Published Year: 2023
Multicancer Screening Market - A Global and Regional Analysis: Focus on Test Type, Technology, Sampl
The global multicancer screening market is projected to reach $7.78 billion by 2032 from $1.90...
Market Research Report
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Global Colorectal Cancer Screening and Diagnostics Market Overview
The global colorectal cancer screening and diagnostics market is projected to experience substantial growth over the forecast period 2023-2033. Moreover, the market value for 2022 was $37,145.8 million, which is expected to reach $48,710.9 million by 2033, growing at a CAGR of 2.37% during the forecast period. This growth can be attributed to the rising incidence of colorectal cancer and increasing financial burden on healthcare, growing demand for colorectal cancer testing, advances in genomics and molecular diagnostics, and promoting early cancer detection to enable reduced treatment costs. The market includes various types of tests, such as stool DNA tests, fecal immunochemical tests, fecal occult blood tests, biomarker tests, colonoscopies, and sigmoidoscopies.
Market Lifecycle Stage
The colorectal cancer screening and diagnostics market is currently at a growing stage with a robust growth trajectory, propelled by the rising demand for at-home colorectal cancer screening and diagnostics. The market is characterized by a mix of well-established companies and innovative startups, all competing to offer advanced solutions that cater to the evolving demands of research and diagnostics.
Industry Impact
The global colorectal cancer screening and diagnostics market’s impact is profound and multifaceted, influencing healthcare practices, patient outcomes, and economic dynamics within the healthcare sector. The market's growth is driving a significant shift toward early detection and prevention, leading to improved survival rates and quality of life for patients. This shift is also catalyzing a transition in healthcare focus from treatment to prevention, encouraging the development of public health policies and insurance coverage that support regular screening.
Economically, the expansion of the colorectal cancer screening and diagnostics market has been contributing to the healthcare industry's growth, owing to increased investments in research and development of more accurate and less invasive screening technologies. These innovations not only enhance patient compliance and comfort but also have the potential to reduce long-term healthcare costs by preventing advanced disease stages that require more intensive and expensive treatments.
The global colorectal cancer screening and diagnostics market continues to drive transformative advancements across industries, with far-reaching implications for human health and environmental sustainability.
Market Segmentation
Segmentation 1: by Type
• Stool DNA Test
• Fecal Immunochemical Test (FIT)
• Fecal Occult Blood Test (FOBT)
• Colonoscopies and Sigmoidoscopies
• Biomarkers Test
Colonoscopies and Sigmoidoscopies to Dominate the Global Colorectal Cancer Screening and Diagnostics Market (by Type)
Based on type, the colonoscopies and sigmoidoscopies segment dominated the global colorectal cancer screening and diagnostics market in FY2022. This category includes colonoscopes and sigmoidoscopes, which are considered a gold standard for diagnosis and screening for colorectal cancer. Colonoscopy allows for a detailed examination of the entire colon and rectum, enabling the detection of not only cancers but also precancerous polyps, which can be removed during the same procedure to prevent cancer development. Sigmoidoscopy, while more limited in scope, examining only the lower part of the colon, still plays a crucial role in screening efforts, especially in cases where a full colonoscopy might not be necessary or feasible.
Segmentation 2: by End User
• Hospitals and Clinics
• Ambulatory Centers
• Clinical Laboratories
• Others
Hospitals and Clinics Segment to Hold its Dominance in the Global Colorectal Cancer Screening and Diagnostics Market (by End User)
Based on end user, the hospitals and clinics accounted for the largest share of the global colorectal cancer screening and diagnostics market in FY2022 due to the comprehensive healthcare services offered by them, including advanced diagnostic facilities and the availability of specialized care, which enable early detection and management of colorectal cancer.
Segmentation 3: by Region
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
The North America region is a leader in the global colorectal cancer screening and diagnostics market, a position it is expected to maintain over the coming years. This dominance can be attributed to several key factors, including high awareness levels regarding colorectal cancer, and the implementation of comprehensive screening programs across the U.S. and Canada.
Recent Developments in the Global Colorectal Cancer Screening and Diagnostics Market
• In February 2024, Exact Sciences Corporation announced gearing up for the launch of a new slate of assays over the next few years, including a new iteration of its well-established stool-based colorectal cancer screening test, Cologuard, a complementary blood-based assay and a test for minimal residual disease detection.
• In February 2024, Freenome Holdings, Inc. announced that it raised $254 million in a new funding round led by Swiss drugmaker Roche to develop tests that could potentially detect multiple early-stage cancers and is currently developing screening tests focused on colorectal and lung cancers.
• In May 2023, Guardant Health collaborated with the Ohio State University Comprehensive Cancer Center to study colorectal cancer screening adherence.
• In May 2023, Guardant Health submitted a premarket approval application to the U.S. Food and Drug Administration for a Shield blood test.
• In April 2023, Mainz Biomed revealed a collaboration with the Instituto de Microecologia aimed at broadening ColoAlert's commercial reach in both Spain and Portugal.
• In May 2023, Olympus Corporation introduced the CF-HQ1100DL/I colon videoscope, a device specifically created for the inspection of the lower digestive system, covering areas such as the anus, rectum, sigmoid colon, colon, and ileocecal valve. This launch would serve to enhance Olympus's range of products within the colorectal cancer screening and diagnostics sector.
Demand - Drivers, Restraints, and Opportunities
Market Demand Drivers:
Rising Incidence of Colorectal Cancer and Increasing Financial Burden on Healthcare: The increasing healthcare expenditure related to colorectal cancer reflects the growing costs associated with its prevention, diagnosis, treatment, and management. As the incidence of colorectal cancer rises, the economic burden of the disease is also increasing. These costs include direct medical costs such as hospitalization, surgery, chemotherapy, and radiation therapy.
Market Restraints:
Limited Sensitivity of FIT/FOBT Testing Kits: While non-invasive testing techniques for colorectal cancer, such as fecal immunochemical tests and stool DNA tests, have shown significant potential in cancer detection, they do have some limitations. One of the major limitations is their limited sensitivity, meaning they may not detect all cases of colorectal cancer, particularly in the early stages. This can result in false negatives and delayed diagnosis, which can impact patient outcomes.
Market Opportunities:
Expansion of Screening Programs: Population-wide screening programs are proving to be a lucrative opportunity for the colorectal cancer screening and diagnostic market by leading to an increased number of individuals being screened for colorectal cancer, leading to earlier detection and treatment of the disease. By improving access to screening, these programs can also reduce healthcare costs and improve patient outcomes associated with more advanced stages of the disease, thereby resulting in a strong interest in these testing methodologies by various government and NGO screening programs.
Analyst View
According to Swati Sood, Principal Analyst, BIS Research, “The market is expected to witness significant growth driven by the rising global prevalence of colorectal cancer, advancements in screening technologies, and increasing awareness among populations. The expansion of screening programs and guidelines by governments and healthcare organizations worldwide is expected to foster the accessibility and adoption of such testing methods. However, the market also faces challenges, such as disparities in access to screening services across different regions and the high cost of advanced diagnostic tests. Strategic collaborations and investments in research and development are crucial for companies aiming to capitalize on emerging opportunities and navigate the complexities of the regulatory landscape. The focus on personalized medicine and non-invasive screening options, such as liquid biopsy, is expected to further drive innovation and market growth, making early detection more accessible and improving patient outcomes.”
Colorectal Cancer Screening and Diagnostics Market - A Global and Regional Analysis
Focus on Type, End User, Region, and Competitive Landscape, Pricing Analysis, Testing Volume - Analysis and Forecast, 2023-2033
Some Faq's
Frequently Asked Questions
Ans: According to the Centers for Disease Control and Prevention, colorectal cancer occurs when cells in the colon or rectum start to multiply uncontrollably. It's often referred to simply as colon cancer. The colon, also known as the large intestine or bowel, and the rectum, which is the conduit linking the colon to the anus, are the primary sites affected by this disease. Screening tests are conducted to detect a disease before symptoms appear. Colorectal cancer typically originates from precancerous polyps within the colon or rectum. Through screening, these precancerous polyps can be identified and removed before they develop into cancer. Additionally, screening enables the early detection of colorectal cancer at a stage where treatments are most effective.
Ans: The global colorectal cancer screening and diagnostics market has been influenced by various trends, such as the rise of at-home colorectal cancer screening, multimodal approaches to colorectal cancer screening, and the use of gut microbiota in colorectal cancer diagnosis.
• The increase in the adoption of at-home colorectal cancer screening kits represents a pivotal shift in the global market for colorectal cancer screening and diagnostics. This trend has been propelled by heightened awareness regarding the critical nature of early colorectal cancer detection and the convenience afforded by home-based testing options. Healthcare providers and insurers have supported this movement by introducing initiatives to facilitate access to at-home screening. The recommendation by the U.S. Preventive Services Task Force to lower the starting age for screening from 50 to 45 years is expected to significantly expand the eligible population for screening, further bolstering the market for these kits. Evidence from studies underscores the effectiveness of mailed fecal immunochemical test kits in enhancing screening uptake, illustrating a substantial increase in screening rates. This trend not only reflects a shift towards more patient-centered care models but also highlights the potential for at-home screening kits to play a crucial role in improving public health outcomes by facilitating early detection and treatment of colorectal cancer.
• Multimodal approaches to colorectal cancer screening represent a forward-thinking trend that acknowledges the limitations of one-size-fits-all screening strategies. By tailoring screening to individual risk profiles and preferences, these approaches aim to improve early detection rates, patient compliance, and clinical outcomes. However, the success of these strategies depends on overcoming significant challenges related to integration, cost, access, and evidence generation. As the field advances, continued innovation, research, and policy support are expected to be essential to fully realize the potential of multimodal screening in combating colorectal cancer.
Ans: In the colorectal cancer screening and diagnostics industry, companies are adopting various innovative strategies to strengthen their market positions. Here are some key strategies being employed:
• Product Launches
• Mergers and Acquisitions
• Funding Activities
• Partnerships, Alliances, and Collaborations
• Regulatory and Legal Activities
Ans: A new entrant should prioritize focusing on developing new colorectal cancer screening and diagnostic tests that offer greater sensitivity and specificity.
The following are the USPs of this report:
• Extensive product benchmarking of the top players to offer a holistic view of the market product landscape
• Market size and forecast by detailed segmentation, including product, technology, application, end users, and region
• Region-level analysis, including market size and forecast
• Key trends and opportunities of the market
• Reimbursement scenarios in different key countries
• Pricing analysis in different regions
• Test volume and competitive analysis of different types of colorectal screening and diagnostic tests
• Next frontiers in the colorectal cancer screening and diagnostics market
The following can buy this report:
• Companies such as colorectal cancer screening and diagnostics tests and diagnostics instruments
• Research institutions, pharmaceutical companies, clinical diagnostics laboratories
• Any new entrant interested in knowing where the opportunities lie in the global colorectal cancer screening and diagnostics market.
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