Colorectal Cancer Screening Market Is Estimated To Witness High Growth Owing To Increasing Awareness about Early Detection and Prevention of Colorectal Cancer
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| Colorectal Cancer Screening Market |
The global Colorectal Cancer Screening Market is estimated to be valued at US$ 12,866.16 Mn in 2021 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.
Market Overview:
Colorectal cancer screening involves detecting precancerous polyps or
colorectal cancer in the colon and rectum. The procedure helps in identifying
abnormalities at an early stage, which improves the chances of successful
treatment. Colorectal cancer is one of the leading causes of cancer-related
deaths worldwide, and early detection through screening plays a vital role in reducing
the mortality rate. Increasing awareness about the importance of early
detection and prevention of colorectal cancer is driving the demand for
screening procedures.
Market Key Trends:
One key trend in the Colorectal Cancer Screening Market is the adoption of
non-invasive screening methods. Traditional screening methods, such as
colonoscopy, have certain limitations and are associated with discomfort and
invasiveness. Non-invasive screening tests, such as fecal occult blood tests
(FOBT) and stool DNA tests, offer an alternative approach that is more
convenient and less invasive for patients. These tests detect precancerous
polyps or colorectal cancer by analyzing stool samples. The adoption of
non-invasive screening methods is expected to increase due to their efficacy,
ease of use, and patient preference.
The Colorectal Cancer Screening Market is witnessing high growth due to
increasing awareness about early detection and prevention of colorectal cancer.
The adoption of non-invasive screening methods is a key trend in the market,
driven by their convenience and patient preference. These trends are expected
to fuel market growth over the forecast period. However, the market is highly
competitive, with several key players operating in the industry, including
Polymed
PEST Analysis:
Political: The political factors that may impact the colorectal cancer
screening market include government regulations and policies related to
healthcare, reimbursement policies for screening procedures, and initiatives by
governments to increase cancer screening rates. For example, governments may
introduce screening programs and provide funding for colorectal cancer
screening, which can drive market growth.
Economic: Economic factors such as healthcare expenditure, disposable income,
and insurance coverage can influence the demand for colorectal cancer
screening. Growing healthcare expenditure, rising disposable income, and
increasing insurance coverage in many countries are expected to drive market
growth. Additionally, the cost-effectiveness of screening tests may also impact
market demand.
Social: Social factors such as awareness about the benefits of cancer
screening, changing demographics, and lifestyle habits can impact the market.
Increasing awareness about the importance of early detection and screening for
colorectal cancer, especially among high-risk individuals, can drive market
growth. Moreover, changing lifestyles, including unhealthy diets and sedentary
behaviors, may contribute to the increasing incidence of colorectal cancer,
thereby increasing the demand for screening tests.
Technological: Technological advancements in screening tests and diagnostic
tools can significantly impact the market. Improved accuracy, sensitivity, and
specificity of screening tests, as well as the development of non-invasive and
convenient screening methods, can increase the adoption of colorectal cancer
screening. For example, the introduction of multi-target stool DNA testing and
blood-based tests for colorectal cancer screening has revolutionized the
market.
Key Takeaways:
The global
colorectal cancer screening market is expected to witness high growth,
exhibiting a CAGR of 7.5% over the forecast period (2023-2030), due to
increasing awareness about the benefits of screening and technological
advancements in screening tests. The market size for 2021 was valued at
US$12,866.16 Mn.
Regionally, North America is anticipated to be the fastest-growing and
dominating region in the colorectal cancer screening market. The region's
strong healthcare infrastructure, high healthcare expenditure, and initiatives
by governments to promote colorectal cancer screening contribute to its growth.
Moreover, increasing awareness and favorable reimbursement policies are
expected to drive market growth in North America.
Key players operating in the colorectal cancer screening market include
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. These companies are focused on developing innovative
screening tests, expanding their product portfolios, and collaborating with
healthcare providers to enhance their market presence.
Overall, the colorectal cancer screening market is projected to experience
substantial growth globally, driven by political initiatives, economic factors,
social awareness, and technological advancements. North America is expected to
lead the market, and key players are actively involved in product development
and strategic collaborations to gain a competitive edge.
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