July 13, 2024
Colorectal Cancer Screening Market

Colorectal Cancer Screening Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Colorectal Cancer and Growing Awareness About Early Detection

The Colorectal Cancer Screening Market is estimated to be valued at US$ 12,866.16 Mn in 2021 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.

Market Overview:

Colorectal cancer screening involves the detection of precancerous polyps or early-stage colorectal cancer in asymptomatic individuals. The screening process includes various tests such as fecal immunochemical tests (FIT), colonoscopy, sigmoidoscopy, and virtual colonoscopy, among others. These screening tests help in the early detection of colorectal cancer, increasing the chances of successful treatment. The market for colorectal cancer screening is driven by the increasing prevalence of colorectal cancer worldwide and the growing awareness among individuals about the importance of early detection, as it significantly improves the chances of survival.

Market Dynamics:

The key drivers for the colorectal cancer screening market include the rising incidence of colorectal cancer globally and the increasing initiatives by governments and healthcare organizations to promote screening programs. Additionally, technological advancements in screening methods and the availability of non-invasive tests are further fueling market growth.

Furthermore, the opportunity for market growth lies in the development of novel biomarkers and the adoption of artificial intelligence in screening tests, which can improve the accuracy and efficiency of colorectal cancer detection. These advancements are expected to drive the demand for colorectal cancer screening services and contribute to market growth over the forecast period.

Segment Analysis:

The Colorectal Cancer Screening market can be segmented based on test type, end-user, and region. In terms of test type, the dominant segment is the fecal occult blood test (FOBT) segment. FOBT is a non-invasive and cost-effective screening method, making it more accessible to a larger population. It detects the presence of blood in stool samples, which can indicate the presence of colorectal cancer. The FOBT segment is dominating due to its ease of use, accuracy, and affordability compared to other screening methods such as colonoscopy or sigmoidoscopy.

PEST Analysis:

Political:

Government initiatives and regulations promoting cancer screening programs, along with increased funding for research and development, are driving the market growth.

Economic:

The rising prevalence of colorectal cancer, coupled with the growing geriatric population, is fueling the demand for screening tests. Additionally, advancements in technology have led to the development of innovative screening methods, further boosting market growth.

Social:

Increasing awareness about the importance of early detection and prevention of colorectal cancer is driving the adoption of screening tests. Public campaigns and educational programs are playing a crucial role in raising awareness among the population.

Technological:

Technological advancements in cancer screening tests, such as the development of non-invasive and highly accurate screening methods, are revolutionizing the market. Genetic testing and molecular diagnostics are also contributing to market growth by providing personalized screening options.

Key Takeaways:

The global Colorectal Cancer Screening market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period (2023-2030). This growth can be attributed to the increasing prevalence of colorectal cancer and the growing awareness about early detection. Country-specific screening programs and government initiatives are further driving market growth.

In terms of regional analysis, North America is the fastest-growing and dominating region in the Colorectal Cancer Screening market. The region’s well-established healthcare infrastructure and high awareness about cancer screening contribute to its dominant market position. Moreover, the presence of key market players and ongoing technological advancements further contribute to the growth of this region.

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 players are involved in strategic collaborations, product launches, and technological advancements to maintain their market presence and gain a competitive edge.