[Click e-Stock] "GC Genome Emerging as the 'GRAIL of Korea'...Leading Player in Multi-Cancer Early Detection"

On the 3rd, Hanyang Securities projected that GC Genome, as a leading company in the domestic multi-cancer early detection field, is likely to show a growth trajectory similar to that of GRAIL in the United States.

As the early cancer screening market in the United States is entering a full-fledged growth phase, multi-cancer early detection (MCED, Multi-Cancer Early Detection) technology is emerging as a next-generation core area in healthcare. Oh Byungyong, an analyst at Hanyang Securities, assessed that "in the United States, the market for early cancer screening (screening tests for asymptomatic individuals) is already taking off."

The leading example is GRAIL in the United States. Its MCED test "Galleri," which can detect up to 50 types of cancer early with a single blood draw, has surpassed 800,000 cumulative tests in just four years since launch, and generated 148 million dollars (about 200 billion won) in revenue last year. Analyst Oh explained, "GRAIL's share price more than quadrupled last year alone, and its current market capitalization stands at around 5.5 trillion won."

Guardant Health in the United States is also showing rapid growth with its blood-based colorectal cancer screening test "Shield." Since its launch, the number of Shield tests has surged, and revenue in the third quarter of last year alone reached 24 million dollars (about 34 billion won). Oh emphasized, "Recently, Shield has been drawing attention as a powerful alternative to uncomfortable colonoscopies and stool-based tests."

Multi-cancer early detection technology is attracting attention because it can compensate for the limitations of existing screening systems. While colonoscopy is the standard diagnostic method for colorectal cancer and gastroscopy for gastric cancer, there are no adequate early detection methods for many cancers such as pancreatic cancer. Oh noted, "MCED tests like Galleri make it possible to detect cancers that are difficult to find early, not only in symptomatic patients but also in the general population," adding that "the target market is very large."

GRAIL is conducting large-scale clinical trials to demonstrate whether MCED actually leads to a reduction in mortality. Results from the "NHS-Galleri" study involving 140,000 people in collaboration with the UK’s NHS, and the "PATHFINDER2" study involving 25,000 people, are scheduled to be released around mid-year. Oh stated, "If MCED becomes the gold standard for early cancer screening going forward and is covered by health insurance, explosive growth can be expected." Reflecting this growth potential, Samsung Electronics and Samsung C&T invested 110 million dollars (about 150 billion won) in GRAIL last October, securing a 4% stake.

In Korea, GC Genome is regarded as the leading company in the multi-cancer early detection field. The core business of GC Genome is its MCED test "I-Cancerch," which is similar to GRAIL's Galleri and can detect 10 types of cancer early with a single blood draw. Oh evaluated, "GC Genome is the overwhelmingly dominant number-one player in Korea."

The actual number of tests is also increasing rapidly. The number of I-Cancerch tests surged from 900 in 2024 to 5,100 in 2025, and its hospital client base is also expanding quickly. Last year, it was adopted in the Samsung Group employee health check-up program.

GC Genome is also stepping up its overseas expansion. Through its U.S. affiliate Labtech, the company plans to launch a pancreatic cancer screening service in the United States, apply this year for the U.S. FDA’s Breakthrough Devices Program (BDD), and aim for FDA approval next year. Oh added, "The company also plans to pursue mergers and acquisitions (M&A) of diagnostic companies in the United States using the funds raised from its IPO."

Given that the global MCED market has entered a structural growth phase, Oh believes there is a high likelihood that GC Genome’s corporate value will also be re-rated. GC Genome currently has a market capitalization of 194.6 billion won, corresponding to a price-to-book (P/B) ratio of 2.4 times. This is lower than comparable genetic testing companies such as Genomictree (581.6 billion won, P/B 4.6 times), 3billion (486.9 billion won, P/B 9.8 times), and IMBDx (128.8 billion won, P/B 5.3 times).

Oh concluded, "As the global multi-cancer early detection (MCED) market enters a structural growth phase, GC Genome, as the 'GRAIL of Korea,' has substantial medium- to long-term growth potential."

This content was produced with the assistance of AI translation services.