Colorectal cancer screening includes diagnostic tests that help find colorectal polyps or cancer early, when treatment often leads to a cure. Colorectal cancer screening tests may find precancerous polyps so they can be removed before turning into cancer. Some screening tests can also find colorectal cancer early, when treatment works best. with advancing technologies new screening methods have been introduced which enable early detection.
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 key trends:
Rise in Demand for Early Screening and Detection Methods
Colorectal cancer is one of the leading causes of cancer-related deaths globally. However, when detected early, the five-year survival rate for colorectal cancer is around 90%. Thus, the demand for effective screening and detection methods for early diagnosis is increasing worldwide. New screening methods such as CT colonography and stool DNA tests enable noninvasive screening and early detection of colorectal cancer. Virtual colonoscopy uses CT imaging to produce images of the interior surface of the colon without the need for sedation. These advance screening methods are gaining popularity owing to benefits such as improved accuracy and non-invasiveness. This is expected to drive the growth of colorectal cancer screening market during the forecast period.
SWOT Analysis
Strength: Colorectal cancer screening can significantly reduce the risk of developing colorectal cancer through early detection and removal of polyps. Screening helps detect cancer at an early stage where treatment is most effective.
Weakness: Low screening rates particularly in developing nations due to lack of awareness, access and affordability. Invasive screening methods can cause discomfort.
Opportunity: Rising incidence of colorectal cancer globally is raising awareness about screening. Government initiatives are promoting screening programs. New non-invasive screening tests are being developed.
Threats: Covid-19 pandemic has negatively impacted screening programs and colonoscopies. Alternative cancer therapies may reduce dependency on colorectal cancer screening.
Key Takeaways
The Global Colorectal Cancer Screening Market 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.
North America dominates the colorectal cancer screening market. This can be attributed to better awareness among people and mandatory screening policies. Presence of advanced healthcare facilities and initiatives to promote screening further support market growth in the region. Asia Pacific is expected to witness fastest growth during the forecast period owing to rising geriatric population, increasing healthcare expenditure and improving awareness levels.
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, Rheem Manufacturing Company. Key players are focusing on new product launches, partnerships and geographical expansion strategies to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
