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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