The Colorectal Cancer Screening Global Market Report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Colorectal Cancer Screening Market, 2024
Report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size
The colorectal cancer screening market size has grown strongly in recent years. It will grow from $14.72 billion in 2023 to $15.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to the increasing incidence of colorectal cancer, rising government awareness campaigns, an aging population, growing adoption of colonoscopy, and improved insurance coverage.
The colorectal cancer screening market size is expected to see strong growth in the next few years. It will grow to $19.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to a shift to non-invasive screening methods, increasing home-based screening tests, growing prevalence of obesity, rising adoption of value-based healthcare, and increasing public-private partnerships. Major trends in the forecast period include the integration of AI in screening and diagnostics, expansion of screening guidelines to younger populations, broader use of genomic testing for cancer risk, growth in mobile health platforms, and collaborations between pharmaceutical and diagnostic companies.
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Scope Of Colorectal Cancer Screening Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Colorectal Cancer Screening Market Overview
Market Drivers
The increasing aging population is expected to propel the growth of the colorectal cancer screening market going forward. An aging population refers to a demographic trend where the proportion of elderly individuals (typically 65 years and older) increases relative to the working-age population, often due to longer life expectancy and declining birth rates. The aging population is growing due to longer life expectancies and declining birth rates, leading to a higher proportion of older adults in the global population. Colorectal cancer screening is essential for managing the needs of the growing aging population by enabling early detection and preventive measures, which address the elevated cancer risk in older adults and enhance their overall health outcomes. For instance, in January 2024, according to the facts published by the Population Reference Bureau, a US-based nonprofit research organization, the number of Americans aged 65 and older is expected to rise from 58 million in 2022 to 82 million by 2050, marking a 47% increase, while their proportion of the total population is anticipated to grow from 17% to 23%. Therefore, the increasing aging population is driving the colorectal cancer screening market.
Market Trends
Major companies operating in the colorectal cancer screening market are focusing on developing innovative solutions such as non-invasive multi-target stool ribonucleic acid (RNA) colorectal cancer screening tests to offer an accessible, effective method for early detection of colorectal cancer, improving patient outcomes, and encouraging broader screening participation. Non-invasive multi-target stool RNA colorectal cancer screening tests analyze RNA markers from a stool sample to detect the presence of colorectal cancer or precancerous lesions, offering a non-surgical method for early detection. For instance, in May 2024, Geneoscopy Inc., a US-based life sciences company, announced the U.S. Food and Drug Administration (FDA) approval of ColoSense. This uses RNA biomarkers for a non-invasive, stool-based screening that demonstrated 93% sensitivity for detecting colorectal cancer and 45% sensitivity for advanced adenomas. Its significance lies in its high accuracy, especially in younger populations, and its potential to increase screening rates by offering a less invasive alternative to traditional methods.
The Colorectal Cancer Screening Market is segmented by:
- By Type: Stool-Based, Fecal Immunochemical Test (FIT), Fecal Occult Blood Test (FOBT), Stool Deoxyribonucleic Acid (DNA) Test, Colonoscopy, Other Types
- By Age Group: Below 50 Years, 50-64 Years, Above 65 Years
- By End User: Hospitals And Clinics, Clinical Laboratories, Diagnostic Imaging Centers, Other End-Users
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Regional Insights
North America was the largest region in the colorectal cancer screening market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the colorectal cancer screening market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the colorectal cancer screening market are F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic plc, Siemens Healthineers, FUJIFILM Holdings Corporation, GE HealthCare, Boston Scientific Corporation, Olympus Corporation, Hologic Inc., bioMérieux SA, QuidelOrtho Corporation, Sysmex Corporation, QIAGEN N.V., Exact Sciences Corporation, Guardant Health Inc., Eiken Chemical Co. Ltd., HemoCue AB, Clinical Genomics Inc., Polymedco LLC, Hemosure Inc., Geneoscopy Inc., Novigenix SA
Table of Contents
- Executive Summary
- Colorectal Cancer Screening Market Report Structure
- Colorectal Cancer Screening Market Trends And Strategies
- Colorectal Cancer Screening Market – Macro Economic Scenario
- Colorectal Cancer Screening Market Size And Growth
…..
- Colorectal Cancer Screening Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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