June 13, 2024

Colorectal Cancer Screening Market Revolution: Redefining Screening Paradigms

Colorectal Cancer Screening Market.jpg

Colorectal cancer screening refers to preventive care procedures used to detect precancerous polyps or colorectal cancer in the early stages. These screening tests aid in prevention as well as early detection of colorectal cancer. Some common screening tests for colorectal cancer include fecal occult blood test, flexible sigmoidoscopy, computerized tomography colonography and colonoscopy. The rising risk of colorectal cancer with age has led to increased focus on screening in older individuals. As per WHO estimates, approximately 1.8 million new cases of colorectal cancer are diagnosed each year globally.

Market key trends:
The global colorectal cancer screening market has been witnessing rapid adoption of non-invasive screening tests like fecal immunochemical tests (FIT). While colonoscopy still remains the gold standard for screening, FIT provides an easy and painless alternative that enables higher screening rates. Recent advancements have led to development of more accurate FIT tests that can detect even trace amounts of blood in stool samples. This has further aided in early detection of colorectal cancer. Growing preference for convenient screening options is a key trend driving the demand for FIT and other non-invasive colorectal cancer screening tests. Additionally, increasing awareness initiatives by government and cancer societies have been instrumental in promoting regular screening, especially in developed markets.

The global Colorectal Cancer Screening Market is estimated to be valued at US$ 2.5 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.

Porter’s Analysis
Threat of new entrants: The colorectal cancer screening market has moderate threat from new entrants due to requirements for large investments and well-established brands.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various screening options.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of many regional and global players.

Threat of new substitutes: Threat from new substitutes is low as there are limited screening options available for colorectal cancer.

Competitive rivalry: The market has high competitive rivalry between players like Exact Sciences, Danaher, and Quest Diagnostics.

Key Takeaways
The global colorectal cancer screening market is expected to witness high growth over the forecast period.

Regional analysis: North America is expected to dominate the market during the forecast period owing to high awareness levels regarding colorectal cancer screening and supportive government initiatives in the region. The market in Asia Pacific is anticipated to grow at the fastest pace with increasing healthcare expenditure.

Key players: Key players operating in the colorectal cancer screening market are Exact Sciences, Danaher, Quest Diagnostics, Novigenix, and Abbott Laboratories. Exact Sciences and Danaher are focusing on developing advanced non-invasive screening tests like Cologuard to gain higher market share.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it