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.
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.
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.