February 24, 2024
Colorectal Cancer Screening Market

Rising Adoption Of Advanced Diagnostics To Boost The Growth Of Colorectal Cancer Screening Market

Market Overview:

The global Colorectal Cancer Screening Market is estimated to be valued at US$ 14716.31 Mn or Bn 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 refers to tests or exams used to find colon or rectal cancer in people who do not have any symptoms of the disease. Various screening test options include fecal immunochemical test (FIT), fecal occult blood test (FOBT), flexible sigmoidoscopy, colonoscopy, computed tomography (CT) colonography, and genetic screening tests. Colorectal cancer screening helps in early detection of abnormal growths (polyps) in the colon or rectum that could become cancerous over time. Finding and removing these polyps can prevent cancer from developing. Screening also helps detection of colorectal cancer at an early stage, when treatment is likely to work best.

Market key trends:

One of the major key trends in the colorectal cancer screening market is the increasing adoption of advanced diagnostic technologies. Companies are focusing on development and commercialization of new non-invasive and minimally invasive screening tests such as Cologuard, Epi proColon, and ColoVantage. For instance, in August 2020, Exact Sciences Corporation received expanded FDA approval for its Cologuard test to screen people aged 45 years and older with an average risk for colorectal cancer. The Cologuard test can detect DNA and blood biomarkers associated with colorectal cancer. Moreover, increasing research activities for development of blood-based screening tests and rising funding from public and private organizations for early cancer diagnosis is also expected to support market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The colorectal cancer screening market requires high capital investments in R&D for the development of new screening technologies. This poses a barrier for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate as healthcare providers have several alternatives for colorectal cancer screening across product offerings of different manufacturers.

Bargaining power of suppliers: The suppliers of components and services required for screening have low bargaining power due to the availability of substitutes in the market.

Threat of new substitutes: Emerging non-invasive or minimally invasive diagnostic technologies pose a threat to traditional colorectal cancer screening techniques.

Competitive rivalry: The competitive rivalry in the market is high owing to the presence of many global and regional players offering a wide range of products for screening.

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 preference for non-invasive screening techniques backed by technological advancements.

The North America region is expected to dominate the market throughout the forecast period. This is owing to the increasing healthcare expenditure and government initiatives to spread awareness about early cancer screening in the region.

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. Key players are focusing on new product launches and mergers & acquisitions to strengthen their market position.

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