Global Occult Blood Testing Market: Drivers and Restraints
The increasing incidence of gastrointestinal bleeding and colon and rectal cancer will continue to be the critical driving factor for the global occult blood testing market. It is estimated that colorectal cancer is the third most commonly diagnosed cancer. The American Cancer Society states that this type of cancer has remained second or third leading cause of cancer-related deaths across the globe. The rising emphasis on the early diagnosis of colorectal cancer is leading to the introduction of favorable government initiatives aimed at keeping this cancer under check. These initiatives are fuelling the market. Moreover, the growing awareness regarding the benefits of occult blood testing is augmenting the market. Another factor providing a fillip to the market is the increasing cases of occult blood due to rising alcohol consumption worldwide.
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However, the low disposable income and the lack of self-evaluation capabilities among the population is retarding the growth rate of the occult blood testing market, particularly in developing regions. Furthermore, the lack of adequate knowledge regarding the testing technologies is hindering the growth of the market. On the other hand, the future of the market looks bright with the improving healthcare and education infrastructure along with a boost in economic conditions in developing countries.
Global Occult Blood Testing Market: Segmentation
On the basis of technology, the global occult blood testing market can be classified into biochips/microarrays, chromosome analysis, DNA probes, IT, immunoassays, and monoclonal antibodies. The regional markets analyzed in the report are North America, Asia Pacific, Europe, and Rest of the World. North America and Europe will account for noteworthy share throughout the forecast period. The presence of a large pool of patients suffering from colorectal cancer and the rapidly growing geriatric population are propelling the growth of these regions. Moreover, the launch of conducive government initiatives is anticipated to trigger the demand for occult blood tests in these regions. The growth of the Asia Pacific market for occult blood testing is supplemented by the changing lifestyles and improving economic conditions. Countries such as India and China will be predominantly responsible for the regional revenue growth.
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Companies Mentioned in the Research Report:
The majority of players in the global occult blood testing market are investing heavily in the research and development of innovative testing techniques. Some of the key companies are Abbott, Becton Dickinson, Diagnocure, DiaSorin, Eiken Chemicals, Exact Sciences, Enzo Biochem, Fujirebio, GenCure, Hologic, Nanogen Elitech, ID Biomedical, Ipsogen, Life Technology, Lonza, Solvay, Thermo Fisher, Wallace, and Wako.
Global Occult Blood Testing Market: Overview
Occult blood testing is one of the most adopted screening tests for colorectal cancer. This test can also give indications for disorders such as Crohn’s disease, ulcerative colitis, abnormalities in the blood vessels in the large intestine, and diverticular disease. It is capable of detecting most early colorectal cancers and is widely available, acceptable, and feasible to most individuals. In addition, it is highly cost-effective and has a low up-front cost. However, the test has low sensitivity and low specificity and therefore repetitive screening is required for it to be effective. Considering its advantages and disadvantages, the demand for occult blood tests is poised to rise gradually during the forecast period. Technological advancements in the existing setups and procedures are likely to bode well for the global occult blood testing market in the near future.
This research report meticulously studies the current as well as expected future trends of the global occult blood testing market. It performs segmentation analysis on the basis of various criteria including geography and technology. Each segment is methodically examined in terms of revenue and volume. The report provides insights into several critical aspects of the market such as its dynamics, ongoing key trends, and competitive landscape. It profiles the prominent players operating in the occult blood testing market along with their business strategies, latest developments, and revenue structures. For collating this study, a number of press releases, presentations, paid databases, journals, and white papers were referred.