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Colorectal Cancer Screening and Diagnostics Market to Reach $48.71 Billion by 2033

25 Apr 2024

The market for colorectal cancer screening and diagnostics is experiencing significant growth, driven by an increasing interest in at-home testing options. This sector features a dynamic mix of established industry leaders and emerging startups, all vying to provide cutting-edge solutions that meet the changing needs of research and diagnostic practices.

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.

The expansion of the colorectal cancer screening and diagnostics market is driven by several factors: the increasing prevalence of colorectal cancer and its growing impact on healthcare costs, a rising demand for colorectal cancer testing, advancements in genomic and molecular diagnostic technologies, and efforts to promote early detection of cancer to lower treatment expenses.  


Colorectal Cancer Screening and Diagnostics Market Overview 

The market includes various tests, including stool DNA tests, fecal immunochemical tests, fecal occult blood tests, biomarker tests, colonoscopies, and sigmoidoscopies.

The influence of the global colorectal cancer screening and diagnostics market is extensive and complex, affecting healthcare practices, patient outcomes, and the economic landscape of the healthcare industry. The growth of this market is fostering a notable shift towards early detection and prevention, which is enhancing survival rates and the quality of life for patients.

Additionally, this shift is prompting a transformation in healthcare from a focus on treatment to one on prevention, spurring the creation of public health policies and insurance plans that emphasize regular screening.


Market Segmentation

Segmentation 1: by Type

•    Stool DNA Test 
•    Fecal Immunochemical Test (FIT) 
•    Fecal Occult Blood Test (FOBT) 
•    Colonoscopies and Sigmoidoscopies 
•    Biomarkers Test 

Segmentation 2: by End User 

•    Hospitals and Clinics 
•    Ambulatory Centers 
•    Clinical Laboratories 
•    Others 

Segmentation 3: by Region 

•    North America 
•    Europe 
•    Asia-Pacific 
•    Latin America 
•    Middle East and Africa 

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Colorectal Cancer Screening and Diagnostics Market- Demand Drivers, Restraints, and Opportunities 

Increasing Rates of Colorectal Cancer and Escalating Healthcare Costs: The escalating expenses linked to colorectal cancer encompass the costs of prevention, diagnosis, treatment, and management, reflecting a rise in healthcare spending. With the incidence of colorectal cancer climbing, the economic impact of the disease is intensifying. This includes direct medical expenses like hospital stays, surgical procedures, chemotherapy, and radiation treatments.

Reduced Sensitivity of FIT/FOBT Testing Kits: Non-invasive colorectal cancer tests, such as fecal immunochemical tests and stool DNA tests, offer considerable promise in detecting the disease. However, they come with certain drawbacks. A significant limitation is their reduced sensitivity, which means they might not identify all cases of colorectal cancer, especially during the initial stages. This limitation can lead to false negatives and a delay in diagnosis, potentially affecting patient outcomes.

Growth of Screening Initiatives: The expansion of population-wide screening programs presents a valuable opportunity for the colorectal cancer screening and diagnostics market. These programs increase the number of individuals being screened for colorectal cancer, facilitating earlier detection and treatment. By enhancing access to screening, these initiatives can help lower healthcare costs and improve outcomes for patients at more advanced stages of the disease. Consequently, there is significant interest in these testing methods from various government and NGO screening programs.


Recent Developments in the Global Colorectal Cancer Screening and Diagnostics Market

In February 2024, Exact Sciences Corporation revealed plans to introduce a series of new assays in the coming years. This includes an updated version of its established stool-based colorectal cancer screening test, Cologuard, alongside a new blood-based assay and a test for detecting minimal residual disease.

Also in February 2024, Freenome Holdings, Inc. announced the successful raise of $254 million in a funding round headed by Swiss pharmaceutical company Roche. The funds are aimed at developing tests that could identify various early-stage cancers, with a current focus on creating screening tests for colorectal and lung cancers.  

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Analyst Note 

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.”

 
 
 
 

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