In-vitro Colorectal Cancer Screening Tests Market
In-vitro Colorectal Cancer Screening Tests Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023
A myriad of factors is responsible for the overall development of the global in-vitro colorectal cancer screening tests market. In recent years, there have been several cases of people suffering from rectal and colon cancer. It has emerged to be a key driving factor for the overall development of the global market in recent years. In addition to this, in the past few years, introduction of new screening tests that use genetic testing has also helped in fueling the development of the global market. Furthermore, the introduction of regulatory and governmental mandates with an objective to make cancer screening tests compulsory has also helped in the driving the growth of the market.
In the past few years, the global healthcare sector has witness tremendous growth and innovations. Technological developments, launch of novel screening tests for colorectal cancer have also helped in market development. These new tests involve use of genetic and DNA biomarkers and have higher efficiency and accuracy. Naturally, people are now more inclined towards undergoing these in-vitro colorectal cancer screening tests and thus, there is a rising adoption of the market.
Across the globe, colorectal cancer is the third most common form of cancer. Colorectal cancer accounts for nearly a tenth of all the cancer related casualties across the globe. The prevalence of this type of cancer has growth in the past couple of years. In addition to this, launch of new colorectal tests that make use of biomarkers such as tumor M2-PK marker or the ones that can screen for colorectal cancer with the help of methylated genes. Such developments too are projected to drive the market to newer heights in the coming years of the forecast period. With the increasing accuracy and efficiency of screening, it is expected that more and more number such tests will be performed in coming years.
Global In-vitro Colorectal Cancer Screening Tests Market: Snapshot
Diagnostic tools have undergone a sea change in the recent decades, owing to the rapidly growing demand for non-invasive diagnostics that are efficient as well as fast. Compliance with these demands ensures that the tools provide a relatively higher ease of operation and also promote better patient compliance and test results. They are also a lot easier to use for medical professionals and do not restrict a patient to any dietary compulsions. The growing number of non-invasive surgical and diagnostic tools is therefore, a massive boon to the growth of the global market for in-vitro colorectal cancer screening testing.
Another factor that promotes this market’s growth is the growing prevalence of syndromes and diseases that are inherited. A rise in their number directly implies an increasing demand for testing procedures for diseases such as cancer.
The in-vitro colorectal cancer screening testing companies, however, have to go through a highly stringent set of regulations to be able to make their products and tests available for use. The high amount of regulatory pressure not only complicates matters for key players, but also makes it difficult for new entrants to penetrate the market.
Owing to such factors, the global market for in-vitro colorectal cancer screening testing is expected to reach a revenue of US$602.3 mn by the end of 2016 and US$980.6 mn by 2023. It is expected to progress at a CAGR of 7.5% from 2015 to 2023.
North America Demand for In-vitro Colorectal Cancer Screening Testing to Remain Highest
By the end of 2023, North America is expected to generate revenues of US$316.7 mn from in-vitro colorectal cancer screening testing. As per the findings released by the American Cancer Society, in 2015 more than 93,000 new cases of colon cancer and more than 39,000 cases of rectal cancer were diagnosed in the U.S. alone. The North American region also holds one of the largest population pools of elderly citizens, a demographic that is very prone to such diseases. These are the key reasons for the high demand for in-vitro colorectal cancer screening testing shown by the region.
Meanwhile, the demand for in-vitro colorectal cancer screening testing is expected to increase at a very high rate in Europe, owing to the increasing number of the elderly and the growing availability of advanced and automated diagnostic tools and techniques.
Fecal Occult Blood Tests to Continue Taking up Sizeable Shares in Revenue
By the end of 2023, US$567.7 mn is expected to be generated within the test segment of fecal occult blood testing. Colorectal cancer – considered as the third largest cancer related cause of death by the ACS – can be diagnosed through fecal occult blood tests, blood biomarker tests, and stool biomarker tests. Of these, fecal occult blood (FOB) testing has been the most commonly used diagnostic measure, owing to its older presence in the healthcare industry coupled with its lower price than modern means. Guaiac FOB stool tests have been the most popular FOB tests used across the globe so far. On the other hand, the demand for blood biomarker tests is expected to increase at the highest rate till 2023, owing to the rapidly growing preference for tests such as the Epi proColon test.
The key providers of in-vitro colorectal cancer screening testing are Beckman Coulter, Inc., Sysmex Corporation, Alere, Inc., Abbott Molecular, Inc., Quest Diagnostics, Inc., and Biotime, Inc.
Colorectal cancer, also known as bowel cancer, colorectal adenocarcinoma, or colon cancer, is a type of cancer that results from uncontrolled growth of the cells of rectum or colon. Factors such as growing geriatric population, rising prevalence of colorectal cancer, technological advancement, introduction of non-invasive screening tests are driving the growth of the global in-vitro colorectal cancer screening tests market. This report studies the current scenario as well as future market potential for in-vitro colorectal cancer screening tests globally. This report comprises an elaborate executive summary, which includes a market snapshot that provides market dynamics of various segments and sub-segments that are included in the report in a precise manner. Moreover, executive summary comprises waterfall diagram, which reflects the market size of various segments in descending order.
A detailed qualitative analysis of the factors responsible for driving and restraining the growth of the global in-vitro colorectal cancer screening tests market and future opportunities has been provided in the market overview section. This section of the report also provides market attractiveness analysis, Porter’s Five Forces analysis, and market share analysis by key players (%) operating in the in-vitro colorectal cancer screening tests market.
Based on tests type, the global in-vitro colorectal cancer screening tests market has been segmented into fecal occult blood tests, stool biomarkers tests, and blood biomarkers tests. The market for these test types has been extensively analyzed based on consistency, effectiveness, and sales revenue of the various products developed by the manufacturers. The market size and forecast in terms of USD million for each type has been provided for the period from 2013 to 2023. The report on the in-vitro colorectal cancer screening tests market also provides compound annual growth rate (CAGR %) for each of the market segments mentioned above for the forecast period from 2015 to 2023, considering 2014 as the base year.
Geographically, the in-vitro colorectal cancer screening tests market has been categorized into North America, Europe, Asia-Pacific, Latin America, and Rest of the World. The market size and forecast for each of these regions have been provided for the period from 2013 to 2023 along with CAGR (%) for the forecast period from 2013 to 2023. The research study also incorporates the competitive scenario of major players in these regions.
A list of recommendations has been provided for new entrants to help establish a strong presence and for existing market players to increase their market shares. The report concludes with the profiles of major players in the in-vitro colorectal cancer screening tests market based on various attributes such as company overview, financial overview, business strategies, product portfolio, and recent developments. Major players profiled in this report include Abbott Molecular, Inc., Alere, Inc, Beckman Coulter, Inc., Epigenomics AG, Sysmex Corporation, Quest Diagnostics, Exact Sciences Corporation, Novigenix SA, CML Healthcare, Inc., and BioTime, Inc.
The global in-vitro colorectal cancer screening tests market is segmented as follows:
Global In-vitro Colorectal Cancer Screening Market, by Tests
- Fecal Occult Blood Tests
- Guaiac FOB Stool Test
- Immuno-FOB agglutination test
- Lateral Flow Immuno-FOB Test
- Immuno-FOB ELISA test
- Stool Biomarkers Tests
- M2-PK Stool Test
- Blood Biomarkers Market
- Epi proColon
Global In-vitro Colorectal Cancer Screening Market, by Pipeline
- PanC – Dx
- MeScore CRC
Global In-vitro Colorectal Cancer Screening Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Rest of the World
- Middle East and North Africa
- Rest of RoW