U.S. Multi Cancer Early Detection Market Size, Share, Trends, Growth and Forecast 2032

U.S. Multi Cancer Early Detection Industry Prospective:

The U.S. multi cancer early detection market size was evaluated at $1,000 million in 2023 and is slated to hit $1,335 million by the end of 2032 with a CAGR of nearly 6% between 2024 and 2032.

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U.S. Multi Cancer Early Detection Market: Overview

Multi-cancer early detection (MCED) is an evolving field in oncology that is aimed at detecting many kinds of cancer from a single test before appearance of symptoms. This approach impacts breakthroughs in genomics, biotechnology, and data analytics for enhancing early diagnostics, which can bring improvement in the treatment results and rate of survival.

Key Insights

• As per the analysis shared by our research analyst, the U.S. multi cancer early detection market is projected to expand annually at the annual growth rate of around 6% over the forecast timespan (2024-2032)
• In terms of revenue, the U.S. multi cancer early detection market size was evaluated at nearly $1,000 million in 2023 and is expected to reach $1,335 million by 2032.
• The global U.S. multi cancer early detection market is anticipated to grow rapidly over the forecast timeline owing to technological breakthroughs and large-scale use of AI/ML for detecting chronic ailments.
• In terms of type, the LDT segment is slated to register the highest CAGR over the forecast period.
• Based on end-use, the hospitals segment is predicted to dominate the segmental growth in the upcoming years.
•  Region-wise, the Northeast multi cancer early detection industry in the U.S. is projected to register the fastest CAGR during the projected timespan.

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U.S. Multi Cancer Early Detection Market: Growth Factors

Massive use of AI for identifying cancer can boost the market growth trends in the U.S.

Technological breakthroughs and large-scale use of AI/ML for detecting chronic ailments will prompt the growth of the U.S. multi cancer early detection market. Surging cases of cancer and a rising geriatric population prone to the ailment can enlarge the scope of the market growth in the country. Growing consciousness about the early detection of cancer and the limits of recent screening procedures will embellish the demand for multi-cancer early detection tests, thereby driving regional market trends. Moreover, the growing preference of patients & healthcare service providers for non-invasive as well as comprehensive testing services for early cancer identification can pave the way for the immense growth of the market in the country. Favorable compensation guidelines & healthcare insurance coverage for multi-cancer early detection testing can boost the regional market trends. Reportedly, approvals of MCED tests by the U.S. FDA for improving its cost-efficiency will scale up the market expansion in the country.

U.S. Multi Cancer Early Detection Market: Restraints

Escalating costs of MCED products can disrupt the growth of the industry in the U.S.

Surging prices of MCED systems, protection of sensitive data, and regulatory hurdles can restrict the expansion of the U.S. multi cancer early detection industry. Growing data privacy issues as well as ethical issues can also put brakes on the industry surge in the country.

U.S. Multi Cancer Early Detection Market: Opportunities

Escalating use of precision medicine to create new growth facets for the market growth in the U.S.

Growing demand for personalized medicine is likely to open new growth opportunities for the U.S. multi cancer early detection market. Breakthroughs in genomics and routine screening as well as primary care practices are anticipated to spur the expansion of the market in the U.S.

U.S. Multi Cancer Early Detection Market: Challenges

Exponential rate of diagnostics costs can create hiccups in the growth of the industry in the U.S.

Surging diagnostic charges and less awareness about MCED in emerging economies can challenge the growth of the U.S. multi cancer early detection industry. Necessity of high investments for procuring the product can impede the industry growth in the country.

U.S. Multi Cancer Early Detection Market: Segmentation

The U.S. multi cancer early detection market is divided into type, end-use, and region.                                          

In terms of type, the U.S. multi cancer early detection market is bifurcated into liquid biopsy, LDT, and gene panel segments. Additionally, the LDT segment, which gained approximately half of the market revenue share in 2023, is expected to record the fastest rate of growth each year during the time interval from 2024 to 2032. The main factor fostering the segmental surge can be due to the lack of U.S. FDA approval for the use of LDT in labs.

On the basis of end-use, the U.S. multi cancer early detection industry is sectored into diagnostic laboratories and hospitals segments. In addition to this, the hospitals segment, which accrued about 53% of the industry share in 2023, is set to lead the segmental expansion in the U.S. in the upcoming years. The segmental expansion can be due to a large-scale preference for MCED tests in hospitals. Reportedly, hospitals can provide these tests to people even in case of exigencies.

U.S. Multi Cancer Early Detection Market: Report Scope

U.S. Multi Cancer Early Detection Market: Regional Insights

Southern region of the U.S. is expected to lead the market surge over 2024-2032

The Southern region, which accrued 29% of the U.S. multi cancer early detection market share in 2023, is set to retain its position in the U.S. market in the upcoming years. In addition to this, the regional market expansion in the forecast timeline can be attributed to the escalating number of cancer diagnoses in people belonging to this part of the country. For the record, more than 1 million people are diagnosed with cancer in the U.S., and the southern part of the country accounts for a large portion of the cases. Favorable initiatives by the government in the southern states of the U.S. Surging awareness about the healthcare and benefits of regular health checkups will drive the expansion of the market in the Southern part of the U.S. Presence of strong healthcare infrastructure and fund allocation for research activities will proliferate the size of the market in the South U.S.

The Northeast multi cancer early detection industry in the U.S. is predicted to record the highest rate of expansion annually within the next few years. The growth of the industry in the Northeastern part of the U.S. can be due to the flourishing pharmaceuticals & life-science sectors. An increase in the customer spending on healthcare will drive the industry growth in the region. Presence of giant MCED manufacturers will drive the growth of the industry in this part of the U.S.

U.S. Multi Cancer Early Detection Market: Competitive Space

The U.S. multi cancer early detection market profiles key players such as:

• Laboratory for Advanced Medicine Inc.
• Micronoma Inc.
• Freenome Holdings Inc.
• Illumina Inc.
• Guardant Health
• Elypta AB
• Exact Sciences Corporation
• VESEN Inc.
• ClearNote Health
• Burning Rock Biotech Limited
• GENECAST
• FOUNDATION MEDICINE INC.
• Oncocyte Corporation
• ADELA Inc.
• SeekIn.

The U.S. multi cancer early detection market is segmented as follows:

By Type

• Liquid Biopsy
•  LDT
• Gene Panel

By Application

• Diagnostic Laboratories
• Hospitals

By Region

The U.S.

• Northeast
• Midwest
• South
• West