Colorectal Cancer Diagnostics Market: Introduction
- Colorectal cancer starts within the colon or the rectum. These cancers can also be called colorectal carcinoma, colon cancer, or rectal cancer, reckoning on where they begin. Colorectal carcinoma and rectal cancer are often grouped because they need several features in common.
- Colorectal cancer typically affects older adults; however, it can happen at any age. It always begins as small, noncancerous (benign) clumps of cells called polyps that form on the inside of the colon. Over time, several of these polyps can become colon cancers.
- If colorectal carcinoma develops, numerous treatments are available to control it, including surgery, radiotherapy, and drug treatments such as chemotherapy, targeted therapy, and immunotherapy
- Colorectal cancer has a significantly high incidence and prevalence rate, worldwide. Primary causes of colorectal cancer are lifestyle disorders, aging, and diet.
- According to the World Health Organization (WHO), a rise of around 70% is predicted in colorectal cancer cases across the globe, by 2030
- Colorectal cancer (CRC) is estimated to account for over 9% of all cancer incidences and could be a major reason behind morbidity and mortality throughout the globe. CRC is the second-most-common reason behind cancer-related deaths within the U.S.
Key Drivers, Restraints, and Opportunities of Colorectal Cancer Diagnostics Market
- The World Cancer Research Fund estimates colorectal cancer to be the third-most occurring form of cancer around the world. In 2012, more than 1 million people were diagnosed with colorectal cancer. Majority of these were reported in developed countries, and the number is anticipated to increase in the near future. These incidences of colorectal carcinoma have boosted the demand for their diagnostics worldwide.
- The number of deaths caused by colorectal cancer has witnessed a decline for the last few years owing to a rise in awareness spread by American Cancer Society (ACS). Introduction of effective instruments along with the development of screening methods is estimated to further propel the global market for colorectal cancer diagnostics.
- Rising R&D on combination therapy in addition to increasing awareness about cancer therapeutics and advantages of immunotherapy is anticipated to fuel the market during the forecast period
North America to Dominate the Colorectal Cancer Diagnostics Market
- Geographically, the U.S. accounts for a prominent share in terms of demand and revenue. In 2017, 39,910 new rectal cancer cases and 95,520 new carcinoma cases were reported in the U.S., based on estimates by the American Cancer Society. These estimates indicate that colorectal cancer is increasing its prevalence within the U.S., which in turn in driving the market.
- Presence of various biotechnology as well as medical device companies based in North America is a key factor driving the diagnostics sector in the region. North America is predicted to maintain its leading position during the forecast period due to greater funding available for research & development projects and the high rate of adoption of advanced technologies.
- The market in Asia Pacific is estimated to expand significantly in the next few years, with China and India witnessing rapid progress. In 2015, Roche signed an agreement with Ping An Insurance (Group) Company of China, ltd. in Shenzhen City. The people of China were among the first few to approve Avastin for reimbursement. This is expected to extend access to colorectal cancer therapeutics in China.
- Fecal Occult Blood (FOB) tests are likely to remain the most adopted tests for colorectal cancer diagnostics across the world. Additionally, FOB tests are estimated to account for a significant share of the in the global colorectal cancer diagnostics market, in terms of revenue, followed by CTC tests.
- The immunochemistry tests segment is projected to expand at a notable CAGR by the end of 2030. However, the BRAF tests segment is likely to account for a relatively minor share of the global marketplace for colorectal cancer diagnostics, in terms of revenue, during the forecast period.
- Based on end-user, the hospital-associated labs segment is estimated to lead the colorectal cancer diagnostics market; however, the cancer research institutes segment is projected to expand at a rapid pace till 2022. Additionally, the independent diagnostic laboratories segment is estimated to hold the second-largest share among end-users segments of the global colorectal cancer diagnostics market.
Key Players of Colorectal Cancer Diagnostics Market
Key players operating in the colorectal cancer diagnostics market include
- Illumina, Inc.
- Sysmex Corporation
- Rosetta Genomics
- Epigenomics Inc.
- Exact Science Corporation
- Pathway Genomics Corporation
- Biocept, Inc.
- Cancer Genetics, Inc.
- Foundation Medicine, Inc.
Colorectal Cancer Diagnostics Market, by Test Type
- Fecal Occult Blood Test (FOB)
- CTC Test
- BRAF V600E Mutations
- Carcinoembryonic Antigen (CEA) Test
- KRAS Mutation Test
- Immunohistochemistry (IHC) Test
Global Diverticular Treatment Market: Research Scope
Colorectal Cancer Diagnostics Market, by End-user
- Hospital Associated Labs
- Independent Diagnostic Laboratories
- Cancer Research Institutes
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.