Latin America In-vitro Colorectal Cancer Screening Tests Market Report and Forecast 2024-2032

Latin America In-vitro Colorectal Cancer Screening Tests Market Report and Forecast 2024-2032

Latin America In-vitro Colorectal Cancer Screening Tests Market Report and Forecast 2024-2032

Latin America In-vitro Colorectal Cancer Screening Tests Market Size

The global in-vitro colorectal cancer screening tests market was valued at USD 920.4 million in 2023, with Latin America holding a significant market share. The market is driven by the growing demand for non-invasive or minimally invasive colorectal cancer screening methods. It is expected to grow at a CAGR of 5.53% during the forecast period of 2024-2032, with the values likely to attain USD 1492.8 million by 2032.

Latin America In-vitro Colorectal Cancer Screening Tests Market Outlook

• The market share is influenced by the growing preference for non-invasive colorectal cancer screening methods such as fecal immunochemical tests (FIT) and DNA-based tests.
• In October 2023, the Pan American Health Organization (PAHO) and the International Agency for Research on Cancer (IARC) jointly launched the Latin American and the Caribbean Code against Cancer to develop recommendations for cancer prevention in the region. Such initiatives are likely to increase screening rates, which is expected to elevate the Latin America in-vitro colorectal cancer screening tests market value in the forecast period.
• In Brazil, colorectal cancer stands as the second most frequent cancer in men and women, with the mortality rate estimated to reach 9.4% of those diagnosed. The rising burden of colorectal cancer is poised to augment the market demand for in-vitro screening tests.

Latin America In-vitro Colorectal Cancer Screening Tests Market Analysis

In-vitro colorectal cancer screening tests are designed to detect abnormalities such as blood in stool, genetic mutations, or other biomarkers associated to colorectal cancer. They can identify individuals at a high risk of colorectal cancer and thus play an integral role in early detection and prevention efforts. The increasing use of these diagnostic tests can be attributed to the non-invasive or minimally invasive nature is expected to fuel their adoption rates and drive the Latin America in-vitro colorectal cancer screening tests market growth.

Recent data suggests that deaths due to colorectal cancer are rising in Latin American countries. In Brazil, colorectal cancer stands as the second most frequent cancer in men and women, with the mortality rate estimated to reach 9.4% of those diagnosed. This indicates the growing need for effective screening tests, intended to detect this cancer at an early stage when the interventions are most likely to be successful. Thus, the rising burden of colorectal cancer coupled with the increasing aging population, is poised to augment the market demand for these diagnostic tests.

One of the major Latin America in-vitro colorectal cancer screening tests market trends is the increased initiatives and awareness campaigns to promote cancer screening and reduce cancer mortality rates. In October 2023, the Pan American Health Organization (PAHO) and the International Agency for Research on Cancer (IARC) collaborated to launch the Latin American and the Caribbean Code against Cancer to develop recommendations for cancer prevention in the region. They released 17 actions to help prevent cancer including the need for early detection tests of colorectal cancer for people aged between 50 and 74 . Such collaborative measures are likely to increase awareness among the public, leading to higher screening rates and greater adoption of in-vitro screening tests, and ultimately propelling the market growth.

Latin America In-vitro Colorectal Cancer Screening Tests Market Segmentation  

The report offers a detailed analysis of the market based on the following segments:

Market Breakup by Testing Type

Fecal Occult Blood Tests

Biomarker Tests

CRC DNA Screening Tests

Flexible Sigmoidoscopy

Others

Market Breakup by Imaging Type

Colonoscopy

Proctoscopy

CT Scan

Ultrasound

MRI

PET Scan

Market Breakup by End User

Hospitals

Clinics

Diagnostics Laboratories

Market Breakup by Country

Brazil

Argentina

Mexico

Others

Leading Players in the Latin America In-vitro Colorectal Cancer Screening Tests Market

The key features of the market report include patent analysis, grants analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Beckman Coulter Inc.
• Abbott
• Siemens Healthineers International AG
• Quest Diagnostics
• Oncocyte Corporation
• Merck KGaA
• Randox Laboratories Ltd.
• R-Biopharm AG
• Sysmex Corporation
• Medline Industries LP

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

FAQs

• What is the Latin America in-vitro colorectal cancer screening tests market forecast outlook for 2024-2032?

The Latin America in-vitro colorectal cancer screening tests market is expected to be driven by the rising demand for the global market, which is anticipated to grow at a CAGR of 5.53% during the forecast period of 2024-2032 and is likely to reach a market value of USD 1492.8 million by 2032.

• What are the major factors aiding the Latin America in-vitro colorectal cancer screening tests market demand?

The rising prevalence of colorectal cancer and advancements in screening technology are fuelling the demand for the market.

• What are the major Latin America in-vitro colorectal cancer screening tests market trends?

One of the significant market trends is the increased initiatives and awareness campaigns to promote cancer screening. In October 2023, the Pan American Health Organization (PAHO) and the International Agency for Research on Cancer (IARC) jointly launched the Latin American and the Caribbean Code against Cancer to develop recommendations for cancer prevention in the region.

• What is the market segmentation based on the testing type?

Based on the testing type, the market is segmented into fecal occult blood tests, biomarker tests, CRC DNA screening tests, and flexible sigmoidoscopy, among others.

• What is the market breakup by imaging type?

By imaging type, the market is divided into colonoscopy, proctoscopy, CT scan, ultrasound, MRI, and PET scan.

• What are the major end users of the market?

End users of the market are hospitals, clinics, and diagnostic laboratories.

• What is the market segmentation by countries?

The market segmentation by countries includes Brazil, Argentina, and Mexico, among others.

• Who are the key players involved in the Latin America in-vitro colorectal cancer screening tests market?

The key players in the market are Beckman Coulter Inc., Abbott, Siemens Healthineers International AG, Quest Diagnostics, Oncocyte Corporation, Merck KGaA, Randox Laboratories Ltd., R-Biopharm AG, Sysmex Corporation, and Medline Industries LP.

Meta description

The Latin America in-vitro colorectal cancer screening tests market is poised for growth, driven by the expansion of the global market, which was valued at USD 920.4 million in 2023 and is projected to grow at a CAGR of 5.53% during the forecast period of 2024-2032.

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