Colorectal Cancer Screening Market provides non-invasive diagnostic tools for detecting colorectal cancer at an early stage which helps in improved clinical outcomes. The market offers different diagnostic screening tests like fecal occult blood test, sigmoidoscopy, colonoscopy etc. which helps to detect abnormal polyps or cancers at an early and curable stage. The global Colorectal Cancer Screening Market is estimated to be valued at US$ 5.3 billion in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing awareness regarding early screening: The key driving factor for the market growth is the increasing awareness regarding early screening for detecting colorectal cancer at an early and treatable stage. Various initiatives undertaken by governments and healthcare organizations to promote awareness for early screening through different diagnostic screening tests is increasing demand for such screening tools across the globe. This awareness coupled with accessibility of screening tests is expected to propel the colorectal cancer screening market growth over the forecast period.
SWOT Analysis
Strength: Colonoscopy and Fecal Occult Blood Test are two effective screening tests to detect colorectal cancer at early stages. This helps in improving treatment outcomes.
Weakness: Screening tests such as colonoscopy involves risks of perforation or bleeding. This can discourage people from opting for these tests.
Opportunity: Rising awareness through initiatives by governments and healthcare organizations can help in increasing screening rates. This provides scope for market growth.
Threats: Alternative tests with lower risks being researched can pose challenge to existing tests. Changes in reimbursement policies can also impact market growth.
Key Takeaways
The global colorectal cancer screening market is expected to witness high growth.
Regional analysis: North America dominates the global market currently due to favorable reimbursement policies and higher screening rates. Asia Pacific region is expected to grow at fastest pace owing to rising cases in developing nations and increasing healthcare expenditure.
Key players operating in the colorectal cancer screening market are Abbott Laboratories, Clinical Genomics Technologies, Epigenomics Inc, Exact Sciences Corp, Roche.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
