Colorectal Cancer Diagnostics Market to be dominated by Diagnostic Imaging through 2028

Advancement diagnostic procedures and rising awareness among individuals is expected to drive the growth of Global Colorectal Cancer Diagnostics Market during the forecast period.

According to TechSci Research report, “Colorectal Cancer Diagnostics Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028,” Global Colorectal Cancer Diagnostics Market is expected to grow at an impressive CAGR in the forecast period, 2023-2028 on account of increasing demand for diagnostic and screening techniques.

Colorectal cancer is one of the most diagnosed cancers in the world. According to Global Cancer Statistics 2021, Colorectal cancer ranks third with 10.0% of newly detected cases (6.0% for colon and 3.8% for rectum) and second in terms of deaths with 9.4% (5.8% for colon and 3.4% for rectum cancers).

However, stringent regulatory scenario related to the high cost of diagnostics procedures, and side effects associated with imaging and the lack of awareness of early diagnosis are likely to slow down the market growth in the coming years. Also, lack of skilled professionals to conduct sensitive surgeries/biopsy pertaining to colorectal cancer especially in the emerging countries can further slowdown the market growth.

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Global Colorectal Cancer Diagnostics Market can be segmented into diagnosis type, application, region, and company. Based on diagnosis type, the segment is fragmented into diagnostic imaging, stool test, biopsy, and others. The segment diagnostic imaging is expected to show an impressive growth in forecast period due to growing awareness of diagnostic procedures and solutions.

Based on diagnostic imaging, the market can be segmented into sigmoidoscopy, colonoscopy, and others. The segment colonoscopy is likely to show an impressive growth in the future due to accurate diagnosis and treatment through colonoscopy without the need for a major operation.

Based on stool test, the market can be segmented into guaiac FOBT, fecal immunochemical (or immunohistochemical) Test (FIT), and FIT-DNA Test. The segment guaiac FOBT is expected to show an impressive growth in the forecast period due to its advantages like easy sampling and diagnostic imaging.

Based on biopsy, the market is segmented into image guided biopsy, liquid biopsy, and others. The segment image guided biopsy will showan impressive growth in the forecast years due to advancement in imaging solutions.

Based on application, the market is segmented into hospitals & specialty clinics, ambulatory care centers, and others. The segment hospitals and specialty clinics is estimated to hold the largest share of the market, and it is also expected to experience the highest CAGR from 2022 to 2028 due to continuous patient care and monitoring.  Hospitals are primary healthcare centers providing high-quality care, cost-effective treatments that favors the growth of global colorectal cancer diagnostics market.

The leading companies operating in the Global Colorectal Cancer Diagnostics Market are:

• Abbott Laboratories
• Illumina, Inc.
• Sysmex Corporation
• Beckman Coulter
• Siemens Healthineers AG
• Quest Diagnostics
• Danaher Corporation
• Cancer Genetics Inc.
• Biocept Inc.
• Epigenomics AG

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“North America is expected to dominate the Global Colorectal Cancer Diagnostics Market during the forecast period on account of rising patient awareness, advancement in technologies, presence of key manufacturers in the region. Additionally, the high market penetration of technologically advanced diagnostic products is expected to increase the demand for Colorectal Cancer in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.