A three-pronged approach was followed for deducing the multi cancer early detection market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for multi cancer early detection market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of multi cancer early detection market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The multi cancer early detection market was categorized into three segments, namely type (Liquid Biopsy, Gene Panel, LDT & Others), end-use (Hospitals, Diagnostic Laboratories), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
The multi cancer early detection market was segmented into type, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The multi cancer early detection market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eighteen countries, namely, the U.S.; Canada; Germany; the UK.; France; Italy; Spain; China; Japan; India; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; and UAE.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The multi cancer early detection market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Exact Sciences Corporation - A publicly traded molecular diagnostics firm, Exact Sciences Corporation provides services for early cancer detection. The company's main priorities include the discovery, testing, and marketing of new cancer diagnostics and biomarkers. There are just four commercialized items as of right now. On November 8, 2019, the firm purchased Genomic Health, Inc. and Genomic Intelligence Platform, which helps businesses create new biomarkers and cancer diagnostic tests. It has worked with Johns Hopkins University, TGen, and the Mayo Clinic. The corporation operates in Asia Pacific, Europe, and North America.
FOUNDATION MEDICINE, INC. - A molecular information business called Foundation Medicine is revolutionizing cancer care by leveraging a thorough understanding of the genetic alterations that contribute to each patient's distinct malignancy to guide treatment decisions. To match patients to suitable targeted medications, immunotherapies, and clinical trials based on molecular alterations in their cancer, the firm provides a wide range of genomic profiling assays. The goal of Foundation Medicine's molecular information platform is to enhance routine patient care by satisfying the needs of physicians, university researchers, and pharmaceutical companies to further the field of medical science related to cancer.
AnchorDx - R&D platforms and high-throughput sequencing clinical applications are being developed by AnchorDx. The business works in the fields of genetics, cancer genomics, and bioinformatics. Based on the advantages of core technology and addressing precision medicine, the firm has established cooperative ties with upstream, midstream, and downstream businesses and institutions in the industry to develop a complete industrial chain from academic research to clinical product translation.
Guardant Health - A privately held business, Guardant Health offers rare cell and sequencing diagnostic services for cancer. It enables medical professionals to tailor cancer patients' treatment plans. Cancer therapy is further transformed by the company's exclusive digital sequencing technique, which provides information on specific genetic abnormalities that lead to tumour proliferation. Khosla Ventures, LIGHTSPEED Venture Partners, OrbiMed, and Sequoia Capital are the investors in Guardant Health. The business is engaged in the development of diagnostic tools for lung, breast, and melanoma malignancies.
Geneseeq Technology, Inc. - Genomic profiling technology is being provided by Geneseeq Technology, Inc. to expedite precision cancer therapy. The firm is dedicated to clinical translation and NGS genetic sequencing research in the field of personalized medicine, with a primary focus on NGS technology.
Laboratory for Advanced Medicine, Inc. - A biotechnology business called Laboratory for Advanced Medicine, Inc. is working on developing early screening and diagnosis services. The business can take advantage of more advanced technologies that can more precisely and early identify liver and colorectal cancers. It creates screening tests that aid in the early diagnosis of cancers that are extremely lethal, such as lung, stomach, pancreatic, and breast cancer.
EARLYDIAGNOSTICS - The company EARLYDIAGNOSTICS is creating a diagnostic platform that helps identify cancer and locate tumours. Doctors can now offer inexpensive, noninvasive cancer treatments thanks to the company's cloud-based platform, which combines computational techniques and sequencing technology to analyze the ultrasensitive library preparation method and genome-wide methylation profiles of cfDNA from a single blood tube.
Burning Rock - A biotechnology business called Burning Rock Biotech Limited uses NGS technology for precision cancer treatment. It works in all industries for the early diagnosis of cancer and the selection of NGS-based therapies. The business has created many tests for the identification of tumour sensitivity, tumour targeting, benign and malignant tumour differentiation, and cancer detection. 1,394 workers are working for the firm at the moment.
Singlera Genomics, Inc. - A biotechnology business called Singlera Genomics, Inc. develops molecular diagnostic tools for the identification of genetic disorders and cancers. It addresses the requirement for early-stage cancer identification by utilizing methylation detection technologies, such as DNA methylation, single-cell sequencing, and machine learning. The company employs 300 people and is a private enterprise.
StageZero Life Sciences. Ltd. - With a primary focus on indications related to cancer, this biotechnology business develops and markets commercial molecular diagnostic assays for customized health management and illness diagnosis. The business created the patented platform technology known as Sentinel Principle, which is utilized to identify new biomarkers from whole blood. The main offering from the firm is a blood test called ColonSentry, which assesses a patient's current risk of colorectal cancer.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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