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Colorectal Cancer Screening Market to surpass US$ 24.95 Bn by 2031

Colorectal Cancer Screening Market to surpass US$ 24.95 Bn by 2031 - Coherent Market Insights

Publish In: May 17, 2024

Colorectal cancer screening market is estimated to be valued at USD 15.44 Bn in 2024, and is expected to exhibit a CAGR of 7.1% over the forecast period (2024-2031). Rapid technological advancements in screening techniques such as virtual colonoscopy, fecal immunochemical test (FIT) and non-invasive stool DNA (sDNA) test have enhanced the efficacy of screening procedures and has boosted adoption.

Market Dynamics:

Global colorectal cancer screening market growth is primarily driven by rising prevalence of colorectal cancer worldwide. According to GLOBOCAN 2020, colorectal cancer is the third most commonly diagnosed cancer globally. In 2020, there were 1.9 million new cases of colorectal cancer, representing 10% of the total cancer burden. Early detection through screening can reduce both the incidence and mortality associated with the cancer.

Growing awareness about early detection of colorectal cancer drives the market growth

One of the major drivers for global colorectal cancer screening market is growing awareness about the importance of early detection of colorectal cancer. Various governments and cancer advocacy organizations worldwide are undertaking various awareness programs to educate people on colorectal cancer symptoms, risk factors, and screening guidelines. These are encouraging adults to get screened regularly, as per recommended age guidelines. This helps to detect colorectal cancer at an early stage when treatment is most effective. As more people get screened, it boosts demand for various colorectal cancer screening tests like fecal occult blood test, flexible sigmoidoscopy, colonoscopy, and others, and this drives the market growth

Increasing healthcare expenditure in developing nations drives the market growth

Another key driver for the market is rising healthcare spending in developing countries. Along with developed nations, governments of many developing nations are now emphasizing on improving their public health infrastructure and allocating higher budgets for healthcare. This allows more people in developing countries to avail advanced colorectal cancer screening and diagnostic tests. Moreover, increasing disposable incomes  also enable people in middle-income countries to individually opt for paid screening tests. Both higher government spending as well as individual willingness to spend boosts demand for colorectal cancer screening solutions in developing regions thus, driving the market growth.

Lack of skilled healthcare workforce can hamper the market growth

Shortage of trained healthcare professionals to perform various screening tests can hamper the market growth. Skilled endoscopists, gastroenterologists, surgeons are needed to carry out colonoscopy and other similar screening procedures. However, many countries lacks an adequate number of such skilled specialists. This inadequacy of trained healthcare workforce restricts access to screening in remote areas as well as increases the waiting periods for availing tests.

Unaffordability of advanced screening modalities hampers the market growth

A major restraint for the global colorectal cancer screening market growth is the high cost of various advanced modalities like CT colonography and colonoscopy. While such techniques provide superior accuracy in detection, their price makes them unaffordable for people in low and middle-income countries as well as without proper insurance coverage. Cheaper alternatives like fecal occult blood tests are not as effective. This affordability challenge limits widespread adoption of premium products as well as full market penetration, especially in underdeveloped regions.

Rising focus on raising awareness in emerging nations presents lucrative opportunities

With developing countries contributing significantly to global cancer burden, there is a major opportunity to intensify awareness campaigns in emerging nations. Various government and non-profit organizations can collaborate to launch multi-language awareness drives customized to regional healthcare infrastructure and cultural environments. This will raise awareness and educate people in developing regions about importance as well as available options for colorectal cancer screening. It can drive the uptake of available screening tests, and offers  lucrative growth prospects.


Key Development

  • On May 6, 2024, Geneoscopy, Inc., a life sciences company, announced that the U.S. Food and Drug Administration had approved its noninvasive colorectal cancer screening test- ColoSense. ColoSense is a screening test for adults, 45 years of age or older, who are at average risk for developing CRC.
  • In April 2023, Laboratory Corporation of America, a leading global life sciences company, announced a collaboration with the Conference of National Black Churches (CNBC) to address colorectal cancer screening health equity gaps. The Conference of National Black Churches will distribute over 3,000 colorectal screening test kits in several urban and rural locations, including Atlanta, Dallas, Memphis, Washington, D.C., New Haven, Los Angeles, and Richmond in the U.S.
  • In May 2022, The U.S. Department of Health and Human Services (HHS) announced that it had received US$ 5 million in funding for community health centers through the HHS's Health Resources and Services Administration to increase equitable access to life-saving cancer screenings.
  • In December 2021, Freenome, a privately held biotech company, announced that it had received US$ 300 million in Series D funding round. This bought the company's total funding to more than US$ 800 million since its inception in 2014. The funding will help the company to advance its colorectal cancer (CRC) screening test and expand its multiomics platform to other cancers. Freenome's platform detects cancer in its early stages, when it is most treatable, using a routine blood test.
  • In April 2021, U.S. Food and Drug Administration (FDA) approved GI Genius, a device that uses artificial intelligence based on machine learning to help clinicians detect lesions like polyps or suspected tumors in the colon during a colonoscopy

Key Players: Polymedco Inc., Eiken Chemical Co. Ltd., Sysmex Corporation, Siemens Healthineers AG, Quidel Corporation, Novigenix SA, Hemosure Inc., Exact Sciences Corp., Epigenomics Inc., Olympus Corporation, Clinical Genomics Technologies Pty Ltd., Clinical Genomics, Guardant Health, Inc., Hemosure Inc., Geneoscopy, Inc.

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