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Colorectal cancer screening involves the examination of the colon and rectum to detect abnormalities or cancers. It utilizes different screening methods such as fecal occult blood test, sigmoidoscopy, colonoscopy, and others to detect pre-cancerous polyps or signs of colorectal cancer at an early stage. The colorectal cancer screening market comprises companies involved in developing and marketing various diagnostic tests and devices for colorectal cancer screening. Growing awareness regarding the importance of early detection of colorectal cancer is driving greater adoption of screening programs worldwide. The rising burden of colorectal cancer and initiatives by governments and health organizations to promote screening are also fueling demand for screening services and products. However, barriers such as lack of awareness in developing nations, procedural complexity, and social stigma remain challenges to the market’s growth.
The global Colorectal Cancer Screening Market is estimated to be valued at US$ 1.8 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 Dynamics:
Rising awareness regarding early detection of colorectal cancer and growing adoption of screening programs remains a key driver for the colorectal cancer screening market. Government initiatives to promote screening are helping educate the public about CRC and the role screening plays in detection and treatment. Several countries have implemented population-based screening programs with repeated screening at regular intervals which is encouraging the use of screening tests. In addition, the growing burden of CRC worldwide due to changing lifestyle factors is prompting greater investment by governments and private organizations in screening infrastructure and services. These initiatives and increasing CRC incidence will continue driving uptake of screening tests and services over the forecast period. However, lack of awareness remains a key challenge, especially in developing nations where screening rates are relatively low. Efforts must continue towards enhancing public education globally to help overcome this barrier.
Segment Analysis
The colorectal cancer screening market is divided into non-invasive and invasive segments based on screening type. The non-invasive segment currently dominates the market due to advantages such as safety, accuracy and patient comfort with procedures such as fecal occult blood test (FOBT), fecal immunochemical test (FIT) and CT colonography. The invasive segment includes procedures like sigmoidoscopy and colonoscopy which require sedation but offer higher accuracy for detection of polyps and precancerous growths. Among invasive procedures, colonoscopy accounts for the largest share as it allows examination of the entire colon and removal of detected polyps in the same setting.
PEST Analysis
Political: Healthcare reforms and initiatives by governments globally to increase awareness as well as screenings for colorectal cancer have boosted market growth. Standard guidelines and recommendations favouring colonoscopy as golden test also support the market.
Economic: Rising healthcare expenditures on preventive healthcare and growing middle class demographic in developing regions present opportunities. However, high procedure costs could limit market penetration in price sensitive areas.
Social: Higher disease prevalence, changing lifestyles leading to unhealthy diets and lack of physical activity as well as advanced screening options are increasing social acceptance of colorectal cancer screening.
Technological: Adoption of advanced imaging technologies, colonoscopy devices, minimal invasive procedures and cancer biomarkers are helping drive early detection rates and market revenues.
Key Takeaways
The global colorectal cancer screening market is expected to witness high growth.
Regional analysis comprises the North American region currently dominates due to favourable reimbursement structure and guidelines recommending regular screening from age 50. The Asia Pacific region is expected to witness fastest growth due to improving healthcare infrastructure as well as growing awareness about colorectal cancer.
Key players operating in the colorectal cancer screening market are Abbott Laboratories, Clinical Genomics Technologies, Epigenomics Inc, Exact Sciences Corporation, Roche and Sysmex Corporation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
