Colorectal cancer, or colon cancer, is a disease in which cells in the colon or rectum grow out of control. The exact cause of colorectal cancer is not known, but certain factors are strongly linked to the disease, including heavy alcohol use and tobacco smoking. Moreover, people with a family history of colorectal cancer or certain hereditary cancer syndromes have a high risk of developing the disease. A colonoscopy is one of several screening tests for colorectal cancer. This type of screening can find problems that can be treated before cancer develops or spreads. Colorectal cancer screening find problems that can be treated before cancer develops and/or spreads. Screening can find precancerous polyps, abnormal growths in the colon or rectum, so that they can be removed before they turn into cancer.
Market Statistics:
The global colorectal cancer screening market is estimated to account for US$ 13,689.59 Mn in terms of value by the end of 2022.
Drivers:
Advent of efficacious screening tests is expected to boost 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, a blood test for the detection of early-stage colorectal cancer (CRC). The test, only requires patients to complete a simple blood draw, is designed for people age 45 and older who are not up to date with recommended screening guidelines, show no symptoms, and are at average risk for CRC.
Opportunities:
Increasing prevalence of colorectal cancer is expected to provide significant opportunities for players in the global colorectal cancer screening market. For instance, Overall, the lifetime risk of developing colorectal cancer is: about 1 in 23 (4.3%) for men and 1 in 25 (4.0%) for women. According to the World Cancer Research Fund International (WCRF International), colorectal cancer is the third most common cancer worldwide. It is the 3rd most common cancer in men and the 2nd most common cancer in women. There were more than 1.9 million new cases of colorectal cancer in 2020.
Restraints:
High screening tests costs and inadequate healthcare access in developing countries are some major factors expected to hinder growth of the global colorectal cancer screening market. For instance, many countries worldwide face the challenge of providing care to an ever-increasing population of patients with cancer due to expensive screening and treatment. Whereas, people in developing countries lack access to proper healthcare facilities like infrastructure, healthcare professionals per population, etc. as compared to developed countries.
Global Colorectal Cancer Screening Market - Impact of Coronavirus (Covid-19) Pandemic
Owing to the outbreak of COVID-19 (ongoing pandemic) and decreased activity of healthcare systems, relocation of resources, and potential reluctance of individuals to seek medical help, people with colorectal cancer were/are exposed to significant risks. Colorectal cancer patients are particularly vulnerable to the disruption of their care as diagnosis through endoscopy was halted due to concerns about virus transmission. For instance, according to the article published in May 2021 in the Lancet magazine, researchers found around 31% decrease in new referrals for colorectal cancer in 2020 (March to May) relative to the average of the previous two years. In short, the pandemic had a negative impact on the market growth.
Key Takeaways:
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.
Among screening test, colonoscopy segment held dominant position in the global colorectal cancer screening market in 2021, accounting for 51.5%share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
To know the latest trends and insights prevalent in the Global Colorectal Cancer Screening Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/colorectal-cancer-screening-market-5098
Market Trends:
- Increase in focus on the colorectal cancer screening is expected to augment the growth of the global colorectal cancer screening market. For instance, in April 2020, Clinical Genomics expanded its strategic alliance for increased investment and expansion of commercialization of COLVERA colorectal cancer screening blood test outside the U.S., U.K., Mexico, and India.
- Growing geriatric population around the world is expected to boost the growth of the global colorectal cancer screening market. For example, colorectal cancer has a high incidence, and approximately 60% of colorectal cancer patients are older than 70, with this incidence likely increasing in the near future. Elderly patients (> 70-75 years of age) are a very heterogeneous group, ranging from the very fit to the very frail.
Competitive Landscape:
Major players operating in the global colorectal cancer screening market include Polymedco Inc., Eiken Chemical Co. Ltd., Siemens Healthineers AG, Quidel Corporation, Novigenix SA, Hemosure Inc., Exact Sciences Corporation, Epigenomics Inc., Olympus Corporation, Sysmex Corporation, and Clinical Genomics Technologies Pty Ltd., among others.
Recent Developments:
In May 2021, Health Management International and Siemens Healthineers AG teamed up to advance healthcare delivery in Southeast Asia. This partnership helps in providing innovative medical technologies and digitalization platforms, improving clinical education and further develop Centres of Excellence in the areas of cancer, neuroscience and cardiovascular diseases.
In January 2020, Novigenix SA granted around EUR 1 million to develop a blood based multi-omics colorectal cancer (CRC) test. A consortium by Maastricht University (The Netherlands), Biolizard and the KU Leuven (Belgium).
