Colorectal Cancer Screening Market Size to Surpass USD 23.03 billion by 2030, exhibiting a CAGR of 4.4%
As per the report by Fortune Business Insights, the global Colorectal Cancer Screening Market size is projected to reach USD 23.03 billion in 2030, at a CAGR of 4.4% during the forecast period, 2023-2030
Pune, India, July 19, 2023 (GLOBE NEWSWIRE) -- The global colorectal cancer screening market size was valued at USD 16.29 billion in 2022. The market is projected to grow from USD 17.05 billion in 2023 to USD 23.03 billion by 2030, exhibiting a CAGR of 4.4% during the forecast period.
Colorectal Cancer (CRC) occurs in the colon or rectum part of the digestive tract when the cancerous cells begin to grow. It is called bowel cancer. CRC screening is the detection of the disease for people who are asymptomatic but at high risk of getting the disease and are of age 45 and above. The increasing incidence of CRC has increased the need for screening for early diagnosis and treatment.
Fortune Business Insights™ stated this in a report titled, "Colorectal Cancer Screening Market, 2022-2029."
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*Key Industry Development*:
•May 2022: Prenetics joined hands with New Horizon Health Corporation to launch ColoClear by Circle in China to improve operations' health and safety.
*Key Takeaways:*
· Guardant Health made an announcement in May 2022 about the introduction of Shield, a blood-based test designed for the early detection of colorectal cancer.
· The GI Genius intelligent endoscopy was launched by Medtronic plc in 2019.
· The market is categorized into stool-based, colonoscopy, and other types, based on its classification.
· In 2022, the North American market recorded a revenue of USD 10.53 billion.
*Discover the Leading Players Featured in the Report:*
NOVIGENIX SA (Switzerland), EIKEN CHEMICAL CO., LTD. (Japan), Clinical Genomics Technologies Pty Ltd. (U.S.) ,Exact Sciences Corporation (U.S.), Epigenomics AG (Germany),bioMérieux, Inc. (France), Olympus Corporation (Japan), KARL STORZ SE & Co. KG (Germany), FUJIFILM Holdings America Corporation (Japan)
*Report Scope & Segmentation*
*Report Coverage* *Details*
Forecast Period 2023 to 2030
Forecast Period 2023 to 2030 CAGR 4.4%
2030 Value Projection USD 23.03 billion
Base Year 2022
Market Size in 2023 USD 17.05 billion
Historical Data 2019-2021
No. of Pages 140
Segments Covered By Type; End-user; and Region
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*Browse Complete Report Details: *https://www.fortunebusinessinsights.com/industry-reports/colorectal-cancer-screening-market-101144
*Driving factor:*
*Growing Screening Rates for Colorectal Cancer Patients* *Promote* *Market Growth*
The rise in awareness among people about colorectal cancer screening and increasing cancer prevention initiatives are some significant factors that have surged the demand for the product to a great extent. Another reason that escalates the need for these products is the growing screening rates of people at high risk of getting affected by colorectal cancer at minimal costs. Meanwhile, several side effects linked with the colonoscopy procedure, such as bleeding and infection, could impede the colorectal cancer screening market growth.
Despite a serious and increased need for advanced and efficient screening procedures, certain limitations associated with screening devices can limit their adoption. Moreover, there are several complications, such as severe pain or belly cramps, a hard belly, fever, trouble passing gas or popping, vomiting, dizziness, and rectal bleeding, which are projected to reduce the number of colonoscopy procedures during the projected period.
*Segmentation*:
*Growing Demand for Smart Diagnostic Instruments Drives the Colonoscopy Segment *
On the basis of type, the market is fragmented into colonoscopy, stool-based, and others. The colonoscopy segment generated the highest revenue in 2022 and is expected to grow at a moderate CAGR due to the high accuracy of the procedure in screening colorectal cancer patients.
*Presence of a Substantial Number of Hospitals* *to Propel the Hospitals & Clinics Segment *
Based on end-user, the market is divided into clinical laboratories, diagnostic imaging centers, hospitals & clinics, and others. The hospitals & clinics segment will rule due to a substantial number of hospitals.
By region, the market is studied across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
*By Type*
· Stool-based
· Fecal Immunochemical Test (FIT)
· Fecal Occult Blood Test (FOBT)
· Stool-DNA Test
· Colonoscopy
· Others
*By End-user*
· Hospitals & Clinics
· Clinical Laboratories
· Diagnostic Imaging Centres
· Others
*By Geography*
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
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*Regional insights*:
*Economically Stable Population across North America Nurtures the Regional* *Growth *
North America held the highly colorectal cancer screening market share and is expected to maintain its leadership due to the growing healthcare spending on stool-based tests to address the diseases. Furthermore, the economically stable population across the region is another factor that propels the market's growth.
The Asia Pacific market is estimated to showcase considerable growth due to the growing enhancement and improvement of healthcare amenities to enhance the patient experience.
*Competitive Landscape*
*Market Players Focus on its R&D Activities to Bolster their Portfolio*
Colorectal cancer screening players such as Laboratory Corporation of America Holdings, Clinical Genomics Technologies Pty Ltd, and FUJIFILM Holdings Corporation are investing heavily in R&D activities to expand their market presence. With soaring investments in better design, the market is merged with a few market players for better healthcare treatments. Exact Sciences Corporation, Quest Diagnostics, and Olympus Corporation are the key giants in the market and will capture a significant market share in 2022.
*FAQs*
*How big is the Colorectal Cancer Screening Market?*
The Colorectal Cancer Screening Market size was USD 17.05 billion in 2023.
*How fast is the Colorectal Cancer Screening Market growing?*
The Colorectal Cancer Screening Market will exhibit a CAGR of 4.4% during the forecast period, 2023-2030
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