Colorectal Cancer Screening and Diagnostic Market - A Global and Regional Analysis: Focus on Type, End User, and Country Analysis - Analysis and Forecast, 2023-2033

Colorectal Cancer Screening and Diagnostic Market - A Global and Regional Analysis: Focus on Type, End User, and Country Analysis - Analysis and Forecast, 2023-2033

Global Colorectal Cancer Screening and Diagnostic Market Industry Overview

The global colorectal cancer screening and diagnostic market was valued at $15.28 billion in 2022 and is expected to reach $28.52 billion by 2033, growing at a CAGR of 5.93% during the forecast period 2023-2033. The colorectal cancer screening and diagnostic market is driven by several factors, including the rising incidence of colorectal cancer and increasing financial burden on healthcare, advances in genomics and molecular diagnostics, and growing demand for colorectal cancer testing.

Market Introduction

The global colorectal cancer screening and diagnostic market is witnessing significant growth due to rising awareness about early detection of colorectal cancer. Various screening and diagnostic methods, including colonoscopy, biomarker testing are being utilized to detect and monitor colorectal cancer in its early stages. Technological advancements and collaborations between stakeholders are driving market expansion. The focus is on improving screening accuracy, sensitivity, and specificity to enhance patient outcomes. With increasing incidence rates and ongoing research, the market is all set to witness significant growth, leading to improved patient care and reduced mortality rates.

Industrial Impact

The global incidence of colorectal cancer is rising. It is the third most common cancer worldwide, resulting in a significant financial burden on healthcare systems. Screening for colorectal cancer is crucial for early detection and improved patient outcomes, but access to screening programs and resources is limited in many regions. Advances in genomics and molecular diagnostics have revolutionized colorectal cancer detection, diagnosis, and treatment. Genetic testing can help identify individuals at high risk and guide treatment decisions based on specific gene mutations. Non-invasive testing methods, such as liquid biopsy, offer less invasive and more accessible options for screening, leading to increased patient participation and early detection.

There is a growing demand for colorectal cancer screening due to factors such as rise colorectal cancer incidence and rising patient awareness in developing economies. Colonoscopies currently is considered gold standard for colorectal cancer screening and diagnostics. Moreover, Non-invasive tests have further improved the screening rates around the world mainly owing to it being cost-effective, accessible, and preferred by patients. This trend is expected to continue, driving the growth of the colorectal cancer screening and diagnostic market. Early detection of colorectal cancer leads to improved survival rates and reduces treatment costs. Regular population-wide screening programs, especially in emerging markets, are being implemented to increase early detection and treatment. These programs create a favorable market environment for screening technologies and diagnostic kits.

Impact of COVID-19

The COVID-19 pandemic had a significant impact on the global colorectal cancer screening and diagnostic market. Research activities for colorectal cancer were halted as resources were redirected to COVID-19 research. Screening programs were delayed or canceled, and colonoscopies, the gold standard for screening, were postponed, potentially leading to missed or late-stage cancer diagnoses. Colorectal cancer screening saw a drastic reduction worldwide, ranging from 28% to 100%. However, the pandemic led to increased adoption of at-home testing methods and a rise in patient awareness of non-invasive screening. As the situation normalizes, the market is expected to recover, with increased utilization of non-invasive screening tests.

Market Segmentation:

Segmentation 1: by Type

Screening
Diagnostic

Based on type, the colorectal cancer screening and diagnostic market is led by screening tests, which held a 84.80% share in 2022. Stool-based tests have shown promising results in detecting colorectal cancer and precancerous lesions, making it an effective tool for early detection. The stool-based tests are an innovative diagnostic tool that analyzes stool samples to detect specific DNA markers associated with colorectal cancer. Companies such as Exact Sciences Corporation and MAINZ BIOMED N.V. provide products in this segment. The fecal occult blood test (FOBT) and fecal immunochemical test (FIT) segments of the colorectal cancer screening and diagnostic market are expected to experience significant growth. These tests examine stool samples for undetectable blood and are widely used for colorectal cancer screening, particularly in developed countries. Early detection is crucial as colon cancer is a common cancer globally. The fecal occult blood test detects the presence of blood, indicating the need for further testing to determine the cause. FIT has replaced FOBT due to its improved specificity, sensitivity, and lower costs.

Segmentation 2: by Region

North America - U.S. and Canada
Europe - Germany, France, Italy, U.K., Spain, and Rest-of-Europe
Asia-Pacific - China, Japan, India, South Korea, Australia, and Rest-of-Asia-Pacific
Latin America - Brazil, Mexico, and Rest-of-South America
Middle East and Africa - U.A.E., South Africa, and Rest-of-Middle East and Africa

In the market, North America held the largest share of 46.83% in 2022, followed by Europe at 26.17%. Additionally, Asia-Pacific is anticipated to grow considerably at high growth, registering a CAGR of 7.03% during the forecast period 2023-2033.

Recent Developments in the Colorectal Cancer Screening and Diagnostic Market

In May 2023, Olympus Corporation launched the CF-HQ1100DL/I colonovideoscope, a specialized device designed for examining the lower digestive tract, including the anus, rectum, sigmoid colon, colon, and ileocecal valve, thereby expanding its product portfolio in the field of colorectal cancer screening and diagnosis.
In May 2022, ColoClear, a non-invasive stool DNA test to identify colon cancer, was launched by New Horizon Health in collaboration with Prenetics in Hong Kong.
In April 2023, Mainz Biomed NV announced that three German companies have chosen to include ColoAlert, the company's at-home screening test for colorectal cancer (CRC), in their corporate health programs. ColoAlert is a highly effective and user-friendly screening test that enables the early detection of CRC.
In October 2020, Exact Sciences Corporation announced an extension and amendment of its Cologuard Promotion Agreement with Pfizer Inc. As per the agreement, Pfizer would continue to provide marketing and relevant assistance for Cologuard and collaborate with Exact Sciences Corporation to raise awareness about Cologuard among patients, healthcare providers, and healthcare systems.

Demand – Drivers and Limitations

Market Demand Drivers:

Rising Incidence of Colorectal Cancer and Increasing Financial Burden on Healthcare: Colorectal cancer is becoming increasingly common in many parts of the world, including low- and middle-income countries. According to an article published by the World Health Organization (WHO) in 2022, colorectal cancer is the third most common cancer worldwide, with an estimated 1.93 million new cases and 916,000 deaths in 2020 alone.

Advances in Genomics and Molecular Diagnostics: Advances in genomics and molecular diagnostics have resulted in significant improvements in colorectal cancer detection, diagnosis, and treatment. These advancements have been enabled by the development of new technologies that allow for the analysis of genetic and molecular changes in cancer cells.

Growing Demand for Colorectal Cancer Testing: Non-invasive testing has become increasingly important in colorectal cancer screening, as it offers several advantages and is generally less expensive and less invasive than colonoscopy, making it more accessible to patients and potentially increasing screening rates. Additionally, non-invasive tests can be used more frequently, allowing for more frequent screening and potentially earlier detection of colorectal cancer.

Early Cancer Detection Enabling Reduced Treatment Cost: Early cancer detection significantly improves survival rates and treatment effectiveness. However, a science journal paper reveals that 50% of cancers are diagnosed at advanced stages. Screening is advantageous as it identifies cancer risks in healthy individuals before symptoms arise. Regular screening, especially for fast-growing and symptomless cancers, such as lung cancer, can greatly enhance survival rates. Implementing constant screening programs tailored to specific cancers is essential for early detection and better outcomes.

Market Challenges:

Limited Sensitivity of FIT/FOB Testing Kits: While non-invasive testing techniques for colorectal cancer, such as fecal immunochemical tests (FITs) and stool DNA tests, have shown promise, they do have some limitations. One of the major limitations is their limited sensitivity, meaning they may not detect all cases of colorectal cancer, particularly in the early stages. This can result in false negatives and delayed diagnosis, which can impact patient outcomes.

Challenges with Sample Collection: The difficulties in sample collection and patient compliance may have an impact on the growth of the market for colorectal cancer screening. Companies are developing new sample collection methods with the goal of improving patient compliance and test result accuracy. At-home testing kits such as Cologuard, ColoClear, and ColoAlert are some examples of simple-to-use and less-invasive testing methods.

Market Opportunities:

Expansion of Screening Programs: Population-wide screening programs are proving to be a lucrative opportunity for the colorectal cancer screening and diagnostic market by leading to an increased number of individuals being screened for colorectal cancer, leading to early detection and treatment of the disease. By improving access to screening, these programs can also reduce healthcare costs and also improve patient outcomes associated with more advanced stages of the disease resulting in a strong interest in these testing methodologies by various government and NGO screening programs.

Emerging Markets Proposing Significant Untapped Potential: The growing number of cases and increasing awareness of colorectal cancer are driving factors that are contributing to market growth in emerging markets. As per research published in 2021, titled “Global Colorectal Cancer Burden in 2020 and Projections to 2040,” in translational oncology in Asia, colorectal cancer is the third most common cancer and is on the rise due to changing lifestyles and aging populations. China alone accounts for over 500,000 new cases and over 280,000 deaths annually, making it the highest contributor to the colorectal cancer burden in Asia. Japan also records a substantial number of deaths from colorectal cancer. These statistics highlight the significant market opportunity for colorectal cancer screening technologies in these regions.

How can this report add value to an organization?

Product/Innovation Strategy: The product segment helps the reader understand the different types of colorectal cancer screening and diagnostic methodologies globally. Moreover, the study provides the reader with a detailed understanding of the colorectal cancer screening and diagnostic market by end-user application (hospitals and clinics, clinical laboratories, and other end users), type (blood-based tests, stool-based tests, colonoscope, biomarker test, and other test types), and region (North America, Europe, Asia-Pacific, Latin America and Middle East and Africa).

Growth/Marketing Strategy: The colorectal cancer screening and diagnostic market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and new product launches. The favored strategy for the companies has been partnerships and collaborations to strengthen their position in the colorectal cancer screening and diagnostic market. For instance, in March 2023, Mainz Biomed NV announced a new partnership with Dr. Staber & Kollegen GmbH (Labor Staber) as part of its growing network of laboratories offering ColoAlert.

Competitive Strategy: Key players in the colorectal cancer screening and diagnostic market analyzed and profiled in the study involve major colorectal cancer screening kit manufacturers (stool DNA test, FIT/FOB tests), biomarker testing kit manufacturers, sigmoidoscope, and colonoscope manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the colorectal cancer screening and diagnostic market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations are expected to aid the reader in understanding the untapped revenue pockets in the market.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

The top segment players who are leading include screening test manufacturers which includes colonoscopy and stool-based tests, which captured around 84.80% of the market in 2022. Players dealing in diagnostics, such as biomarker tests, accounted for approximately 15.20% of the market in the year 2022.

Key Companies Profiled

Clinical Genomics Technologies Pty Ltd.
Danaher Corporation
DiaCarta, Inc.
Eiken Chemical Co., Ltd.
Epigenomics AG
Exact Sciences Corporation
Freenome Holdings, Inc.
Guardant Health, Inc.
Lepu Medical Technology (Beijing) Co., Ltd.
Mainz Biomed NV
New Horizon Health
Novigenix SA
Prenetics Global Limited
FUJIFILM Holdings Corporation
Olympus Corporation
HOYA Corporation
QuidelOrtho Corporation

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