June 24, 2024
Colorectal Cancer Screening Market

Colorectal Cancer Screening Market Is Expected To Be Flourished By Growing Awareness Of Colorectal Cancer Screening

Colorectal cancer screening involves removing polyps or screening for signs of cancer, typically through tests performed on stool samples or during colonoscopy. Common screening tests include fecal immunochemical tests (FITs), fecal occult blood tests (FOBTs), flexible sigmoidoscopy, colonoscopy, and computed tomography (CT) colonography. Such screening tests help detect colorectal cancer at an early stage and eventually lead to a decrease in the incidence and mortality rates associated with colorectal cancer.

The global colorectal cancer screening market is estimated to be valued at US$ 14716.31 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The global colorectal cancer screening market growth can be attributed to increasing awareness regarding early detection of colorectal cancer. According to the Centers for Disease Control and Prevention (CDC), around 60-65% of adults aged 50-75 years have not received colorectal cancer screening as recommended. Various public initiatives aimed at educating people on screening benefits and increasing screening rates are expected to support the growth of the colorectal cancer screening market. Additionally, technological advancements in screening tests such as development of non-invasive screening techniques like CT colonography, stool DNA test, and blood tests are also expected to drive market growth over the forecast period. However, factors such as reluctance towards screening procedures involving bowel preparation and high costs associated with colonoscopy can hinder the market growth.

Segment Analysis

The colorectal cancer screening market can be segmented based on test type, end user, and region. Based on test type, the market is dominated by stool-based tests such as guaiac-based fecal occult blood tests (gFOBT) and fecal immunochemical tests (FIT). This is because stool-based tests are non-invasive, easy to administer, and have good accuracy levels.

PEST Analysis

Political: Government bodies are raising awareness about the importance of regular screening and early detection of colorectal cancer. They are also implementing various public health programs to encourage citizens to undergo screenings.

Economic: Rising healthcare expenditures on cancer and aging demographics are fueling market growth. However, economic slowdowns may reduce disposable incomes and screening rates.

Social: Growing focus on preventive healthcare and early cancer diagnosis is a key driver. However, some cultural stigmas still exist around screening tests, especially invasive colonoscopies.

Technological: Advancements are helping improve non-invasive screening accuracy. Virtual reality assisted colonoscopies provide better visualization and precision. AI and big data help detect polyps with more efficacy.

Key Takeaways

The global Colorectal Cancer Screening Market Share is expected to witness high growth. The global colorectal cancer screening market is estimated to be valued at US$ 14716.31 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.

The North American region currently dominates due to increased awareness initiatives by government bodies and insurance support for regular screenings. This is attributed to the increasing incidence of colorectal cancer and rising number of screening and diagnostic tests performed each year in the region. Additionally, favorable reimbursement policies are supporting the market growth.

Key players:

Key players operating in the colorectal cancer screening market are Daikin Industries, Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Panasonic Corporation, Johnson Controls International plc, Carrier Global Corporation, Trane Technologies plc, Fujitsu General Limited, Midea Group Co., Ltd., Gree Electric Appliances Inc. of Zhuhai, Samsung Electronics Co., Ltd., Hitachi, Ltd., Toshiba Carrier Corporation, Haier Group Corporation, and Rheem Manufacturing Company.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it