Colorectal Cancer Screening Market

Colorectal Cancer Screening Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Colorectal Cancer And Rising Adoption Of Screening Tests

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Market Overview:

The Colorectal Cancer Screening Market involves the utilization of various screening tests and procedures for the early detection and diagnosis of colorectal cancer. These screening tests are non-invasive and are performed to detect the presence of polyps and other abnormalities in the colon or rectum. The market offers a range of products including fecal occult blood tests, sigmoidoscopy, colonoscopy, and virtual colonoscopy. The increasing prevalence of colorectal cancer globally and the adoption of screening tests by healthcare providers for early detection and prevention are driving the market growth.

Market Dynamics:

The market is driven by two main factors. Firstly, the increasing prevalence of colorectal cancer. Colorectal cancer is one of the most common types of cancer and a leading cause of cancer-related deaths worldwide. The rising incidence of colorectal cancer is propelling the demand for screening procedures, as early detection significantly improves the prognosis and survival rate.

Secondly, the rising adoption of screening tests is boosting market growth. Governments and healthcare organizations across the globe are actively promoting colorectal cancer screening programs to raise awareness and encourage the early detection of the disease. Moreover, advancements in screening technologies and the development of non-invasive tests are further driving the market growth.

The global Colorectal Cancer Screening Market Growth is estimated to be valued at Us$12,866.16 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2022-2028, according to a new report published by Coherent Market Insights.

Segment Analysis:

The colorectal cancer screening market can be segmented based on test type, end-user, and region. Among the test type segment, the fecal occult blood test (FOBT) is dominating the market. This is due to its ease of use and cost-effectiveness compared to other screening methods. FOBT is a non-invasive test that checks for the presence of blood in the stool, indicating potential colorectal cancer. It is widely accessible and can be performed at home, making it a popular choice among individuals. Other sub-segments in the test type category include colonoscopy, sigmoidoscopy, and stool DNA tests.

PEST Analysis:

Political: Government initiatives in various countries to increase awareness about colorectal cancer screening and improve healthcare infrastructure are driving market growth.

Economic: The rising prevalence of colorectal cancer, increasing healthcare expenditure, and growing insurance coverage are contributing to market expansion.

Social: Changing lifestyles, sedentary habits, and unhealthy dietary patterns are leading to a higher incidence of colorectal cancer, creating a demand for screening tests.

Technological: Advancements in diagnostic technologies, such as improved imaging techniques, molecular testing methods, and the development of novel biomarkers, are enhancing the accuracy and effectiveness of colorectal cancer screening.

Key Takeaways:

The global colorectal cancer screening market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period (2022-2028). This growth can be attributed to increasing government initiatives, rising prevalence of colorectal cancer, and technological advancements in screening methods.

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 well-established healthcare infrastructure, high awareness about colorectal cancer, and the presence of key market players in the region. Europe is another significant market, driven by increasing government support for cancer screening programs and a growing geriatric population.

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. These players are focusing on research and development activities, strategic collaborations, and product launches to gain a competitive advantage in the market.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it