The increasing preference for the minimally-invasive diagnostics is influencing the growth of in-vitro colorectal cancer screening tests market. This market is also favored by a huge pool of geriatric patient base opting for these diagnostics procedures as they offer easy operation and minimum recovery time. The prevalence of rectal & colon cancer is on the rise, thus forming conditions conducive for the growth of in-vitro colorectal cancer screening tests industry. According to Global Market Insights, Inc., “In-Vitro Colorectal Cancer Screening Tests Market size is anticipated to grow at a CAGR of 5% over the period of 2016-2023.”
The rapid spread of colorectal cancer and the need to diagnose it at an early stage will initiate government support leading to improved awareness among people. This will attract implementation of massive diagnostic plans and substantial advancement in technology which will result into in-vitro colorectal cancer screening tests market growth.
Germany In-Vitro Colorectal Cancer Screening Tests Market Size, By Type, 2012-2023 (USD Million)
As per the test carried out, in-vitro colorectal cancer screening tests market is primarily segmented into CRC DNA screening tests, biomarker tests, fecal occult blood tests. The tumor M2-PK stool, which is sub-test of the biomarker test will exhibit an annual growth rate of 7%, owing to its growing preference over the other test, due to its high accuracy.
Fecal occult blood tests (FOBT) market was worth USD 500 million in 2015 and will generate a revenue of over USD 730 million by 2023, primarily driven by its cost effectiveness and ease of application. Guaiac FOBT stool test collected a revenue of USD 62 million in 2015 and is projected to record a notable growth over the coming six years. This examination is extensively carried out in colorectal cancer testing, which will favorably influence in-vitro colorectal cancer screening tests industry share.
Geographically, Germany in-vitro colorectal cancer screening tests market covered 19% of the regional industry share in 2015 and is predicted to exhibit substantial growth rate over the coming six years, owing to the favorable changes in the traditional treatment process.
U.S. in-vitro colorectal cancer screening tests industry was worth more than USD 200 million in 2015 and will generate considerable revenue over the period of 2016 to 2023, prominently driven by the increasing healthcare spending, growing awareness among the patients, implementation of supportive governmental norms, and advanced healthcare infrastructure.
Japan in-vitro colorectal cancer screening tests market share collected a revenue of more than USD 33 million in 2015 and is anticipated to surpass a market value of USD 52 million by 2023. The key attributing factors towards the industry growth are sedentary lifestyle and rising aging population across this region.
UK in-vitro colorectal cancer screening tests industry will contribute noticeably towards the Europe regional share over the coming timeframe. The high occurrence rate of disease along with supportive government strategies will augment the market growth.
There is a need to reform the norms to promote the companies to invest more in the research activities. The key industry players in in-vitro colorectal cancer screening tests market are Eiken chemical Co., LTD, Beckman Coulter, Abbott Molecular Inc, Alere Inc. The other notable industry participants include Siemens Healthineers, Quest Diagnostics, Sysmex Corporation, Epigenomics, Merck Millipore, and CompanionDx.
Written By : Ojaswita Kutepatil