PUBLISHER: The Business Research Company | PRODUCT CODE: 1597033
PUBLISHER: The Business Research Company | PRODUCT CODE: 1597033
Colorectal cancer screening refers to testing procedures aimed at detecting early signs of colorectal cancer before symptoms manifest. Early detection through screening can identify precancerous polyps or cancer at a more treatable stage, significantly enhancing patient outcomes. Screening is recommended for adults starting at age 45, or earlier for those at higher risk.
The primary types of colorectal cancer screening include stool-based tests, fecal immunochemical tests (FIT), fecal occult blood tests (FOBT), stool deoxyribonucleic acid (DNA) tests, and colonoscopy, among others. Stool-based colorectal cancer screening involves analyzing a stool sample for indicators of cancer-related substances or abnormalities, such as blood or DNA mutations, to identify potential colorectal cancer. These screenings are categorized by age groups, including individuals under 50, those aged 50-64, and those over 65. The end users of these tests encompass hospitals and clinics, clinical laboratories, diagnostic imaging centers, and other healthcare providers.
The colorectal cancer screening market research report is one of a series of new reports from The Business Research Company that provides colorectal cancer screening market statistics, including colorectal cancer screening industry global market size, regional shares, competitors with a colorectal cancer screening market share, detailed colorectal cancer screening market segments, market trends and opportunities, and any further data you may need to thrive in the colorectal cancer screening industry. This colorectal cancer screening market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The colorectal cancer screening market size has grown strongly in recent years. It will grow from $14.72 billion in 2023 to $15.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth during the historic period can be attributed to the rising incidence of colorectal cancer, increasing government awareness campaigns, an aging population, greater adoption of colonoscopy, and enhanced insurance coverage.
The colorectal cancer screening market size is expected to see strong growth in the next few years. It will grow to $19.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The projected growth during the forecast period can be attributed to a shift towards non-invasive screening methods, the increasing availability of home-based screening tests, the rising prevalence of obesity, a growing adoption of value-based healthcare, and the expansion of public-private partnerships. Key trends anticipated during this period include the integration of artificial intelligence (AI) in screening and diagnostics, the expansion of screening guidelines to younger populations, broader utilization of genomic testing for cancer risk assessment, growth in mobile health (mHealth) platforms, and collaborations between pharmaceutical and diagnostic companies.
The increasing aging population is projected to drive the growth of the colorectal cancer screening market in the coming years. An aging population refers to a demographic trend characterized by a rising proportion of elderly individuals (typically those aged 65 and older) relative to the working-age population, often resulting from longer life expectancies and declining birth rates. As life expectancies increase and birth rates decline, the share of older adults in the global population continues to grow. Colorectal cancer screening plays a crucial role in addressing the needs of this expanding aging population by enabling early detection and preventive measures, which are essential for managing the heightened cancer risk among older adults and improving their overall health outcomes. For example, in January 2024, data from the Population Reference Bureau (PRB), a U.S.-based nonprofit research organization, projected that the number of Americans aged 65 and older would rise from 58 million in 2022 to 82 million by 2050, representing a 47% increase. Additionally, their share of the total population is expected to grow from 17% to 23%. Thus, the increasing aging population is a significant driver of the colorectal cancer screening market.
Key players in the colorectal cancer screening market are focusing on developing innovative solutions, such as non-invasive multi-target stool ribonucleic acid (RNA) colorectal cancer screening tests, to provide accessible and effective early detection methods, thereby improving patient outcomes and promoting wider screening participation. Non-invasive multi-target stool RNA colorectal cancer screening tests evaluate RNA markers from stool samples to identify the presence of colorectal cancer or precancerous lesions, offering a non-surgical approach for early detection. For instance, in May 2024, Geneoscopy Inc., a U.S.-based life sciences company, announced that it received U.S. Food and Drug Administration (FDA) approval for ColoSense. This test utilizes RNA biomarkers for a non-invasive, stool-based screening method that demonstrated 93% sensitivity in detecting colorectal cancer and 45% sensitivity for advanced adenomas. Its significance lies in its high accuracy, particularly among younger populations, and its potential to enhance screening rates by providing a less invasive alternative to traditional methods.
In November 2023, Geneoscopy Inc. partnered with Laboratory Corporation (LabCorp), a U.S.-based life science and healthcare company, to broaden access to Geneoscopy's non-invasive multi-target stool RNA colorectal cancer screening test. This collaboration aims to improve early and sensitive detection of colorectal cancer and precancerous lesions, address health disparities, and increase screening rates by leveraging LabCorp's extensive network of healthcare providers and patients. LabCorp is known for offering colon cancer screening and diagnostic tests.
Major companies operating in the colorectal cancer screening market are F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic plc, Siemens Healthineers, FUJIFILM Holdings Corporation, GE HealthCare, Boston Scientific Corporation, Olympus Corporation, Hologic Inc., bioMerieux SA, QuidelOrtho Corporation, Sysmex Corporation, QIAGEN N.V., Exact Sciences Corporation, Guardant Health Inc., Eiken Chemical Co. Ltd., HemoCue AB, Clinical Genomics Inc., Polymedco LLC, Hemosure Inc., Geneoscopy Inc., Novigenix SA
North America was the largest region in the colorectal cancer screening market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the colorectal cancer screening market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the colorectal cancer screening market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The colorectal cancer screening market includes revenues earned by entities by providing services such as genetic and molecular testing, patient education and awareness programs, and screening result analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Colorectal Cancer Screening Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on colorectal cancer screening market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for colorectal cancer screening ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The colorectal cancer screening market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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