Colorectal cancer screening refers to tests and exams used to find colon cancer or rectal cancer in people who have no symptoms of the disease. Some of the major screening tests for colorectal cancer include fecal occult blood test (FOBT), flexible sigmoidoscopy, and colonoscopy. A colonoscopy allows a doctor to directly view the entire length of the colon and rectum and remove any suspicious polyps. FOBT checks for hidden blood in the stool, which could indicate a growth or polyp in the colon or rectum. Increasing government campaigns to spread awareness regarding early detection and screening of colorectal cancer are expected to drive the growth of this market.
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 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the colorectal cancer screening market is the increasing awareness regarding the benefits of early detection. According to GLOBOCAN 2020, colorectal cancer was the third most commonly diagnosed cancer globally. The availability of various screening tests and rising awareness about early screening is expected to help detect the disease at an early stage, thereby increasing the chances of better treatment outcomes. Additionally, growing government initiatives and campaigns to spread awareness about CRC screening are also expected to boost market growth over the forecast period. Government associations across countries are promoting screening through different programs to enhance awareness and increase screening rates. For instance, in March 2022, the CDC recognized Colorectal Cancer Awareness Month to promote the benefits of screening tests to find colorectal polyps early.
Segment Analysis
The colorectal cancer screening market can be segmented into screening type, test type, end user, and region. Based on screening type, the market is segmented into fecal occult blood test, flexible sigmoidoscopy, colonoscopy, and others. Colonoscopy is dominating the screening type segment due to its high accuracy in detecting colon cancer at the early stages.
PEST Analysis
Political: Government initiatives to spread awareness about early detection of colorectal cancer and reimbursement for screening tests are positively impacting the market growth.
Economic: Rising healthcare expenditure and increasing disposable income levels are fueling the market in developing nations.
Social: Growing geriatric population susceptible to colorectal cancer and changing lifestyle leading to unhealthy dietary habits are augmenting the demand for screening tests.
Technological: Advancements in cancer screening technologies like artificial intelligence, portable screening devices, and non-invasive screening methods are propelling the market expansion.
Key Takeaways
The Global Colorectal Cancer Screening Market Growth is expected to witness high over the forecast period. The North American region dominates the market currently due to the high adoption of advanced screening tests and favorable reimbursement policies in the region.
Regional analysis: The North American region accounts for the largest market share currently owing to the rising incidences of colorectal cancer and availability of advanced healthcare infrastructure and screening facilities in countries like the US and Canada.
Key players operating in the colorectal cancer screening market are Siemens AG, GeoTraq, Robert Bosch GmbH, Continental AG, Valeo, NEC Corporation, Westbase Technology Ltd, Verizon Communications Inc., Cubic Telecom Ltd., BOSCH Service Solutions GmbH, Fleet Complete, TomTom International BV., Teletrac Navman, Ruptela, Arya Omnitalk, EFKON AG, Frotcom International , Hitachi, Ltd., Garmin Ltd., and Trimble Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it