Market Overview:
The colorectal cancer screening market is estimated to be valued at US$ 14716.31 Mn in 2023 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.
Colorectal cancer screening products help in early detection of colorectal cancer through various screening tests such as fecal occult blood test (FOBT), fecal immunochemical test (FIT)-based test, multi-target stool DNA (sDNA) test, flexible sigmoidoscopy, colonoscopy, CT colonography, and biomarker tests. These screening tests play a vital role in significantly reducing the risks of colorectal cancer through the detection and removal of polyps or early diagnosis of cancer.
Market Dynamics:
The global colorectal cancer screening market is witnessing significant growth owing to the rising prevalence of colorectal cancer around the world. As per the Globocan Cancer Factsheets, 2020, colorectal cancer is a leading cause of cancer incidence as well as cancer mortality worldwide with 1.93 million new cases and 0.93 million deaths in 2020. Furthermore, technological advancements in colorectal cancer screening tests such as development and commercialization of non-invasive screening tests such as multi-target stool DNA tests are expected to boost the market growth over the forecast period. However, lack of awareness regarding early symptoms of colorectal cancer and availability of screening programs in underdeveloped regions are some of the factors that may hamper the market growth.
SWOT Analysis
Strength: Colorectal cancer screening is one of the major preventive measures against colorectal cancer. The screening tests available are minimally invasive and highly effective in detecting pre-cancerous polyps. Increasing awareness about early cancer detection is driving more people to opt for regular screening tests.
Weakness: Screening adherence rates remain low globally due to factors like lack of symptom awareness, reluctance towards invasive screening tests and lack of healthcare access. Additionally, screening often involves lifestyle and dietary changes which makes sustained adherence challenging.
Opportunity: Development of non-invasive screening tests with high accuracy like blood-based tests is anticipated to boost screening rates significantly. Growing focus on preventive healthcare especially in emerging regions also presents an opportunity.
Threats: Budgetary constraints in certain markets poses reimbursement challenges. Rising healthcare costs also impact individuals' affordability for regular screenings. Inadequate diagnostic infrastructure and skilled professionals in low resource regions also act as threats.
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 healthcare expenditure and focus on early cancer detection. Governments across regions have made preventive screening programs more accessible to improve outcomes.
Regional analysis- North America currently dominates the market owing to supportive public healthcare policies and high screening rates in the US and Canada. Asia Pacific is expected to grow at the fastest pace due to improving access to screening in China, India and Japan which are working towards increasing national screening rates.
Key players- 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.
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