Pune, India, Oct. 31, 2022 (GLOBE NEWSWIRE) -- The colorectal cancer screening market size was valued at USD 14.32 billion in 2021. It is anticipated to touch USD 22.88 billion by 2029 at a CAGR of 4.3% during the forecast period. The market is growing exponentially due to the rising demand for colorectal cancer screening tests worldwide. Fortune Business Insights™ stated this in a report titled, "Colorectal Cancer Screening Market, 2022-2029."
Key Industry Development:
August 2020 –Arc Medical Design Limited (Arc Medical Design) joined hands with Olympus Corporation to expand its product portfolio for gastrointestinal therapeutics devices.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 4.3% |
| 2029 Value Projection | USD 22.88 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 14.32 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
Drivers and Restraints:
Increasing Cancer Prevention Initiatives to Augment Product Demand
The rise in awareness among people about colorectal cancer screening and increasing cancer prevention initiatives are some significant factors that have surged the demand for the product to a great extent. Another reason that escalates the need for the product is the growing screening rates for colorectal cancer patients at minimal costs. Meanwhile, several side effects linked with the colonoscopy procedure, such as bleeding and infection, could impede the colorectal cancer screening market growth.
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Segments:
Presence of a Substantial Number of Hospitals Shoots Hospitals & Clinics Segment
On the basis of end-user, the global market can be divided into clinical laboratories, diagnostic imaging centers, hospitals & clinics, and others. The hospitals & clinics segment will rule due to the presence of a substantial number of hospitals.
Growing Demand for Advanced and Efficient Screening Procedures Drives the Colonoscopy Segment
On the basis of type, the market is fragmented into colonoscopy, stool-based, and others. The stool-based segment will gain traction due to the high efficiency and faster results of the procedure in screening colorectal cancer patients.
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
Colorectal Cancer Screening Market Segments:
| Market Segmentation | By Type
|
By End User
| |
By Geography
|
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Regional Insights:
Rising Healthcare Spending on Stool-Based Tests Fosters Growth in North America
North America held significant colorectal cancer screening market share and is expected to maintain its leadership due to the growing healthcare spending on colorectal cancer screening to control the disease prevalence. Furthermore, the economically stable population across the region is another factor that propels the market's growth.
Middle East & Africa is projected for lower growth during the forecast period due to the growing government initiatives to create awareness about the ailment.
Asia Pacific is estimated to showcase considerable growth due to the growing enhancement and improvement of healthcare amenities to enhance the patient experience.
Competitive Landscape:
Leading Players Focusing on their R&D Activities to Boost their Market Presence
Top firms such as Laboratory Corporation of America Holdings, Clinical Genomics Technologies Pty Ltd, and FUJIFILM Holdings Corporation are investing heavily in R&D activities to expand their market presence. With soaring investments in better design, the market is merged, with few market players for better healthcare treatments.
List of Key Players Mentioned in the Report:
- NOVIGENIX SA(Switzerland)
- EIKEN CHEMICAL CO., LTD. (Japan)
- Clinical Genomics Technologies Pty Ltd. (U.S.)
- Exact Sciences Corporation (U.S.)
- Epigenomics AG (Germany)
- bioMérieux, Inc. (France)
- Olympus Corporation (Japan)
- KARL STORZ SE & Co. KG (Germany)
- FUJIFILM Holdings America Corporation (Japan)
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Incidence of Colorectal Cancer (2020) - For Key Countries
- Overview : Colorectal Cancer Screening Programs (Key Countries/ Regions)
- New Product Approvals
- Overview: Public Private Partnerships, Strategies Implemented by Organizations for Colorectal Cancer Screening - Key Countries
- Number of Colorectal Cancer Screening Procedures - For Key Countries
- Distribution of the Market (in value), by Test Type, 2021 – For Key Countries
- Distribution of Test Type Segment (in value), by End User, 2021
- Average Prices of the Tests in the Market
- Key Industry Developments (Mergers, Acquisitions, Partnerships)
- Overview : Countries with Overburden of Colonoscopies
- Impact of COVID-19 on the Market
- Global Colorectal Cancer Screening Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Stool-based
- Fecal Immunochemical Test (FIT)
- Fecal Occult Blood Test (FOBT)
- Stool-DNA Test
- Colonoscopy
- Others
- Stool-based
- Market Analysis, Insights and Forecast – By End-user
- Hospitals & Clinics
- Clinical Laboratories
- Diagnostic Imaging Centers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Type
- North America Colorectal Cancer Screening Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Stool-based
- Fecal Immunochemical Test (FIT)
- Fecal Occult Blood Test (FOBT)
- Stool-DNA Test
- Colonoscopy
- Others
- Stool-based
- Market Analysis, Insights and Forecast – By End-user
- Hospitals & Clinics
- Clinical Laboratories
- Diagnostic Imaging Centers
- Others
- Market Analysis – By Country
- U.S.
- Canada
- Market Analysis, Insights and Forecast – By Type
- Europe Colorectal Cancer Screening Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Stool-based
- Fecal Immunochemical Test (FIT)
- Fecal Occult Blood Test (FOBT)
- Stool-DNA Test
- Colonoscopy
- Others
- Stool-based
- Market Analysis, Insights and Forecast – By End-user
- Hospitals & Clinics
- Clinical Laboratories
- Diagnostic Imaging Centers
- Others
- Market Analysis – By Country/Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Market Analysis, Insights and Forecast – By Type
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Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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