Market Overview
The global Colorectal Cancer Screening Market is estimated to be valued at US$ 14,716.31 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Colorectal cancer screening is conducted to detect cancer or abnormal growths (called polyps) early on. It involves different screening tests that help identify cancer at an earlier and usually easier-to-treat stage like fecal occult blood tests, flexible sigmoidoscopy, colonoscopy, virtual colonoscopy, fecal immunochemical tests, and stool DNA tests.
Market key trends
The key trends in the colorectal cancer screening market includes growing adoption of stool DNA testing. Stool DNA testing works by detecting DNA mutations or epigenetic alterations like methylation changes in DNA obtained from stool samples. It is a non-invasive test which can detect colorectal cancer at an early stage with high accuracy. It has advantages over other tests as it does not require bowel preparation, involves minimal patient discomfort, and provides results for entire colon in a single test. As a result, it is gaining widespread acceptance among physicians and patients. Another key trend is the launch of new artificial intelligence-based technologies for colonoscopy. Various AI technologies are being developed for colonoscopy like computer-aided detection and diagnostic systems which analyze endoscopy videos or images and helps detect adenomas and cancers which could have been overlooked during standard procedure. Such technological advancements are fueling the growth of colorectal cancer screening market.
SWOT Analysis
Strength: The rising prevalence rate of colorectal cancer is a major driver for the market. Early screening and diagnosis of colorectal cancer can significantly improve treatment outcomes and reduce mortality rates.
Weakness: Low public awareness about regular screening benefits, especially in developing countries. People often ignore critical symptoms and signs until the disease advances to later stages.
Opportunity: Favorable government initiatives and reimbursement policies in developed nations promote regular screening. New technology advancements can make screening more affordable and non-invasive.
Threats: High cost of colonoscopy and other complex diagnostic tests limit widespread screening adoption. The ongoing Covid-19 pandemic disrupted regular screening programs in 2020-21.
Key Takeaways
The Global Colorectal Cancer Screening Market Share is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing awareness about early detection benefits.
Regional analysis: North America dominated the market and held over 35% revenue share in 2023 owing to rising incidence and good reimbursement scenario. Asia Pacific is expected to grow at the fastest pace during the forecast period due to growing healthcare infrastructure and increasing public health expenditure in major countries like China and India.
Key players operating in the colorectal cancer screening market are 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. The market is partially consolidated with top players accounting for around 45-50% share. Industry players are focusing on new product launches and strategic partnerships for sustainable market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
