COLORECTAL CANCER SCREENING MARKET ANALYSIS

Colorectal cancer, or colon cancer, is a type of cancer that begins in the large intestine (colon). The colon is the final part of the digestive tract. The cancer often begins as a growth called a polyp inside the colon or rectum. Finding and removing polyps can prevent colorectal cancer. Colon cancer and rectal cancer are often grouped together because they have many features in common. Cancer starts when cells in the body start to grow out of control. Colonoscopy is a procedure to look inside the rectum and colon for polyps, or cancer. In this test, the rectum and entire colon are examined using a colonoscope, a flexible lighted tube with a lens for viewing and a tool for removing tissue. Colorectal cancer screening find problems that can be treated before cancer develops or spreads.

Market Statistics:

The global colorectal cancer screening market was valued at US$ 12,866.16 Mn in 2021 and is forecast to reach a value of US$ 21,135.40 Mn by 2028 at a CAGR of 7.5% between 2022 and 2028.

North America held dominant position in the global colorectal cancer screening market in 2020, accounting for 45.2% share in terms of volume, followed by Europe and Asia Pacific, respectively.

Figure 1. Global Colorectal Cancer Screening Market Share (%), by Region, 2021

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Recent Developments:

In September 2020, Exact Sciences Corporation acquired Base Genomics Ltd., an epigenetics company working to set the new standard in DNA methylation analysis, the most promising approaches to detecting cancer in its earliest stages.

In April 2020, Clinical Genomics expanded its strategic alliance for increased investment as well as expansion of commercialization of COLVERA colorectal cancer screening blood test monitoring outside the United States, Mexico, United Kingdom, and India.

Market Drivers:

1. Increasing prevalence of colorectal cancer across the globe is expected to boost the growth of the global colorectal cancer screening market over the forecast period. For instance, in the United States, colorectal cancer is the third leading cause of cancer-related deaths in men and in women. According to the American Cancer Society, in 2022, there will be around 106,180 new cancer cases diagnosed and 52,580cancer deaths in the United States. As a result, there is an increasing demand for colorectal cancer screening in this region.
2. Increasing demand for colorectal cancer screening tests is expected to augment the growth of the global colorectal cancer screening market over the forecast period. For instance, in May 2022, Guardant Health, Inc. announced the availability of Shield, the company’s first blood-based test for the detection of early-stage colorectal cancer. The test is intended for adults age 45 and older and those who are not up to date with recommended screening guidelines, show no symptoms, and are at average risk for colorectal cancer.

Figure 2. Global Colorectal Cancer Screening Market Share (%), by Screening Test, 2021

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Market Restraints:

1. High cost of screening is expected to hinder growth of the global colorectal cancer screening market. Many countries, including the U.S. and the U.K., face challenge of providing care to a growing population of cancer patients due to expensive screening and treatment. According to the U.S. Centers for Disease Control and Prevention (CDC), April 2019 report, screening tests, on average, cost US$ 2,060 per person, ranging from US$ 1,057 for both tests to US$ 3,153 for colonoscopy. The average cost of Colonoscopy in India is INR Rs. 3,350. The maximum charge for Colonoscopy in India is up to INR Rs. 50,000.
2. Lack of awareness among people about cancer screening is expected to hamper the growth of the global colorectal cancer screening market. For instance, regular screening, beginning at age 45, is the key to preventing colorectal cancer. The U.S. Preventive Services Task Force (Task Force) recommends that adults age 45 to 75 be screened for colorectal cancer. The Task Force recommends that adults age 76 to 85 talk to their doctor about screening.

Market Opportunities:

1. Increasing cancer prevention initiatives are expected to offer lucrative growth opportunities for player in the colorectal cancer screening market. For instance, in 2021, the US government declared March as the National Colorectal Cancer Awareness Month to increase awareness on colorectal cancer management. It is a chance to bring greater attention to this terrible disease and to offer access to lifesaving screening, care, and treatment.
2. Technological advancements in colorectal cancer screening are expected to offer significant growth opportunities for player in the global colorectal cancer screening market. For instance, in April 2021, the U.S. Food and Drug Administration (FDA) announced the approval of GI Genius, a device using artificial intelligence based on machine learning to help clinicians detect lesions like polyps or suspected tumors in the colon during a colonoscopy.

Market Trends/Key Takeaways:

1. Growing geriatric population across the globe is expected to boost the growth of the global colorectal cancer screening market. For example, the greatest burden of colorectal cancer falls on the elderly, with about 70% of cases diagnosed in people aged 65 years and more and 40% diagnosed in people over the age of 75. While, approximately 75% of colorectal cancer deaths occur in people older than 65 years of age.
2. Research and development in cancer screening/diagnostics is expected to drive growth of the global colorectal cancer screening market. For example, in February 2021, The EU set out a €4 billion Beating Cancer plan, including the most concerted push ever for research and its translation through to better treatments. The plan will fund technology development, improve access to therapies, create new research networks, promote disease prevention, and offer better support for people who survive cancer.

Competitive Landscape:

1. Clinical Genomics Technologies Pty Ltd
2. Epigenomics Inc.
3. Exact Sciences Corporation
4. Hemosure Inc.
5. Novigenix SA
6. Quidel Corporation
7. Siemens Healthineers AG
8. Sysmex Corporation
9. Eiken Chemical Co. Ltd
10. Polymedco Inc
11. Olympus Corporation