Wilmington, Delaware, United States, June 06, 2023 (GLOBE NEWSWIRE) -- The market value of fecal immunochemical diagnostic tests (FITs) is expected to reach US$ 2.1 billion by 2031. Between 2023 and 2031, the fecal immunochemical diagnostic test (FIT) market is predicted to grow at a rate of 5.7%. A growing number of colorectal cancer cases worldwide is expected to drive the market.
As chronic cancer rates have grown in various regions, fecal immunochemical diagnostic tests have grown in popularity. The FIT can also be used to determine the cause of gastrointestinal bleeding besides diagnosing it. As part of a colorectal cancer screening or as part of a diagnosis of another disease.
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Performing the test twice could improve the accuracy of bowel cancer screening programs, a new study suggests. An academic study has found that testing twice, 13 days apart, can yield nearly 100% accuracy when looking for hidden blood in feces. In the UK, home tests are used for bowel cancer screening programs called Faecal Immunochemical Tests (FIT).
A national campaign is being launched by the NHS to promote early cancer diagnosis. The NHS is promoting a life-saving bowel cancer screening kit as part of a first-of-its-kind campaign. In conjunction with the national campaign, which is being launched across television, radio, and social media today, the health service is once again focused on encouraging early cancer detection since people with bowel cancer have a nine-fold increased chance of survival at the earliest stage.
Key Findings of Market Report
- As endoscopy procedures become more commonplace, hospitals are expected to grow as the primary healthcare institutions capable of handling these procedures.
- Testing kits & reagents become more popular as accurate and reliable results are obtained.
- The demand for fecal immunochemical diagnostic tests is expected to grow as research and development increase.
- Developing a fecal immunochemical diagnostic test with increased sensitivity, increased specificity, and a lower cost presents a lucrative opportunity for market players.
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Global Fecal Immunochemical Diagnostic Test (FIT): Growth Drivers
- Colorectal cancer's rising prevalence, government screening programs, and increased public understanding and acceptance of noninvasive diagnostic procedures are all contributing to this growth.
- A new breed of FIT tests is also on the way, like those that target specific organisms in stool DNA (MT-sDNA). Colorectal cancer and precancerous lesions can be detected with greater sensitivity using these tests, and they may complement existing screening methods.
- As these test kits become more technologically advanced and innovative, the market is expected to grow. A growing prevalence of colorectal cancer has been associated with government initiatives to promote screening programs, raise awareness, and adopt noninvasive diagnostics.
Global Fecal Immunochemical Diagnostic Test (FIT): Regional Landscape
- Over 40% of the world's economic growth is expected to occur in Asia Pacific by 2030. Increasing fecal immunochemical diagnostics test markets have been attributed to a large population base.
- With the growth of disposable incomes and expansion of medical sectors, the demand for fecal immunochemical diagnostics tests is expected to rise.
- The United Kingdom needs to invest in hospital infrastructure and provide better treatment facilities to grow the demand for these tests.
- Due to increased awareness of fecal immunochemical diagnostics tests increases and the geriatric population growth in the United States, demand for these tests is expected to increase.
- The prevalence of colorectal cancer is increasing rapidly in emerging markets such as China and India. New growth opportunities are expected to arise from the development of novel biomarkers for the detection of colorectal cancer at an early stage, as well as the integration of artificial intelligence (AI) into FIT testing.
Global Fecal Immunochemical Diagnostic Test (FIT) Market: Key Players
Global fecal immunochemical diagnostic test (FIT) market activity includes launching new products, acquiring other companies, and collaborating between companies. With these strategies in place, the market for fecal immunochemical diagnostic tests (FIT) is expected to grow.
A number of expansion strategies have been developed by participants in the fecal immunochemical diagnostic test (FIT) market, such as:
- In February 2023, Mainz Biomed N.V., an early detection of cancer molecular genetics diagnostic company, executed its option to acquire all of Uni Targeting Research AS's previously licensed scientific intellectual property (“IP”) In its flagship product ColoAlert, an easy-to-use and highly effective colorectal cancer (“CRC”) being In Europe, the product has been commercialized. Additionally, the Company exercised its exclusive option to acquire intellectual property rights relating to gene expression (mRNA) biomarkers associated with SOCPRA Sciences Sante et Humaines S.E.C. (“SOCPRA”), including a patent pending.
- In May 2023, Exact Sciences Corp., a premier provider of cancer screenings and diagnostics, presented Cologuard® during Digestive Disease Week (DDW). Cologuard® was developed in collaboration with more than 20 medical experts from top health systems in the country, proving to be the most effective method to detect cancers and precancerous conditions in the early stages.
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Global Fecal Immunochemical Diagnostic Test (FIT) Market: Segmentation
Product
- Kits & Reagents
- Analyzers
- Others
End-user
- Hospitals & Diagnostics Laboratories
- Specialty Clinics
- Home Care Settings
- Research Institutes
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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