Colorectal Cancer Screening Market Poised for Significant Growth Amid Increased Awareness and Technological Advancements
An increase in cancer prevention initiatives drives market growth. The colorectal cancer screening market is expected to grow over the forecast period
VANCOUVER, BRITISH COLUMBIA, CANADA, February 6, 2025 /EINPresswire.com/ -- The Colorectal Cancer Screening and Diagnostics market is expected to grow from an estimated USD 18.62 billion in 2024 to USD 27.67 billion in 2033, at a CAGR of 4.50%.The global colorectal cancer screening market is set to witness significant growth, driven by increasing cancer prevention initiatives, rising awareness, and advancements in screening technologies. Governments, non-profit organizations, and industry players worldwide are taking proactive steps to promote colorectal cancer awareness, screening, and prevention.
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Growing Awareness and Preventive Measures Fuel Market Expansion
Governments and health organizations worldwide are launching awareness campaigns to educate people about colorectal cancer risks and the importance of early screening. In March 2021, the Colon Cancer Foundation launched an awareness initiative aimed at screening 10,000 individuals in underserved communities. By encouraging donations to cover screening costs, this initiative highlights the crucial role of early detection in improving survival rates. Such efforts are expected to contribute significantly to the expansion of the colorectal cancer screening market.
Rising Demand for Screening Tests
The increasing demand for colorectal cancer screening is attributed to heightened awareness, improved education on early detection, and the rising prevalence of the disease among aging populations. The introduction of advanced, non-invasive screening methods is making early detection more accessible and appealing to patients, further driving market growth.
In May 2022, Guardant Health, Inc. introduced Shield, a blood-based test designed for individuals aged 45 and older who are not following recommended screening guidelines. By offering a non-invasive alternative, this innovation has the potential to increase screening participation rates and contribute to market expansion.
Technological Advancements Propel Market Growth
The adoption of innovative technologies is playing a crucial role in driving market growth. Genetic testing advancements are enabling more effective colorectal cancer screening. The increasing use of genetic testing for early detection is expected to positively impact market expansion.
In April 2021, the U.S. Food and Drug Administration (FDA) approved the "GI Genius," the first artificial intelligence (AI)-based device designed to assist clinicians in detecting lesions during colonoscopies. This AI-powered tool enhances accuracy and efficiency in detecting abnormalities, reinforcing the importance of technology in advancing colorectal cancer diagnostics.
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Challenges in Market Growth
Despite the positive outlook, challenges such as the lack of comprehensive reimbursement policies for diagnostic tests may hinder market growth. Many insurance providers do not fully cover advanced screening technologies, making them less accessible to patients. High out-of-pocket costs can discourage both healthcare providers and patients from utilizing these essential screening tests, potentially slowing market expansion.
Market Segment Insights
The colorectal cancer screening and diagnostics market is segmented into various screening methods, including stool DNA tests, fecal immunochemical tests (FIT), fecal occult blood tests (FOBT), colonoscopies and sigmoidoscopies, and biomarker tests.
Colonoscopies and sigmoidoscopies held the largest market share in 2023, attributed to their high accuracy and increasing colorectal cancer cases. According to the World Cancer Research Fund International (WCRFI), colorectal cancer affected approximately 1.9 million people worldwide in 2020, emphasizing the growing need for reliable screening methods.
Colorectal Cancer Screening and Diagnostics Top Companies and Competitive Landscape
The colorectal cancer screening and diagnostics industry deals with the early detection and diagnosis of colorectal cancer, which is important for better patient outcomes. This market encompasses different methods, such as colonoscopy, stool-based tests, and imaging techniques.
Some of the major companies in this market are DiaCarta, Inc., Danaher Corporation, Epigenomics AG, and Eiken Chemical Co., Ltd., which offers high-end endoscopic devices. A growing awareness of colorectal cancer and improved technology are fueling a need for effective solutions in screening and diagnostics, hence a critical component in cancer care.
In February 2024, Freenome Holdings, Inc. reported that it raised $254 million in a fresh fundraising round headed by Swiss drugmaker Roche to develop tests capable of detecting several early-stage malignancies. The company is presently developing screening tests for colorectal and lung cancers.
Some of the key companies in the global Colorectal Cancer Screening and Diagnostics Market include:
DiaCarta, Inc.
Danaher Corporation
Epigenomics AG
Eiken Chemical Co., Ltd.
Exact Sciences Corporation
Freenome Holdings, Inc.
FUJIFILM Holdings Corporation
Guardant Health, Inc.
Lepu Medical Technology (Beijing) Co., Ltd.
Mainz Biomed NV
New Horizon Health
Novigenix SA
Prenetics Global Limited
Olympus Corporation
HOYA Corporation
QuidelOrtho Corporation
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Colorectal Cancer Screening and Diagnostics Latest Industry Updates
In February 2024, Exact Sciences Corporation announced plans to launch a new slate of assays over the next few years, including a new iteration of its well-known stool-based colorectal cancer screening test, Cologuard, a complementary blood-based assay, and a test for minimal residual disease detection.
In May 2023, Guardant Health teamed with the Ohio State University Comprehensive Cancer Center to investigate colorectal cancer screening adherence.
In May 2023, Guardant Health applied for premarket approval for a Shield blood test from the United States Food and Drug Administration.
Colorectal Cancer Screening and Diagnostics Market Segmentation Analysis
Type Outlook (Revenue, USD Billion; 2020-2033)
Stool DNA Test
Fecal Immunochemical Test (FIT)
Fecal Occult Blood Test (FOBT)
Colonoscopies and Sigmoidoscopies
Biomarkers Test
End User Outlook (Revenue, USD Billion; 2020-2033)
Hospitals and Clinics
Ambulatory Centers
Clinical Laboratories
Others
Regional Outlook (Revenue, USD Billion; 2020-2033)
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Benelux
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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Colorectal Cancer Screening and Diagnostics Market Size@ https://www.emergenresearch.com/industry-report/colorectal-cancer-screening-and-diagnostics-market/market-size
Colorectal Cancer Screening and Diagnostics Market Share@ https://www.emergenresearch.com/industry-report/colorectal-cancer-screening-and-diagnostics-market/market-share
Colorectal Cancer Screening and Diagnostics Market Trends@ https://www.emergenresearch.com/industry-report/colorectal-cancer-screening-and-diagnostics-market/market-trends
Colorectal Cancer Screening and Diagnostics Regional Market Demand@ https://www.emergenresearch.com/industry-report/colorectal-cancer-screening-and-diagnostics-market/regional-market-demand
Colorectal Cancer Screening and Diagnostics Market Analysis@ https://www.emergenresearch.com/industry-report/colorectal-cancer-screening-and-diagnostics-market/market-analysis
Eric Lee
Emergen Research
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