Market Overview:
Colorectal cancer screening refers to various techniques used to detect the presence of colorectal cancer in individuals who are at risk or who show symptoms associated with the disease. These screening techniques mainly include fecal occult blood tests (FOBT), sigmoidoscopy, colonoscopy, and virtual colonoscopy. Colorectal cancer screening plays a vital role in early detection and prevention of colorectal cancer, resulting in better treatment outcomes. The increasing prevalence of colorectal cancer and growing awareness about regular screening programs for early detection are driving the growth of the global colorectal cancer screening market.
Market Key Trends:
The key trend observed in the colorectal cancer screening market is the integration of artificial intelligence (AI) technology in screening processes. AI algorithms can automatically analyze and interpret medical images obtained through colonoscopy or virtual colonoscopy, assisting healthcare professionals in detecting polyps or suspicious lesions more accurately and efficiently.
This integration of AI in colorectal cancer screening not only improves the overall diagnostic accuracy but also reduces the burden on endoscopists. Moreover, AI-powered screening tools can potentially detect abnormalities at an early stage, enabling timely intervention and better patient outcomes. The growing focus on precision medicine and advanced technologies is expected to drive the adoption of AI in the colorectal cancer screening market in the coming years.
The global Colorectal Cancer Screening Market Growth is estimated to be valued at Us$12,866.16 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2022-2028, according to a new report published by Coherent Market Insights.
Segment Analysis:
The colorectal cancer screening market can be segmented based on test type, end user, and region.
Based on test type, the market can be further segmented into stool-based tests, colonoscopy, flexible sigmoidoscopy, and others. Stool-based tests dominate the market segment due to their non-invasive nature and ease of use. These tests include fecal occult blood tests (FOBT), fecal immunochemical tests (FIT), and DNA-based stool tests. Stool-based tests are preferred by individuals who are reluctant to undergo invasive procedures such as colonoscopy. Additionally, the increasing adoption of home-based screening kits for the early detection of colorectal cancer is driving the growth of this segment.
Based on end user, the market is divided into hospitals, diagnostic laboratories, and others. Hospitals account for the largest market share in this segment due to the availability of advanced diagnostic facilities and the presence of skilled healthcare professionals. Moreover, hospitals are often the first point of contact for patients seeking colorectal cancer screening, further contributing to the dominance of this segment.
Key Takeaways:
The global colorectal cancer screening market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period of 2023-2028. This growth can be attributed to several factors. Firstly, the increasing incidence of colorectal cancer worldwide is driving the demand for effective screening methods. According to the World Cancer Research Fund, colorectal cancer is the third most common cancer globally, with over 1.9 million new cases reported in 2020.
Regionally, North America is the fastest-growing and dominating region in the colorectal cancer screening market. This can be attributed to the high prevalence of colorectal cancer in the region and the presence of advanced healthcare infrastructure. In addition, the increasing awareness among the population about the importance of early detection and screening is driving the market growth in this region.
Key players operating in the colorectal cancer screening market include Polymedco Inc., Eiken Chemical Co. Ltd., Sysmex Corporation, Siemens Healthineers AG, Quidel Corporation, Novigenix SA, Hemosure Inc., Exact Sciences Corp., Epigenomics Inc., Olympus Corporation, and Clinical Genomics Technologies Pty Ltd., among others. These key players are focused on product development, collaborations, and partnerships to expand their market presence and offer more advanced and accurate screening solutions.
