Rising prevalence of colon cancer to augment Colorectal Cancer Screening Market Growth

Colorectal Cancer Screening Market

Colorectal Cancer Screening Market by Screening Tests (Stool-based Tests, Colonoscopy, CT Colonography (Virtual Colonoscopy), Flexible Sigmoidoscopy, and Other Screening Tests), End User (Hospitals, Independent Diagnostic Labs, and Other End Users) and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030

The global Colorectal Cancer Screening Market is estimated to be valued at US$ 17.2 Billion in 2022, and is expected to exhibit a CAGR of 4.3 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Colorectal Cancer Screening is an essential part of the routine health care. If one is not sure regarding which type of the colon cancer screening test is best one should get cleared with few questions. If the doctor has stated colon cancer screening, one is capable of choosing from several types of colon cancer screening tests and tools. If one is very careless to take a decision one should remember the discomfort or the embarrassment from the colon cancer screening is acute and not enduring and then identifying the issues at the earliest possible to solve the problems and then save the life.

Competitive Landscape:

Key players involved in the growth of global Colorectal Cancer Screening Market are Quidel Corporation, Abbott Laboratories, F. Hoffmann-La Roche AG, Epigenomics Inc., Siemens Healthineers AG, Hemosure Inc., Exact Sciences Corporation, and Sysmex Corporation.

Market Key Drivers:

The rising prevalence of colorectal cancer is expected to propel the growth of global Colorectal Cancer Screening Market. For instance, as per NIH 1,880,725 people were estimated to suffer from colorectal cancer in 2020 across the globe.

The rising product launches and approvals by the key players is expected to augment the growth of global Colorectal Cancer Screening Market. For instance, in August 2022, Medtronic India announced the launch of an AI-powered unit for colonoscopy of colorectal cancer screening.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Colorectal Cancer Screening Market due to the strict imposition of lockdown. The surge in pandemic has shifted the focus of physicians and the closure of some clinics. The delay in procedures, lack of staff, shortage of doctors and postponement of treatments in hospitals and less visits and appointments in healthcare sector has impeded the market growth.

Key Takeaways:

The global Colorectal Cancer Screening Market is anticipated to exhibit a CAGR of 4.3 % during the forecast period due to increasing product approvals and launches. For instance, in July 2021, FDA permitted the ONCO or Reveal Dx Lung & Colon Cancer Assay for colorectal cancer by Pillar Biosciences, Inc.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Colorectal Cancer Screening Market due to rising colon cancer cases, rectum cancer cases, increasing expenditure and investment in healthcare and rising approvals and product launches. For instance, as per the American Cancer Society in 2023, it is expected that there are around 153,020 new cases of colon and rectum cancers in the U.S. in 2023.