Why is the Global Market for Multi-Cancer Tests Seeing a Surge in Demand?

Why is the Global Market for Multi-Cancer Tests Seeing a Surge in Demand?


Mar 18, 2024

Blog Med Devices & Surgical Why is the Global Market for Multi-Cancer Tests Seeing a Surge in Demand?

Cancer is one of the leading causes of mortality globally. The currently available methods to detect cancer are based on invasive procedures and can detect only a single cancer type. Cancers that are detected at late stages in patients have poor prognosis and may not be curable. That's why there's a pressing demand for early cancer screening to boost treatment success rates. The Multi-Cancer Diagnostic (MCD) test market steps in to bridge this gap, offering a way to catch various cancers early by analyzing biomarkers like circulating cell-free DNA (cfDNA).

As per BCC Research, the market for multi-cancer diagnostic tests is expected to see substantial growth, soaring from $350.8 million in 2022 to a staggering $2.3 billion by 2028. This represents an impressive compound annual growth rate (CAGR) of 32.3% throughout the forecast period spanning from 2023 to 2028.

The surge in demand for multi-cancer diagnostic tests can be attributed to several factors reshaping the cancer detection landscape. Let's delve into the key reasons behind the growing popularity of multi-cancer tests and why they are becoming a game-changer in the world of healthcare.

Early Detection Saves Lives:

Multi-cancer tests offer the promise of early detection across various cancer types. As awareness of the importance of early diagnosis spreads, individuals and healthcare professionals are increasingly turning to these tests to catch cancers in their initial stages when treatment outcomes are often more favorable.

Growing Prevalence of Cancer:

The global burden of cancer continues to rise, with millions of people affected by various malignancies. In Canada alone, an estimated 233,900 people were living with cancer in 2022. Globally, this number is projected to exceed 30 million by 2040. This rising prevalence fuels the demand for effective diagnostic tools.




Multi-Cancer Diagnostic Tests: Global Market Outlook

The multi-cancer diagnostic tests market is projected to grow from $350.8 million in 2022 to $2.3 billion by 2028, at a compound annual growth rate (CAGR) of 32.3% during the forecast period.

Technological Advancements:

Advances in diagnostic procedures have led to more precise and efficient cancer detection. Organizations are investing in novel imaging solutions to enhance accuracy. For instance, collaborations like the one between Radiopharm Theranostics and The University of Texas MD Anderson Cancer Center aim to develop innovative radiopharmaceutical products.

Shifting Focus to Personalized Medicine:

The landscape of cancer diagnosis and care delivery is evolving with personalized medicine. Treatment planning now relies on holistic data, combining genomic and clinical information. Companies are investing in precision medicine programs to improve patient outcomes.

Comprehensive Screening Capability:

Traditional cancer screening methods often focus on specific types of cancer, leaving potential risks in other areas undetected. Multi-cancer diagnostic tests, however, offer a comprehensive screening approach, simultaneously assessing various types of cancers. This broad-spectrum coverage provides individuals with a more thorough understanding of their overall cancer risk.

Patient Empowerment and Awareness:

Patients today are more informed and proactive about their health. Increased awareness campaigns and education about the benefits of early cancer detection have empowered individuals to seek out comprehensive screening options like multi-cancer tests, contributing to the surge in demand.

Shift towards Liquid Biopsies:

Traditional tissue biopsies can be invasive and sometimes challenging to obtain. The rise of liquid biopsies, a non-invasive method that analyzes circulating tumor DNA in the blood, has made cancer screening more accessible. Multi-cancer diagnostic tests often incorporate liquid biopsy techniques, making the screening process more convenient for individuals.

Strategic Collaborations and Investments:

Pharmaceutical companies, diagnostic laboratories, and tech firms are recognizing the potential of multi-cancer diagnostic tests. This has led to strategic collaborations, research partnerships, and substantial investments in the development and commercialization of advanced diagnostic technologies, further fueling the market's growth. In 2022, Grail, a leading MCED company, secured $390 million in funding from several investors, including Johnson & Johnson and ARCH Venture Partners.

Proactive Government Initiatives:

Governments and regulatory bodies are recognizing the importance of early cancer detection in reducing healthcare burdens. Supportive policies, funding initiatives, and regulatory frameworks are creating a conducive environment for the growth of the multi-cancer diagnostic tests market. For instance, The US National Cancer Institute's Moonshot Initiative launched the Vanguard Study, a large-scale clinical trial evaluating various MCED tests' viability and potential impact.

Key Players in the Global Multi-Cancer Diagnostic Tests Market

  • Grail, LLC (Illumina, Inc.): Grail is pioneering early cancer detection using advanced technologies such as liquid biopsy and next-generation sequencing. Their focus is on identifying multiple cancer types at an early stage.
  • Burning Rock Biotech Limited: This Chinese company is innovating in tumor genomics. Their multi-cancer diagnostic tests analyze genetic alterations and guide personalized treatment decisions.
  • Exact Sciences Corporation: This company specializes in precision medicine and offers the Cologuard test for colorectal cancer screening. They are actively expanding their portfolio to include multi-cancer diagnostics.
  • Guardant Health, Inc.: Known for their liquid biopsy technology, Guardant Health detects cancer-related mutations in circulating tumor DNA. Their tests aid in monitoring treatment response and disease progression.

The soaring demand for multi-cancer diagnostic tests heralds a transformative era in the fight against cancer. With a projected Compound Annual Growth Rate (CAGR) of 32.3%, the market's expansion reflects a collective commitment to early detection and improved patient outcomes. As technological innovations and personalized medicine reshape the landscape of cancer diagnostics, multi-cancer tests stand at the forefront, offering hope for earlier detection and more effective treatment strategies. This upward trajectory underscores the urgency and significance of proactive approaches to cancer screening. With each passing year, the promise of early detection becomes more tangible, paving the way for a future where cancer is not just treatable but preventable.

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    Karishma Arora

    Written By Karishma Arora

    Karishma Arora is an Assistant Team Lead in Marketing Operations at BCC Research, with a master's degree in commerce. She is a passionate marketer with a knack for creativity and data-driven strategies.

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