Multi-Cancer Diagnostic Tests Market

Global Multi-Cancer Diagnostic Tests Market Size (2024 to 2029)

The size of the global multi-cancer diagnostic tests market is estimated to be USD 1134.23 million in 2024 and is anticipated to reach USD 3874.65 million by 2029, growing at a CAGR of 15.78% during the forecast period.

Current Scenario of the Multi-Cancer Diagnostic Tests Market

The multi-cancer diagnostic test is a type of blood test that is being studied to screen the presence of various types of cancer cells simultaneously. This test works by measuring the biomarkers, such as DNA pieces and circulating tumor cells released by the cancer cells. The multi-cancer diagnostic test is widely used with other screening tests to enhance the detection of cancers that are not easily accessible for physical examination or biopsy. The multi-cancer diagnostic tests market has accounted for significant growth in the past years and is anticipated to have notable growth during the forecast period. The increased prevalence of cancer worldwide is the primary factor contributing to the expansion of the multi-cancer diagnostic tests market growth. According to the National Cancer Institute, around 29.9 million new cases are expected to rise by 2040, and the number of cancer deaths to 15.3 million. As per the data provided by the World Health Organization, over 35 million new cancer cases are predicted in 2050, a 77% increase from the estimated 20 million in 2022. The rapid increase in cancer cases worldwide will propel the market growth opportunities.

MARKET DRIVERS

The growing prevalence of cancer worldwide is enhancing the requirement for effective and advanced screening diagnostic tools, which is primarily contributing to the growth of the multi-cancer diagnostic tests market.

The primary factor enhancing the demand for practical screening tools is the ability of the cancer cells to hide from the immune system, allowing the market players and researchers to focus on innovative and advanced diagnostic tests. For Instance, Ovarian cancer is becoming the deadliest gynecological cancer around the world among women as most women are unable to detect ovarian cancer until it reaches stage 3 or stage 4.

The growing hurdles to the detection of various cancers, such as ovarian cancer in women and pancreatic cancer are raising the demand for advanced diagnostic tests and are expected to offer lucrative opportunities to the market participants. Increasing awareness among people regarding cancer and its diagnosis and treatment procedures is enhancing growth opportunities. The growing government support initiatives for creating awareness by implementing campaigns and the escalating technological advancements in the healthcare industry will accelerate growth opportunities globally. The ongoing cancer research and huge investments by public and private organizations to enhance diagnostic services are augmenting the market growth. For Instance, In March 2024, the Union for International Cancer Control (UICC) announced its evaluation of applications for implementing grants on cancer research to prevent the disease impact in the European region.

MARKET RESTRAINTS

The high costs associated with diagnostic tests are the primary factor hampering the global market growth as they restrict access to people with limited budgets.

Medical imaging has been increasing every year by an average of 8.3%. Most of the hospitals in underdeveloped and emerging countries are adopting refurbished screening systems due to their restricted budgets, which will negatively influence the expansion of the multi-cancer diagnostic tests market revenue. The presence of stringent regulations regarding the approval of diagnostic tests and the complexity of increased expenditure will challenge the market players in expanding the market revenue. For instance, various multi-cancer early detection tests are not approved by the U.S. Food and Administration, which considers these under the country's Clinical Laboratory Improvement Act (CLIA). The Multi-cancer diagnostic tests are considered highly expensive owing to the high investments by the market players, and these are not covered under the reimbursement policies provided by the government, which impedes market growth.    

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Multi-Cancer Diagnostic Tests Market Analysis By Type

The gene panel and LDT segments dominated the multi-cancer diagnostics market with the largest market share of 96% in 2023 and are expected to have prominent growth during the forecast period. The LDT does not require FDA approval for its utilization in diagnostic tests, which propels the segment growth. The panel-based tests provide high clinical value and yield for hereditary risk of other malignancies like colon cancer and pheochromocytoma-paraganglioma, boosting segment growth opportunities. The liquid biopsy segment is expected to grow fastest over the forecast period. The segment growth is due to a growing number of investors funding the research activities, leading to growth opportunities. Liquid biopsy is an advanced testing technology that detects tumor-related genetic alterations. 

Global Multi-Cancer Diagnostic Tests Market Analysis By End-Use

The hospitals segment held the most significant share, 48.21% of the multi-cancer diagnostics market revenue in 2023. People's increasing preference for hospitals owing to their quality care and the presence of skilled healthcare professionals augments segment growth. Hospitals are widely preferred due to the availability of various services in one place. Various hospitals offering multicancer diagnosis tests provide test results even in emergencies, which is the primary factor contributing to the segment expansion. The diagnostic laboratories segment is projected to grow considerably during the forecast period. The growing trend of personalized medicine, the escalating technological advancements in the healthcare industry, and affordability are accelerating the segment revenue growth.

REGIONAL ANALYSIS

North America dominated the global market with a significant market share of 35.2% in 2023.

and is expected to have notable growth during the forecast period. The growing incidence of cancer patients, well-established healthcare infrastructure, and supportive government initiatives to create awareness among the people are the primary factors contributing to the regional market growth. The United States led the regional market revenue due to increased investments by various public and private organizations to develop novel and innovative multicancer early detection tests that augment the market growth in the region.

The European region held the second-largest share of the global market in 2023.

The growth of the European market is majorly driven by the presence of advanced healthcare infrastructure in developed economies such as Germany, France, Spain, and the United Kingdom. These countries' well-established infrastructure and sophisticated pharmaceutical and biotechnology companies boost regional market growth opportunities.

The Asia-Pacific is the hot spot in the global market and is projected to have the fastest growth.

The growing government initiatives and regulations in emerging countries like China, such as free cervical cancer campaigns for women, and the increasing number of cancer cases across the region propel the regional market growth rate. The increasing population and the geriatric population fuel the regional market share growth.

KEY PLAYERS IN THE GLOBAL MULTI-CANCER DIAGNOSTIC TESTS MARKET

companies playing a prominent role in the global multi-cancer diagnostic tests market profiled in this report are Burning Rock Biotech Limited, Exact Sciences Corporation, Thrive Earlier Detection, CellMax Life, Genomic Health, VolitionRX, C2I Genomics, Oncocyte Corporation, Freenome Holdings Inc. and Guardant Health, Inc.

RECENT HAPPENINGS IN THE MARKET

• In February 2024, Freenome, a leading biotech company developing blood tests for early cancer detection, announced the triumphant rise of USD 254 million in funding from new and existing investors. The money allows the company to progress in the development of single-cancer and multi-cancer early detection assays using a multi-omics platform.
• In January 2023, Guardant Health announced the FDA approval for Guardant 360 CDx, a liquid biopsy assay that helps diagnose one mutant breast cancer.
• In January 2023, the OverC multi-cancer diagnosis blood test (MCDBT) received FDA approval as it is considered a breakthrough product for early detection of cancers of the esophagus, ovary, lung, liver, and pancreas in people aged 50 to 75.
• In September 2023, Point32Health and Grail announced the expansion of the pilot to offer Galleri, a multi-cancer early detection test developed by Grail, LLC. 
• In July 2022, Mercy Hospital System announced its collaboration with Grail, LLC, to launch the Galleri multi-cancer detection test, which enables the early detection of more than 50 different types of cancer. 

DETAILED SEGMENTATION OF THE GLOBAL MULTI-CANCER DIAGNOSTIC TESTS MARKET INCLUDED IN THIS REPORT

This research report on the global multi-cancer diagnostic tests market has been segmented and sub-segmented based on type, end users & region.

By Type

• Liquid Biopsy
• Gene Panel
• LDT
• Others

By End-Use

• Hospitals
• Diagnostic Laboratories

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa