Press Release

Colorectal Cancer Screening and Diagnostic Market to grow with a CAGR of 4.30% During Forecast Period

Increasing healthcare infrastructure and a supportive regulatory environment are the major drivers for the Global Colorectal Cancer Screening and Diagnostic Market.

 

According to TechSci Research report, “Global Colorectal Cancer Screening and Diagnostic Market Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global Colorectal Cancer Screening and Diagnostic Market has valued at USD 9.47 billion in 2022 and is anticipated to witness an impressive growth in the forecast period with a CAGR of 5.20% through 2028. This can be due to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market.

Minimally invasive procedures, such as virtual colonoscopy (CT colonography) and certain stool-based tests, are generally more acceptable to patients than traditional invasive procedures like colonoscopy. This increased patient acceptance can lead to higher screening participation rates. Minimally invasive procedures typically involve less discomfort and anxiety compared to traditional colonoscopy, which often requires sedation or anesthesia. This can encourage individuals to undergo screening. Certain minimally invasive tests, like virtual colonoscopy, require less extensive bowel preparation compared to traditional colonoscopy. This reduces the burden on patients and may improve adherence to screening. Procedures like virtual colonoscopy do not involve exposure to ionizing radiation, unlike traditional colonoscopy. This factor can appeal to individuals concerned about radiation exposure. Minimally invasive tests can be used to reach populations with limited access to healthcare facilities or those who may be hesitant to undergo invasive procedures. This broadens the reach of screening programs.

 

Browse over XX market data Figures and spread through 110 Pages and an in-depth TOC on "Colorectal Cancer Screening and Diagnostic Market.”

 

The global market for colorectal cancer screening and diagnostics was significantly impacted by the COVID-19 epidemic. Research on colorectal cancer was put on hold while funds were diverted to study COVID-19. The gold standard for screening, colonoscopies, were postponed along with screening program, perhaps resulting in missing or late-stage cancer diagnoses.

In May 2023, The GIF-1100 gastrointestinal videoscope is indicated for use in the upper digestive tract, which includes the oesophagus, stomach, and duodenum, and the CF-HQ1100DL/I colonovideoscope is indicated for use in the lower digestive tract in surgical procedures, according to Olympus, a global technology leader in designing and delivering innovative solutions for medical and surgical procedures. To diagnose, treat, and observe diseases and disorders of the upper and lower GI tract, including acid reflux, ulcers, Crohn's disease, Celiac disease, and colorectal cancer, doctors employ Olympus® GI endoscopy equipment. A screening colonoscopy, in which a doctor examines the lining of the colon and can remove any possibly malignant growths, or polyps, is one of the most frequent applications of an endoscope. The introduction of new imaging technologies could help doctors spot anomalies.

Adherence to colorectal cancer screening guidelines is a significant challenge in the global colorectal cancer screening and diagnostic market. Despite the proven benefits of early detection and prevention, many individuals do not adhere to recommended screening guidelines. Many individuals may not be aware of the importance of colorectal cancer screening, the recommended age to start screening, or the available screening options. This lack of awareness can lead to underutilization of screening services. Fear of the screening procedure itself, such as colonoscopy, or fear of receiving a cancer diagnosis can deter individuals from undergoing screening. Anxiety and discomfort associated with the screening process can also be barriers. There can be stigma associated with discussing colorectal health and undergoing screening tests, especially in some cultures or communities. This can discourage open conversations and screening participation.

Global Colorectal Cancer Screening and Diagnostic Market segmentation is based on screening, diagnostics, End User, and Region.

Based on diagnostics, Global Colorectal Cancer Screening and Diagnostic Market is segmented into Biomarker Test, Colonoscopy. Biomarker tests play a significant role in colorectal cancer screening and diagnostic processes. These tests involve the measurement of specific biological markers or molecules that can indicate the presence of colorectal cancer or the risk of developing it. Biomarker tests are valuable because they can provide insights into an individual's colorectal health without the need for invasive procedures.

Based on Region, North America dominated the Global Colorectal Cancer Screening and Diagnostic Market. The region has been at the forefront of technological advancements in healthcare, including in the field of colorectal cancer screening and diagnostics. This includes the adoption of advanced imaging technologies and molecular testing methods. National and regional governments in North America have initiated screening programs and provided funding for colorectal cancer awareness campaigns. These initiatives increase access to screening services. North America hosts a substantial portion of global research and development efforts in the healthcare industry. Ongoing research has led to the development of innovative screening and diagnostic methods. The region conducts numerous clinical trials related to colorectal cancer screening, diagnostics, and treatments. Participation in these trials drives advancements in the field.

Asia-pacific region to fastest growth in the Global Colorectal Cancer Screening and Diagnostic Market. The Asia-Pacific region has a large and growing population. With a significant portion of the population aging, the overall incidence of colorectal cancer is increasing in this region. Urbanization and the adoption of Western lifestyles have led to changes in dietary habits, including the consumption of processed foods and sedentary lifestyles. These factors are associated with an increased risk of colorectal cancer. Public awareness about colorectal cancer and the importance of early detection has been on the rise in the Asia-Pacific region. Government health campaigns and advocacy efforts have contributed to this awareness. Many countries in the Asia-Pacific region have been investing in healthcare infrastructure, including the expansion of cancer screening and diagnostic services. This has made screening more accessible to a larger population.

 

Some of the major companies operating in the Global Colorectal Cancer Screening and Diagnostic Market include:

  • Clinical Genomics Technologies Pty Ltd.
  • Danaher Corporation
  • DiaCarta, Inc.
  • Eiken Chemical Co., Ltd.
  •   Epigenomics AG
  • Freenome Holdings, Inc.
  • Guardant Health, Inc.
  • Lepu Medical Technology (Beijing) Co., Ltd.
  • Novigenix SA
  • FUJIFILM Holdings Corporation
  • Olympus Corporation
  • QuidelOrtho Corporation

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“Certain areas, particularly in North America, are projected to exert significant demand for colorectal therapies. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhance the overall wellbeing of people each year, are expected to contribute to a remarkable growth of the Global Colorectal Cancer Screening and Diagnostic Market in the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.

Colorectal Cancer Screening and Diagnostic Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented by Screening (Stool-Based Test, Colonoscopy and Sigmoidoscopy, others), by Diagnostic (Biomarker Test, Colonoscopy), by End User (Hospitals and Clinics, Clinical Laboratories, others), by region, and Competition evaluated the future growth potential of Global Colorectal Cancer Screening and Diagnostic Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Colorectal Cancer Screening and Diagnostic Market.

 

 

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