Overview and Scope
Colorectal cancer, also known as colon cancer or rectal cancer, is a malignant tumor that develops in the colon (the large intestine) or the rectum (the final portion of the digestive tract just before the anus). It is a type of cancer that arises from the inner lining of these parts of the gastrointestinal system. Colorectal cancer molecular diagnostics uses advanced techniques to identify specific genetic mutations, alterations, and biomarkers that play a role in the development, progression, and treatment response of colorectal cancer.
Sizing and Forecast
The colorectal cancer molecular diagnostics market size has grown strongly in recent years. It will grow from $2.35 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to increasing incidence of colorectal cancer, growing awareness and screening initiatives, rising emphasis on personalized medicine, government initiatives for cancer control..
The colorectal cancer molecular diagnostics market size is expected to see strong growth in the next few years. It will grow to $3.48 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to aging population and increased risk factors, integration of genomic data into clinical practice, rise in precision medicine approaches, global efforts in cancer research and collaboration.. Major trends in the forecast period include increasing emphasis on early detection biomarkers, integration of artificial intelligence (ai) in data analysis, rise of circulating tumor dna (ctdna) analysis, expansion of companion diagnostics for targeted therapies, focus on immunotherapy biomarkers..
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Segmentation & Regional Insights
The colorectal cancer molecular diagnostics market covered in this report is segmented –
1) By Type: Instruments, Reagents And Kits, Services
2) By Technology: Polymerase Chain Reaction (PCR), Sequencing, Mass Spectrometry, Transcription Mediated Amplification, Chips And Microarrays, Isothermal Nucleic Acid Amplification Technology (INAAT)
3) By End Users: Hospitals, Ambulatory Surgical Centers, Diagnostic Laboratories, Homecare Settings
North America was the largest region in the colorectal cancer molecular diagnostics market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the colorectal cancer molecular diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing incidence of inflammatory bowel diseases (IBD) is expected to propel the growth of the colorectal cancer molecular diagnostic market going forward. Inflammatory bowel diseases (IBD) are chronic gastrointestinal disorders characterized by digestive tract inflammation, primarily affecting the colon and rectum, with symptoms like abdominal pain, diarrhea, and weight loss, managed through medications, lifestyle changes, and sometimes surgery. The increasing incidence of inflammatory bowel diseases fuels the demand for accurate, efficient, and advanced diagnostic solutions that play an essential role, as the determination of systemic therapy for colorectal cancer (CRC) predominantly relies on the result obtained from molecular assessment of the tumor. For instance, in May 2021, according to BioMed Central Ltd., a UK-based scientific open-access publisher, the number of inflammatory bowel disease (IBD) cases is projected to increase 2.5 times compared to 2020, with approximately 69,000 cases in Iran, 220,000 cases in the Middle East, 2.2 million cases in India, and a significant 4.5 million cases in East Asia during 2020-2035. Therefore, increasing incidences of inflammatory bowel diseases (IBD) will drive the growth of the colorectal cancer molecular diagnostic market.
Key Industry Players
Major companies operating in the colorectal cancer molecular diagnostics market report are Johnson & Johnson, Bayer AG, Abbott Laboratories, Danaher Corporation, Becton Dickinson and Company, Biocartis Group NV, Agilent Technologies Inc., Grifols S.A, Hologic Inc., Biomérieux SA, Quidel Corporation, Bio-Rad Laboratories Inc., Qiagen N.V., Exact Sciences Corporation, Illumina Inc., Cepheid, Myriad Genetics Inc., Guardant Health, Luminex Corporation, GenMark Diagnostics, Amoy Diagnostics Co. Ltd., MDxHealth Inc., HTG Molecular Diagnostics Inc., GenPath Diagnostics, geneOmbio Technologies Pvt.
The colorectal cancer molecular diagnostics market report table of contents includes:
1. Executive Summary
2. Colorectal Cancer Molecular Diagnostics Market Characteristics
3. Colorectal Cancer Molecular Diagnostics Market Trends And Strategies
4. Colorectal Cancer Molecular Diagnostics Market – Macro Economic Scenario
5. Global Colorectal Cancer Molecular Diagnostics Market Size and Growth
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31. Colorectal Cancer Molecular Diagnostics Market Other Major And Innovative Companies
32. Global Colorectal Cancer Molecular Diagnostics Market Competitive Benchmarking
33. Global Colorectal Cancer Molecular Diagnostics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Colorectal Cancer Molecular Diagnostics Market
35. Colorectal Cancer Molecular Diagnostics Market Future Outlook and Potential Analysis
36.Appendix
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