TechSci Research presents a comprehensive report on the Global Colorectal Cancer Screening and Diagnostic Market, as outlined in their report titled “Global Colorectal Cancer Screening and Diagnostic Market – Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028.” In 2022, this market achieved a valuation of USD 13.60 billion and is poised for impressive growth with a Compound Annual Growth Rate (CAGR) of 4.30% expected through 2028. The report offers valuable insights into the factors influencing market growth and trends, including the impact of the COVID-19 pandemic and emerging technologies in colorectal cancer diagnostics.
Market Overview
The Global Colorectal Cancer Screening and Diagnostic Market is experiencing substantial growth, driven by advancements in medical technology, increased awareness of the importance of early detection, and collaborations among leading companies to strengthen their market positions.
Factors Driving Market Growth
Minimally Invasive Procedures
Minimally invasive procedures, such as virtual colonoscopy (CT colonography) and stool-based tests, are gaining acceptance due to their lower patient discomfort and anxiety levels compared to traditional invasive procedures. This heightened patient acceptance leads to increased screening participation rates, as it encourages individuals to undergo screening. Virtual colonoscopy, in particular, requires less extensive bowel preparation, reducing the burden on patients and potentially improving screening adherence. Furthermore, the absence of ionizing radiation exposure in minimally invasive tests addresses concerns about radiation exposure, broadening the reach of screening programs.
Browse over XX market data Figures and spread through 110 Pages and an in-depth TOC on “Colorectal Cancer Screening and Diagnostic Market.” – https://www.techsciresearch.com/report/colorectal-cancer-screening-and-diagnostic-market/16767.html
Impact of COVID-19
The global colorectal cancer screening and diagnostic market was significantly affected by the COVID-19 pandemic. Research on colorectal cancer was temporarily halted as resources were redirected to COVID-19 studies. The gold standard for screening, colonoscopies, was postponed, potentially resulting in missed or late-stage cancer diagnoses.
Technological Advancements
In May 2023, Olympus introduced the GIF-1100 gastrointestinal videoscope for the upper digestive tract and the CF-HQ1100DL/I colonovideoscope for the lower digestive tract. These endoscopes play a critical role in diagnosing and treating various diseases and disorders, including colorectal cancer. The introduction of new imaging technologies could help healthcare professionals identify anomalies and improve diagnostic accuracy.
Challenges in Adherence to Screening Guidelines
Adherence to colorectal cancer screening guidelines presents a significant challenge. Many individuals remain unaware of the importance of colorectal cancer screening, the recommended age for screening initiation, or available screening options. This lack of awareness leads to underutilization of screening services. Fear of the screening procedure, anxiety, and discomfort are barriers that deter individuals from undergoing screening. Stigma associated with discussing colorectal health further discourages open conversations and screening participation, particularly in certain cultures or communities.
Market Segmentation
The Global Colorectal Cancer Screening and Diagnostic Market can be segmented into:
Diagnostics: This includes Biomarker Tests and Colonoscopy. Biomarker tests are crucial for colorectal cancer screening and diagnostics, as they provide insights into an individual’s colorectal health without the need for invasive procedures.
Regional Distribution: North America has been the dominant player in this market due to its significant investments in healthcare advancements, including colorectal cancer screening and diagnostics. The Asia-Pacific region is expected to experience the fastest growth, driven by a growing population, increasing colorectal cancer incidence, urbanization, and improved public awareness.
Who Will Benefit from This Report
This comprehensive report on the Global Colorectal Cancer Screening and Diagnostic Market offers valuable insights to various stakeholders, including:
- Pharmaceutical and Diagnostic Companies: Gain knowledge about market trends and opportunities in colorectal cancer screening and diagnostics.
- Medical Professionals: Stay informed about the latest advancements in early detection methods for colorectal cancer.
- Investors and Financial Analysts: Evaluate investment opportunities in the evolving market of colorectal cancer diagnostics.
- Government and Healthcare Regulatory Bodies: Understand the importance of promoting colorectal cancer awareness and screening guidelines.
- Healthcare Providers: Stay updated on the latest screening methods and their relevance in the healthcare industry.
- Patients and the General Public: Learn about the importance of early detection and available screening options for colorectal cancer.
- Researchers and Academics: Use this report as an educational resource for studies related to colorectal cancer screening and diagnostics.
The Global Colorectal Cancer Screening and Diagnostic Market is on a growth trajectory, driven by advancements in screening technologies, awareness campaigns, and the emergence of minimally invasive procedures. The report provides a comprehensive understanding of the market dynamics, emerging technologies, and the challenges associated with adherence to screening guidelines. It serves as an invaluable resource for stakeholders interested in the evolving landscape of colorectal cancer screening and diagnostics.
Some of the major companies operating in the Global Colorectal Cancer Screening and Diagnostic Market include:
- Clinical Genomics Technologies Pty Ltd.
- Danaher Corporation
- DiaCarta, Inc.
- Eiken Chemical Co., Ltd.
- Epigenomics AG
- Freenome Holdings, Inc.
- Guardant Health, Inc.
- Lepu Medical Technology (Beijing) Co., Ltd.
- Novigenix SA
- FUJIFILM Holdings Corporation
- Olympus Corporation
- QuidelOrtho Corporation
Customers can also request 10% free customization on this report.
“Certain areas, particularly in North America, are projected to exert significant demand for colorectal therapies. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhance the overall wellbeing of people each year, are expected to contribute to a remarkable growth of the Global Colorectal Cancer Screening and Diagnostic Market in the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
Colorectal Cancer Screening and Diagnostic Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented by Screening (Stool-Based Test, Colonoscopy and Sigmoidoscopy, others), by Diagnostic (Biomarker Test, Colonoscopy), by End User (Hospitals and Clinics, Clinical Laboratories, others), by region, and Competition evaluated the future growth potential of Global Colorectal Cancer Screening and Diagnostic Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Colorectal Cancer Screening and Diagnostic Market.
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