The Global Colorectal Cancer Diagnostics Market is expected to witness significant growth between 2023-2028, according to the TechSci Research report titled “Colorectal Cancer Diagnostics Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028”. This growth is attributed to the rising demand for diagnostic and screening techniques.
Colorectal cancer is one of the most commonly diagnosed cancers worldwide, with the Global Cancer Statistics 2021 ranking it third with 10.0% of newly detected cases. The deaths caused by colorectal cancer account for 9.4%, making it the second deadliest cancer (5.8% for colon and 3.4% for rectum cancers).
Despite the significant growth opportunities, the market faces several challenges such as a stringent regulatory scenario, high costs associated with diagnostic procedures, and side effects linked with imaging. Additionally, the lack of awareness for early diagnosis and insufficient skilled professionals to conduct sensitive surgeries/biopsy in emerging countries may also impede market growth.
The Global Colorectal Cancer Diagnostics Market can be segmented based on diagnosis type, application, region, and company. The diagnosis type segment includes diagnostic imaging, stool test, biopsy, and others. The diagnostic imaging segment is expected to experience substantial growth due to growing awareness of diagnostic procedures and solutions.
The market can be further segmented into sigmoidoscopy, colonoscopy, and others based on diagnostic imaging. The colonoscopy segment is expected to grow significantly in the future due to its accurate diagnosis and treatment without requiring major surgery. The stool test segment includes guaiac FOBT, fecal immunochemical (or immunohistochemical) Test (FIT), and FIT-DNA Test, with the guaiac FOBT segment expected to show impressive growth due to its easy sampling and diagnostic imaging advantages.
Based on biopsy, the market is segmented into image-guided biopsy, liquid biopsy, and others. The image-guided biopsy segment is expected to witness significant growth due to advancements in imaging solutions. Based on application, the market is segmented into hospitals & specialty clinics, ambulatory care centers, and others. Hospitals and specialty clinics are expected to hold the largest market share and experience the highest CAGR from 2022 to 2028 due to continuous patient care and monitoring. Primary healthcare centers such as hospitals provide high-quality care and cost-effective treatments, which favor the growth of the Global Colorectal Cancer Diagnostics Market.
The leading companies operating in the Global Colorectal Cancer Diagnostics Market are:
- Abbott Laboratories
- Illumina, Inc.
- Sysmex Corporation
- Beckman Coulter
- Siemens Healthineers AG
- Quest Diagnostics
- Danaher Corporation
- Cancer Genetics Inc.
- Biocept Inc.
- Epigenomics AG
“North America is expected to dominate the Global Colorectal Cancer Diagnostics Market during the forecast period on account of rising patient awareness, advancement in technologies, presence of key manufacturers in the region. Additionally, the high market penetration of technologically advanced diagnostic products is expected to increase the demand for Colorectal Cancer in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Colorectal Cancer Diagnostics Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028 Segmented By Diagnosis Type Diagnosis Type (Diagnostics Imaging (Sigmoidoscopy, Colonoscopy, Others), Stool Test (Guaiac FOBT, Fecal immunochemical Test (FIT), FIT-DNA Test), Biopsy (Image Guided Biopsy, Liquid Biopsy, Others), Others), By Application (Hospitals & Specialty Clinics, Ambulatory Care Centers, and Others, By Region”, has evaluated the future growth potential of Global Colorectal Cancer Diagnostics Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Colorectal Cancer Diagnostics Market.
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