by Colorectal cancer screening includes different diagnostic procedures used for early detection of colorectal cancer. Colorectal cancer screening helps detect polyps or cancer early when treatment is most effective. Some common screening tests include fecal occult blood test (FOBT), fecal immunochemical test (FIT), flexible sigmoidoscopy, colonoscopy, computed tomography colonography, and stool DNA test. Colorectal cancer can be prevented through early detection and treatment of precancerous polyps. Screening has proven to significantly reduce colorectal cancer incidence and mortality. With increasing awareness about preventive healthcare and cancer screening, demand for effective colorectal cancer screening options is growing globally.
The global Colorectal Cancer Screening Market is estimated to be valued at US$ 14716.31 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the colorectal cancer screening market is the development and adoption of minimally invasive screening tests. Screening trials have shown colonoscopy to be highly effective but it is an invasive procedure. There is an increasing focus on developing non-invasive or minimally invasive screening tests such as Cologuard and Epi proColon tests. These multi-target stool DNA screening tests do not require any invasive procedures. With comparable accuracy to colonoscopy and improved patient acceptance, adoption of these stool-based DNA screening tests is increasing globally which is expected to drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the colorectal cancer screening market requires large investments in technology and R&D. However, new players can enter by offering differentiated products and services.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of various screening test options. Buyers can negotiate on price and performance.
Bargaining power of suppliers: Suppliers have moderate bargaining power given the availability of substitute materials and components. Developed economies have a strong supplier base.
Threat of new substitutes: Threat from substitutes is moderate as new non-invasive diagnostic techniques can replace existing screening tests. However, substitutes require regulatory approvals and adoption.
Competitive rivalry: The market has the presence of global as well as local players offering differentiated products intensifying competition.
Key Takeaways
The global Colorectal Cancer Screening Market Share is expected to witness high growth over the forecast period supported by rising awareness, aging population and improved access to screening tests. The global Colorectal Cancer Screening Market is estimated to be valued at US$ 14716.31 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
North America dominated the market in 2023 and is expected to continue its dominance over the forecast period due to favorable reimbursement policies, presence of key players and regular cancer screening guidelines. However, Asia Pacific is expected to witness fastest growth supported by large patient pool, improving healthcare infrastructure and increasing healthcare spending.
Key players operating in the colorectal cancer screening market are Daikin Industries, Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Panasonic Corporation, Johnson Controls International plc, Carrier Global Corporation, Trane Technologies plc, Fujitsu General Limited, Midea Group Co., Ltd., Gree Electric Appliances Inc. of Zhuhai, Samsung Electronics Co., Ltd., Hitachi, Ltd., Toshiba Carrier Corporation, and Haier Group Corporation. These players are focusing on new product launches, partnerships, and geographic expansion to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
