Colorectal Cancer Screening Market to Reach US$ US$ 12,866.16 Mn Billion by 2022, with a CAGR of 7.5%
The global Colorectal Cancer Screening Market is estimated to be valued at US$ 12,866.16 Mn Billion in 2022 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Colorectal cancer screening is a crucial diagnostic procedure that helps in the early detection and prevention of colorectal cancer. The market products for colorectal cancer screening include tests such as fecal occult blood tests (FOBT), fecal immunochemical tests (FIT), and colonoscopy. These screening tests play a significant role in reducing the mortality rate associated with colorectal cancer by detecting precancerous polyps or early-stage cancerous tumors. The advantages of colorectal cancer screening include improved treatment outcomes, reduced healthcare costs, and increased life expectancy. With the rising incidence of colorectal cancer globally, the demand for screening tests is expected to grow significantly in the coming years.
Market Key Trends:
One of the key trends in the global Colorectal Cancer Screening Market is the increasing adoption of non-invasive screening tests. Non-invasive screening tests such as fecal immunochemical tests (FIT) and stool DNA tests are gaining popularity due to their ease of use and patient convenience. These tests eliminate the need for invasive procedures like colonoscopy, making them more acceptable to patients. Moreover, non-invasive tests are known for their high sensitivity and specificity, which further contributes to their growing adoption. With advancements in technology, these tests are becoming more accurate, reliable, and cost-effective, driving their demand in the market. The shift towards non-invasive screening tests is expected to
The colorectal cancer screening market can be segmented based on test type, end user, and geography.
By test type, the market can be segmented into fecal occult blood tests (FOBT), fecal immunochemical tests (FIT), guaiac-based fecal occult blood tests (gFOBT), colonoscopy, sigmoidoscopy, and others. Among these, colonoscopy is the dominating sub-segment due to its high accuracy in detecting and diagnosing colorectal cancer. Colonoscopy allows for the examination of the entire colon and provides biopsy capabilities, making it a preferred choice for both screening and diagnosing colorectal cancer. Additionally, colonoscopy offers the opportunity for polyp removal, reducing the risk of cancer development.
By end user, the market can be segmented into hospitals, diagnostic laboratories, academic and research institutes, and others. Hospitals are the dominating segment due to their accessibility to a wide patient population and the availability of advanced screening technologies and equipment. Moreover, hospitals often have dedicated departments and specialized staff for colorectal cancer screening, ensuring accurate diagnosis and follow-up care.
The global colorectal cancer screening market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period of 2023-2030. This growth can be attributed to increasing awareness about the importance of early detection and prevention of colorectal cancer. Government initiatives and healthcare campaigns promoting regular screening and early intervention are also driving market growth.
In terms of regional analysis, North America is the fastest-growing and dominating region in the colorectal cancer screening market. This can be attributed to the high prevalence of colorectal cancer in the region, along with favorable reimbursement policies and well-established healthcare infrastructure. Additionally, technological advancements and the availability of advanced screening methods contribute to the market growth in North America.
Key players operating in the colorectal cancer screening market include Polymedco Inc., Eiken Chemical Co. Ltd., Sysmex Corporation, Siemens Healthineers AG, Quidel Corporation, Novigenix SA, Hemosure Inc., Exact Sciences Corp., Epigenomics Inc., Olympus Corporation, and Clinical Genomics Technologies Pty Ltd., among others. These key players are focusing on developing innovative screening technologies and expanding their product portfolios to gain a competitive edge in the market. Strategic collaborations and partnerships with healthcare organizations and research institutes are also a common strategy among the key players to enhance their market presence and expand their customer base.