for multi cancer early detection tests can pose a significant threat to the industry. The lack of enough reimbursement or less coverage by insurance providers can hinder patient access to such tests, thereby affecting market demand and growth. Hence, the ambiguity in reimbursement policies can discourage healthcare providers from offering these tests, impacting market expansion.
- Expensive: The high cost of multi cancer early detection tests can pose some challenges to the growth of the market. Advanced technologies and genomic profiling techniques used in these tests can be very costly, making them less accessible to the general population, especially to people with low income. The high costs of testing can limit adoption rates and lead to slow down market penetration.
- Lack of Awareness and Education: There is very limited awareness and knowledge about the advantages of multi cancer early detection which hinders market growth. Many people are not aware of the availability of such tests or the potential benefits they offer in terms of successful treatment outcomes. Educational initiatives targeting healthcare professionals, patients, and the general public are crucial for increasing awareness and driving market expansion.
|Feature of the Report||Details|
|Market Size in 2023||USD 288.07 Million|
|Projected Market Size in 2032||USD 995.2 Million|
|Market Size in 2022||USD 209.5 Million|
|CAGR Growth Rate||16.7% CAGR|
|Key Segment||By Type, End Use and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends|
|Buying Options||Request tailored purchasing options to fulfil your requirements for research.|
- Blood-Based Tests: These tests include a collection of blood samples to detect specific biomarkers or genetic alterations that can be associated with different types of cancer. Some of its examples include circulating tumour DNA (ctDNA) analysis, protein-based assays, and other liquid biopsy techniques.
- Imaging-Based Tests: Imaging technologies include mammography, computed tomography (CT), magnetic resonance imaging (MRI), and positron emission tomography (PET) scans that can be leveraged to detect suspicious lesions or tumours that may reflect the presence of cancer.
- Genomic Profiling: Genomic profiling technique includes analyzing the genetic makeup of tumour cells to detect specific mutations, gene expression patterns, or alterations associated with various cancer stages. This type of testing provides valuable insights for personalized treatment options and potential targeted therapies.
- Tissue-Based Tests: These tests involve the analysis of tissue samples that are collected through biopsies or surgical procedures. These techniques help to get to know the presence of cancer cells, their characteristics, and their stage of development.
By End User Channel:
- Hospitals and Clinics: Hospitals and clinics are one of the major end users in the cancer detection and diagnosis market. They provide the required infrastructure and medical staff required to perform various diagnostic tests and procedures, such as blood-based tests, imaging scans, and tissue biopsies.
- Diagnostic Laboratories: Various diagnostic laboratories have the expertise to analyze samples and conduct tests using specific diagnostic techniques like genomic profiling or liquid biopsy analysis. These labs offer valuable diagnostic insights to doctors or hospitals that helps in the early detection of various types of cancer and for successful treatment.
- Cancer Research Institutions: Research institutions also play an important role in pioneering innovative technologies and methodologies for multi-cancer early detection. They conduct clinical trials, validate diagnostic tools, and contribute to the advancement of scientific knowledge in the field of cancer detection and diagnosis. Their work helps drive progress in improving early detection strategies and enhancing patient outcomes.
US Multi Cancer Early Detection Market – Regional Analysis
US Multi Cancer Early Detection Market can be analyzed regionally based on the geographical distribution and the market presence of key players.
Here is a brief overview of each region:
- Northeast Region: The Northeast region, which includes states such as New York, Massachusetts, and Pennsylvania, is known for its prestigious healthcare institutions and research centers. These states possess strong healthcare infrastructure, research capabilities, and access to advanced diagnostics, which can foster the growth of the multi-cancer early detection market.
- West Coast: States like California and Washington on the West Coast have a robust presence of biotechnology and life sciences industries. With a history of innovation, this region may experience higher adoption rates of advanced technologies in cancer diagnostics, including multi-cancer early detection.
- Midwest Region: States in the Midwest, including Illinois, Ohio, and Michigan, typically have a combination of urban and rural populations. Healthcare access and awareness levels can vary across different areas within this region. Factors like insurance coverage and healthcare infrastructure play a role in shaping the market dynamics for multi-cancer early detection tests.
- Southern States: Southern states such as Texas, Florida, and Georgia exhibit diverse population demographics and varying healthcare infrastructure. Cancer incidence rates and screening practices may differ across these states, affecting the regional market for multi-cancer early detection.
- Other Regions: Numerous other regions across the US can influence the multi-cancer early detection market. Each region may possess specific characteristics, such as population size, demographics, healthcare policies, and socio-economic factors, which can influence the adoption and demand for multi-cancer early detection tests.
Competitive Landscape – US Multi Cancer Early Detection Market
The US Multi Cancer Early Detection Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:
- GRAIL, Inc.: GRAIL operates as a biotechnology company that develops early cancer detection tests using innovative technologies, such as liquid biopsy.
- Freenome Holdings, Inc.: Freenome develops blood-based tests for early cancer detection, by using machine learning and genomics technology.
- Exact Sciences Corporation: Exact Sciences provides Cologuard test- that is used for non-invasive colorectal cancer detection. The company is also planning to expand its portfolio to include tests for other types of cancers.
- Guardant Health, Inc.: Guardant Health operates as a biotechnology company that develops liquid biopsy tests for various types of cancer, providing non-invasive options for the early detection of cancer.
- Grail Bio, Inc.: Grail Bio operates as a healthcare company that blood-based tests for early cancer detection. It has entered into partnerships with various research institutions and organizations in advancing cancer diagnostics.
- Illumina, Inc.: Illumina operates as a leading biotechnology company that provides genomic sequencing and array-based technologies. Their innovative technologies are used in cancer research and early detection efforts.
- Cancer Genetics, Inc.: Cancer Genetics operates as a diagnostic company that provides diagnostic services and tests for various types of cancer, including early detection solutions.
- Oncocyte Corporation: Oncocyte is involved in developing and commercializing diagnostic tests that help in the early detection of cancer and also provide personalized treatment options.
Roche Diagnostics, Thermo Fisher Scientific, Abbott Laboratories, Novartis, Progenity, Natera, Genomic Health (a subsidiary of Exact Sciences Corporation), Memorial Sloan Kettering Cancer Center, Dana-Farber Cancer Institute, MD Anderson Cancer Center, Thrive Earlier Detection, Others. These companies offer a wide range of tests for different types of cancer, catering to both hospitals and diagnostic laboratories.
The US Multi Cancer Early Detection Market is segmented as follows:
- Blood-Based Tests
- Imaging-Based Tests
- Genomic Profiling
- Tissue-Based Tests
By End Use
- Diagnostic Laboratories
- Cancer Research Institutions
On the basis of US Geography
- Northeast Region
- Southeast Region
- Midwest Region
- West Coast Region
- Southwest Region
- Mountain States
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 US Multi Cancer Early Detection Market, (2023 – 2032) (USD Million)
- 2.2 US Multi Cancer Early Detection Market : snapshot
- Chapter 3. US Multi Cancer Early Detection Market – Industry Analysis
- 3.1 US Multi Cancer Early Detection Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Increasing Awareness and Focus on Early Detection
- 3.2.2 Technological Advances in Diagnostic Techniques
- 3.2.3 Rising Cancer Incidence
- 3.2.4 Government Initiatives and Support
- 3.2.5 Significant Benefits of Early Detection.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porterâ€™s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Type
- 3.7.2 Market attractiveness analysis By End Use
- Chapter 4. US Multi Cancer Early Detection Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 US Multi Cancer Early Detection Market: company market share, 2022
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. US Multi Cancer Early Detection Market – Type Analysis
- 5.1 US Multi Cancer Early Detection Market overview: By Type
- 5.1.1 US Multi Cancer Early Detection Market share, By Type, 2022 and 2032
- 5.2 Blood-Based Tests
- 5.2.1 US Multi Cancer Early Detection Market by Blood-Based Tests , 2023 – 2032 (USD Million)
- 5.3 Imaging-Based Tests
- 5.3.1 US Multi Cancer Early Detection Market by Imaging-Based Tests, 2023 – 2032 (USD Million)
- 5.4 Genomic Profiling
- 5.4.1 US Multi Cancer Early Detection Market by Genomic Profiling, 2023 – 2032 (USD Million)
- 5.5 Tissue-Based Tests
- 5.5.1 US Multi Cancer Early Detection Market by Tissue-Based Tests, 2023 – 2032 (USD Million)
- 5.1 US Multi Cancer Early Detection Market overview: By Type
- Chapter 6. US Multi Cancer Early Detection Market – End Use Analysis
- 6.1 US Multi Cancer Early Detection Market overview: By End Use
- 6.1.1 US Multi Cancer Early Detection Market share, By End Use, 2022 and 2032
- 6.2 Hospitals
- 6.2.1 US Multi Cancer Early Detection Market by Hospitals, 2023 – 2032 (USD Million)
- 6.3 Diagnostic Laboratories
- 6.3.1 US Multi Cancer Early Detection Market by Diagnostic Laboratories, 2023 – 2032 (USD Million)
- 6.4 Cancer Research Institutions
- 6.4.1 US Multi Cancer Early Detection Market by Cancer Research Institutions , 2023 – 2032 (USD Million)
- 6.5 Others
- 6.5.1 US Multi Cancer Early Detection Market by Others, 2023 – 2032 (USD Million)
- 6.1 US Multi Cancer Early Detection Market overview: By End Use
- Chapter 7. US Multi Cancer Early Detection Market – Regional Analysis
- 7.1 US Multi Cancer Early Detection Market Regional Overview
- 7.2 US Multi Cancer Early Detection Market Share, by Region, 2022 & 2032 (USD Million)
- Chapter 8. Company Profiles
- 8.1 Guardant Health
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Illumina
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 Exact Sciences Corporation
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 Freenome
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 Roche Diagnostics
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 Thermo Fisher Scientific
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 Abbott Laboratories
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 Novartis
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 Progenity
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 Natera
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.11 Genomic Health (a subsidiary of Exact Sciences Corporation)
- 8.11.1 Overview
- 8.11.2 Financials
- 8.11.3 Product Portfolio
- 8.11.4 Business Strategy
- 8.11.5 Recent Developments
- 8.12 Memorial Sloan Kettering Cancer Center
- 8.12.1 Overview
- 8.12.2 Financials
- 8.12.3 Product Portfolio
- 8.12.4 Business Strategy
- 8.12.5 Recent Developments
- 8.13 Dana-Farber Cancer Institute
- 8.13.1 Overview
- 8.13.2 Financials
- 8.13.3 Product Portfolio
- 8.13.4 Business Strategy
- 8.13.5 Recent Developments
- 8.14 MD Anderson Cancer Center
- 8.14.1 Overview
- 8.14.2 Financials
- 8.14.3 Product Portfolio
- 8.14.4 Business Strategy
- 8.14.5 Recent Developments
- 8.15 GRAIL Inc. (before acquisition)
- 8.15.1 Overview
- 8.15.2 Financials
- 8.15.3 Product Portfolio
- 8.15.4 Business Strategy
- 8.15.5 Recent Developments
- 8.16 Thrive Earlier Detection
- 8.16.1 Overview
- 8.16.2 Financials
- 8.16.3 Product Portfolio
- 8.16.4 Business Strategy
- 8.16.5 Recent Developments
- 8.17 GrailBio
- 8.17.1 Overview
- 8.17.2 Financials
- 8.17.3 Product Portfolio
- 8.17.4 Business Strategy
- 8.17.5 Recent Developments
- 8.18 Others.
- 8.18.1 Overview
- 8.18.2 Financials
- 8.18.3 Product Portfolio
- 8.18.4 Business Strategy
- 8.18.5 Recent Developments
- 8.1 Guardant Health
List Of Figures
Figures No 1 to 17
List Of Tables
Tables No 1 to 2
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
|Perspective||Primary research||Secondary research|
Market Analysis Matrix
|Qualitative analysis||Quantitative analysis|
- Guardant Health
- Exact Sciences Corporation
- Roche Diagnostics
- Thermo Fisher Scientific
- Abbott Laboratories
- Genomic Health (a subsidiary of Exact Sciences Corporation)
- Memorial Sloan Kettering Cancer Center
- Dana-Farber Cancer Institute
- MD Anderson Cancer Center
- GRAIL Inc. (before acquisition)
- Thrive Earlier Detection
The key factors driving the Market are Increasing Awareness and Focus on Early Detection, Technological Advances in Diagnostic Techniques, Rising Cancer Incidence, Government Initiatives and Support and Significant Benefits of Early Detection.
The key players operating in the US Multi Cancer Early Detection Market are Guardant Health, Illumina, Exact Sciences Corporation, Freenome, Roche Diagnostics, Thermo Fisher Scientific, Abbott Laboratories, Novartis, Progenity, Natera, Genomic Health (a subsidiary of Exact Sciences Corporation), Memorial Sloan Kettering Cancer Center, Dana-Farber Cancer Institute, MD Anderson Cancer Center, GRAIL Inc. (before acquisition), Thrive Earlier Detection, GrailBio, Others.
The US Multi Cancer Early Detection Market is expanding growth with a CAGR of approximately 16.7% during the forecast period (2023 to 2032).
The US Multi Cancer Early Detection Market size was valued at USD 209.5 Million in 2022 and it is projected to reach around USD 995.2 Million by 2032.