Global Occult Blood Testing Market: Overview
Occult blood testing is one of the most adopted screening tests for colorectal cancer. This test can also give indications for disorders such as Crohn’s disease, ulcerative colitis, abnormalities in the blood vessels in the large intestine, and diverticular disease. It is capable of detecting most early colorectal cancers and is widely available, acceptable, and feasible to most individuals. In addition, it is highly cost-effective and has a low up-front cost. However, the test has low sensitivity and low specificity and therefore repetitive screening is required for it to be effective. Considering its advantages and disadvantages, the demand for occult blood tests is poised to rise gradually during the forecast period. Technological advancements in the existing setups and procedures are likely to bode well for the global occult blood testing market in the near future.
This research report meticulously studies the current as well as expected future trends of the global occult blood testing market. It performs segmentation analysis on the basis of various criteria including geography and technology. Each segment is methodically examined in terms of revenue and volume. The report provides insights into several critical aspects of the market such as its dynamics, ongoing key trends, and competitive landscape. It profiles the prominent players operating in the occult blood testing market along with their business strategies, latest developments, and revenue structures. For collating this study, a number of press releases, presentations, paid databases, journals, and white papers were referred.
Global Occult Blood Testing Market: Drivers and Restraints
The increasing incidence of gastrointestinal bleeding and colon and rectal cancer will continue to be the critical driving factor for the global occult blood testing market. It is estimated that colorectal cancer is the third most commonly diagnosed cancer. The American Cancer Society states that this type of cancer has remained second or third leading cause of cancer-related deaths across the globe. The rising emphasis on the early diagnosis of colorectal cancer is leading to the introduction of favorable government initiatives aimed at keeping this cancer under check. These initiatives are fuelling the market. Moreover, the growing awareness regarding the benefits of occult blood testing is augmenting the market. Another factor providing a fillip to the market is the increasing cases of occult blood due to rising alcohol consumption worldwide.
However, the low disposable income and the lack of self-evaluation capabilities among the population is retarding the growth rate of the occult blood testing market, particularly in developing regions. Furthermore, the lack of adequate knowledge regarding the testing technologies is hindering the growth of the market. On the other hand, the future of the market looks bright with the improving healthcare and education infrastructure along with a boost in economic conditions in developing countries.
Global Occult Blood Testing Market: Segmentation
On the basis of technology, the global occult blood testing market can be classified into biochips/microarrays, chromosome analysis, DNA probes, IT, immunoassays, and monoclonal antibodies. The regional markets analyzed in the report are North America, Asia Pacific, Europe, and Rest of the World. North America and Europe will account for noteworthy share throughout the forecast period. The presence of a large pool of patients suffering from colorectal cancer and the rapidly growing geriatric population are propelling the growth of these regions. Moreover, the launch of conducive government initiatives is anticipated to trigger the demand for occult blood tests in these regions. The growth of the Asia Pacific market for occult blood testing is supplemented by the changing lifestyles and improving economic conditions. Countries such as India and China will be predominantly responsible for the regional revenue growth.
Companies Mentioned in the Research Report:
The majority of players in the global occult blood testing market are investing heavily in the research and development of innovative testing techniques. Some of the key companies are Abbott, Becton Dickinson, Diagnocure, DiaSorin, Eiken Chemicals, Exact Sciences, Enzo Biochem, Fujirebio, GenCure, Hologic, Nanogen Elitech, ID Biomedical, Ipsogen, Life Technology, Lonza, Solvay, Thermo Fisher, Wallace, and Wako.
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.