Colorectal cancer screening products help in early detection of cancer in large intestines through colonoscopy, fecal occult blood test, Guaiac-based fecal occult blood test, Fecal immunochemical test. Colorectal cancer is one of the leading causes of cancer-related deaths globally. Screening tests aids in detecting cancer at an early stage which helps in effective treatment and management of the disease. The global Colorectal Cancer Screening Market is estimated to be valued at US$ 8.19 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 Opportunity:
Increasing Geriatric Population
Colorectal cancer screening market is expected to witness significant growth owing to increasing geriatric population globally. As per the United Nations Population Fund, the number of geriatric population aged over 60 years globally is projected to reach 2.1 billion in 2050, double the number in 2017. With increasing age, the risk of developing colorectal cancer significantly increases, thereby generating high demand for screening products. Moreover, rise in disposable incomes and awareness regarding early detection of cancer have further accelerated adoption of screening tests by elderly population. The growing geriatric demography therefore provides immense opportunities for players in the colorectal cancer screening market.
Porter's Analysis
Threat of new entrants: The colorectal cancer screening market requires high capital investments for R&D and the development of screening tests, deterring new companies from entering the market. Regulations also create entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power as the market is fragmented with several global and regional players providing screening tests. However, buyers have limited options to switch between providers as testing needs to adhere to clinical guidelines.
Bargaining power of suppliers: Suppliers have moderate bargaining power as companies rely on unique raw materials and technologies for developing screening tests. However, the availability of substitute suppliers limits suppliers' power.
Threat of new substitutes: The threat is moderate to high as new non-invasive screening technologies like blood-based biomarkers are emerging.
Competitive rivalry: The market is highly competitive with the presence of established global players. Companies compete based on pricing, quality, and new product innovations to strengthen their market presence.
SWOT Analysis
Strengths: Increasing global incidence of colorectal cancer, growth in awareness about early detection benefits, advances in non-invasive screening tests.
Weaknesses: Low screening rates in developing countries due to lack of awareness and healthcare access, risks and pain associated with invasive screening modalities.
Opportunities: Emergence of new non-invasive diagnostic techniques like blood-based biomarkers and AI-assisted diagnostic platforms, growing healthcare expenditure in emerging economies.
Threats: Stringent regulatory policies, limited reimbursement in several regions, high cost of advanced screening technologies limiting adoption in low-income countries.
Key Takeaways
The global colorectal cancer screening market is expected to witness high growth over the forecast period aided by the growing aging population, increasing cancer burden, and rising awareness about early detection.
North America currently dominates the market owing to the well-established healthcare system, favorable reimbursement policies, and widespread adoption of colonoscopy screening. However, the Asia Pacific region is likely to witness the fastest growth over the coming years driven by improving access to healthcare facilities, increasing healthcare expenditure, and the large patient population base in highly populated countries like China and India.
Key players operating in the colorectal cancer screening market incorporate Exact Sciences, Epigenomics AG, Novigenix SA, Clinical Genomics Technologies, Eiken Chemical, and Abbot. Emerging players are focusing on developing non-invasive screening tests including stool DNA tests and blood-based biomarkers to make screening more comfortable and accessible for patients.
