Colorectal Cancer Screening Market
A kind of cancer that develops in the large intestine is called colorectal cancer, sometimes known as colon cancer (colon). The digestive system ends with the colon. A development inside the colon or rectum known as a polyp frequently marks the beginning of cancer. In order to avoid colorectal cancer, polyps should be found and removed. Rectal cancer and colon cancer are frequently combined because they share many characteristics. When body cells begin to proliferate out of control, cancer develops. Colonoscopy is a technique to search for polyps or cancer inside the colon and rectum. During this test, a colonoscope—a flexible, lit tube with a lens for seeing and a tool for removing tissue—is used to inspect the rectum and the whole colon. Before cancer forms or spreads, issues that can be addressed are discovered during colorectal cancer screening.
Market Statistics
The market for colorectal cancer screenings was estimated at US$12,866.16 billion in 2021 and is anticipated to grow at a 7.5% CAGR from 2022 to 2028 to reach US$21,135.40 billion.
In terms of volume, North America owned the majority of the market for colorectal cancer screening in 2020, with a 45.2% share, followed by Europe and Asia Pacific.
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Recent Developments
Exact Sciences Corporation purchased Base Genomics Ltd. in September 2020. This epigenetics business is striving to redefine DNA methylation analysis, one of the most promising methods for identifying cancer in its earliest stages.
In order to enhance investment and extend the marketing of the COLVERA colorectal cancer screening blood test monitoring outside of the India, United States, United Kingdom, and Mexico Clinical Genomics expanded its strategic collaboration in April 2020.
Market Drivers
Over the projected period, it is anticipated that the worldwide colorectal cancer screening market would develop more rapidly due to the rising incidence of the disease. Colorectal cancer ranks third in the United States for cancer-related fatalities among both men and women. The American Cancer Society projects that there will be 52,580 cancer fatalities and around 106,180 newly diagnosed cancer cases in the United States in 2022. As a result, colorectal cancer screening is becoming more and more popular in this area.
Over the course of the projected period, rising demand for colorectal cancer screening tests is anticipated to fuel market expansion. For instance, Shield, the company’s first blood-based test for the identification of early-stage colorectal cancer, was made available, according to a May 2022 announcement from Guardant Health, Inc. Adults age 45 and older who have not followed recommended screening recommendations, have no symptoms, and are at average risk for colorectal cancer should have the test.
Market Restraints
The global market for colorectal cancer screening is predicted to develop slowly due to high screening costs. Due to the high cost of screening and treatment, many nations, notably the U.S. and the U.K., struggle to care for an increasing number of cancer patients. According to a research released in April 2019 by the U.S. Centers for Disease Control and Prevention (CDC), the average cost of a screening test is $2,060 per individual, with costs ranging from $1,057 for both tests to $3,153 for a colonoscopy. In India, a colonoscopy typically costs 3,350 rupees. In India, a colonoscopy may cost as much as INR 50,000.
The global market for colorectal cancer screening is anticipated to expand slowly due to a lack of public knowledge about cancer screening. For instance, the key to avoiding colorectal cancer is routine screening, starting around age 45. Adults between the ages of 45 and 75 should be checked for colorectal cancer, according to the U.S. Preventive Services Task Force (Task Force). The Task Force advises people between the ages of 76 and 85 to discuss screening with their doctor.
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Market Opportunities
The market for colorectal cancer screening is predicted to provide attractive development prospects due to rising cancer preventive activities. For instance, to raise awareness about colorectal cancer treatment in 2021, the US government designated March as National Colorectal Cancer Awareness Month. It is an opportunity to raise awareness of this dreadful illness and to provide access to life-saving screening, care, and treatment.
The worldwide market for colorectal cancer screening is likely to have tremendous development prospects as a result of technological improvements in this area. For instance, the U.S. Food and Drug Administration (FDA) announced in April 2021 that it had approved GI Genius, a device that uses artificial intelligence based on machine learning to assist physicians in identifying abnormalities like polyps or suspected malignancies in the gastrointestinal tract.
Market Trends/Key Takeaways
Global elderly population rise is anticipated to drive colorectal cancer screening market expansion. For instance, colorectal cancer affects the elderly the most, with around 70% of cases being detected in those 65 and older and 40% in those over the age of 75. While adults older than 65 account for over 75% of colorectal cancer fatalities.
The global market for colorectal cancer screening is anticipated to rise as a result of research and development in cancer detection and diagnosis. For instance, the EU unveiled its €4 billion Beating Cancer initiative in February 2021. This plan includes the most coordinated drive ever for research and the translation of that knowledge into new therapies. The strategy will provide funding for technological advancement, enhance patient access to medicines, establish new research networks, encourage disease prevention, and enhance care for cancer survivors.
Competitive Landscape
Includes Olympus Corporation, Clinical Genomics Technologies Pty Ltd, Polymedco Inc, Epigenomics Inc., Eiken Chemical Co. Ltd, Exact Sciences Corporation, Sysmex Corporation, Hemosure Inc., Siemens Healthineers AG, Novigenix SA, and Quidel Corporation.
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Table of Contents:
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Colorectal Cancer Screening, By Screening Tests
- Market Colorectal Cancer Screening, By End User
- Market Colorectal Cancer Screening, By Geography
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Increase in prevalence of colorectal cancer worldwide
- High Screening Tests Costs
- Advent of efficacious screening tests
- Impact Analysis
- Key Highlights
- Regulatory Scenario
- Product launch/Approvals
- PEST Analysis
- PORTER’s Analysis
- Merger and Acquisition Scenario
- Market Dynamics
- Colorectal Cancer Screening Market – Impact of Coronavirus (COVID-19) Pandemic
- COVID-19 Epidemiology
- Supply Side and Demand Side Analysis
- Economic Impact
- Colorectal Cancer Screening Market, By Screening Tests, 2017-2028, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2028 (%)
- Y-o-Y Growth Analysis, 2017 – 2028
- Segment Trends
- Stool-based Tests
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Colonoscopy
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- CT Colonography (Virtual Colonoscopy)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Flexible Sigmoidoscopy
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Other Screening Tests
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Introduction
- Colorectal Cancer Screening Market, By End User, 2017-2028, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2028 (%)
- Y-o-Y Growth Analysis, 2017 – 2028
- Segment Trends
- Hospitals Independent Diagnostic Labs
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Other End Users
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Introduction
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