The global market for colorectal cancer screening has been estimated at USD 727.08 million for 2017. The market is expected to register a CAGR of 4.38% during the forecast period, 2018 to 2023. AsiaPacific is expected to have a substantial growth in the forecast period.
The Advent of Efficacious Genetic Tests
Genetic testing for colon cancer creates better opportunity for early diagnosis. It is highly recommended by the medical community. Screening for the mutations that cause colon cancer is only beginning to be done outside the research labs. If these medical screenings are implemented, then the number of colon cancer cases found in the early stages would increase. Also, gene therapies to alter these mutations is likely to be developed. The increasing awareness about genetic screening methods and advantages in undergoing the testnot for early detection and treatment but also for removal of precancerous cells, which is much cheaper than the usual run of chemotherapyis driving the market.
Additionally, increase in prevalence population, potential product pipeline and increasing cancer prevention initiatives are also fuelling global colorectal cancer screening market.
High Screening Tests Cost
Many highincome countries, including the United Kingdom and the United States, are facing the challenge of providing care to an everincreasing population of patients with cancer, owing to expensive screening and treatment. Though the CRC screening tests have potential for early disease detection, they are seldom used. The high cost of these tests is hindering the market growth. The spending associated with a CRC diagnosis increases quickly, even if one has insurance. Although many private insurance plans cover the costs for colonoscopy as a screening test, patients still might be charged for some services, which is again a burden. Not all screening test costs are covered by insurance companies; e.g.: Medicare does not cover the cost of virtual colonoscopy CT colonography, which is more expensive than colonoscopy.
In addition, inadequate healthcare access in developing countries and lack of screening guidelines in AsiaPacific is restraining the Global Colorectal Cancer Screening Market.
North America to Dominate the Market
The Global Colorectal Cancer Screening Tests Market is segmented into by test type which is further segmented into Guaiac fecal occult blood test, fecal immunochemical, stool DNA and others. By geography it is segmented into North America, Europe, AsiaPacific, the Middle East and Africa and South America.
North America is dominating the Colorectal Cancer Screening Tests Market due to high incidences of colorectal cancer and rise of the geriatric population in the North American region. Colon cancer is reported to be America's second deadliest cancer with 50,000 deaths, annually, followed by lung cancer. Rising incidence of colorectal cancer is driving the market in the United States; approximately 1, 44,000 cases of colorectal cancer were found in 2015 in the country and 1, 60, 000 new cases for colorectal cancer are expected to occur by 2020. This increase in the disease occurrence will eventually increase the demand for colorectal cancer screening procedures.
Key Developments in the Market
October 2017: Novigenix developed Colox blood test procedure for the early detection of Colorectal Cancer.
June 2017: Sysmex, an invitro diagnostics company is acquiring Oxford Gene Technology OGT, provider of clinical genetics and diagnostics solutions.
June 2017: Vectibix used for the treatment of wildtype of RAS Metastatic Colorectal Cancer got FDA approval.
Key Players: ALERE INC, CLINICAL GENOMICS, BECKMAN COULTER, ABBOTT LABORATORIES, EXACT SCIENCES CORP., HEMOSURE, EIKEN CHEMICAL, QUIDEL CORPORATION, NOVIGENIX SA, SYSMEX CORPORATION and EPIGENOMICS AG
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