Colorectal Cancer Screening and Diagnostic Market Size Expands at CAGR of 8.95% to Reach USD 26.71 Billion by 2030
Colorectal Cancer Screening and Diagnostic Market is flourishing because of the rising incidence of colorectal cancer a growing focus on the treatment of the disease and the management of increasing healthcare expenditure.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Colorectal Cancer Screening and Diagnostic Market size at USD 15.97 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Colorectal Cancer Screening and Diagnostic Market size to expand at a CAGR of 8.95% reaching a value of USD 26.71 billion by 2030. The growing incidence of colorectal cancer and the expansion of government initiatives to support early detection and screening for cancer are two of the key growth drivers for the Global Colorectal Cancer Screening and Diagnostic Market. Moreover, increased private investments in the launch of innovative and advanced technologies in cancer screening and diagnostics are predicted to proliferate in the Global Colorectal Cancer Screening and Diagnostic Market over the forecast period.
Opportunity: Rising incidences of colorectal cancer
The primary driver of growth for the Global Colorectal Cancer Screening and Diagnostic Market is the disease's increasing prevalence. About 10% of cancer cases are colorectal cancer, which ranks as the third most frequent kind of cancer, according to the World Health Organization. Colorectal cancer is linked to bad lifestyle choices made by individuals, such as consuming large amounts of processed meat and limited vegetables and fruits, obesity, smoking, and drinking alcohol. Consequently, healthcare providers advise anyone aged over 50 years or those with a family history of colorectal cancer to undergo routine tests.
Impact of Escalating Geopolitical Tensions on Global Colorectal Cancer Screening and Diagnostic Market
The escalating geopolitical tensions are disrupting the growth of the Global Colorectal Cancer Screening and Diagnostic Market. For instance, Ukraine is a leading medical tourism destination for the diagnosis and treatment of cancer. However, Russia's invasion of Ukraine and the outbreak of war between the two countries led to the inaccessibility of healthcare services. According to a paper published in the National Center for Biotechnology Information, the conflict led to the displacement of patients to safer regions, particularly Europe, which overburdened the healthcare sector in these countries due to the large number of refugees. As a result, the inaccessibility of cancer screening and diagnosis hindered overall global market growth.
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Global Colorectal Cancer Screening and Diagnostic Market
Segmental Coverage
Global Colorectal Cancer Screening and Diagnostic Market – By End User
Based on end user, the Global Colorectal Cancer Screening and Diagnostic Market is segmented into hospitals & clinics, diagnostic centers, and research institutes. The hospitals & clinics segment accounts for the highest market share owing to the high number of hospitals and the increasing number of awareness campaigns. Additionally, favorable reimbursement policies and insurance coverage also favor the growth of the hospital segment in the market. The diagnostic centers are predicted to register a substantial growth rate during the forecast period. The growth of diagnostics segment is attributed to the rising number of colonoscopies for colorectal cancer screening.
Global Colorectal Cancer Screening and Diagnostic Market - By Region
The in-depth research report on the Global Colorectal Cancer Screening and Diagnostic Market the market in a number of major countries across five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. North America dominates the Global Colorectal Cancer Screening and Diagnostic Market owing to the rising incidences of the disease. According to estimates by the American Society of Clinical Oncology, colorectal cancer is the fourth most diagnosed cancer in the United States, with an estimated 52,550 deaths in 2023. Colorectal cancer screenings are generally recommended for people over the age of 50. However, the Washington Post reports that colorectal cancer is increasingly gaining prevalence among American youth, which is anticipated to drive the demand for colorectal cancer screening and diagnosis in North America during the forecast period.
Competitive Landscape
Major players operating in the Global Colorectal Cancer Screening and Diagnostic Market include Epigenomics Inc., Exact Sciences Corporation, Eiken Chemical Co. Ltd, Polymedco Inc., F. Hoffmann-La Roche AG, Siemens Healthineers AG, Sysmex Corporation, Olympus Corporation, Biocept Inc., and Pathway Genomics Corporation.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Colorectal Cancer Screening and Diagnostic Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Colorectal Cancer Screening and Diagnostic Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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