In-vitro Colorectal Cancer Screening Tests Market Size is forecast to reach USD 903.1 Million by 2023; as per the latest report by Global Market Insights, Inc.
High concerns for early diagnosis, and demand for more accurate and user-friendly technologies, will propel global in-vitro colorectal cancer screening tests market demand.
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The industry is pre-dominantly driven by fecal occult blood tests (FOB) with more than USD 230 Million in revenue for 2015. In terms of geography, developed markets of the U.S. and Europe will continue witnessing steady demand, while the industry will largely be driven by Asia Pacific.
Colorectal cancer (CRC) DNA screening test will be key technology dominating the industry trend, slated to generate over USD 57.3 Million in revenue, growing at a swift 10% CAGR from 2016 to 2023.
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Among the CRC DNA tests, panel DNA tests accounted for major share of 64% in 2015. High accuracy and sensitivity of these tests as compared to the other cancer screening tests will drive demand for panel DNA tests.
Global in-vitro colorectal cancer screening tests market is majorly driven by the encouraging government initiatives such as mandatory application of cancer screening tests. In 2010, the European Commission in collaboration with International Agency for Research on Cancer (IARC) produced the 1st edition of the European Guidelines for Quality Assurance in Colorectal Cancer Diagnosis and Screening for raising quality standards of cancer diagnosis.
Furthermore, technological developments including genetics and conventional FOB tests combination for higher accuracy and sensitivity, and increasing genetic testing applications in DNA screening and biomarker tests owing to rising demand for accurate and easy to use cancer screening tests should also drive growth.
Increasing colorectal cancer prevalence will be key for in-vitro colorectal cancer screening market growth throughout the next decade. Colorectal cancer is the third most common form of cancer, and mortality trend due to CRC is on rise, making it second most lethal cause of all cancers.
Europe, more prone to the risk of colorectal cancer, exhibits a relatively higher mortality rate. The awareness regarding importance of colorectal screening test has significantly increased with increasing mortality rates due to colorectal cancer.
Key insights from the report include:
- Global in-vitro colorectal cancer screening tests market size was USD 599.8 Million in 2015, with USD 903.1 Million revenue expectation by 2023.
- North America, with U.S. in-vitro colorectal cancer screening tests market dominating regional revenue, accounted of 46% of 2015 sales.
- Germany in-vitro colorectal cancer screening tests market looks set to surpass USD 60 Million by 2023, at 5.8% CAGR.
- Fecal occult blood tests dominated the global in-vitro colorectal cancer screening market in 2015, with over USD 500 Million in revenue.
- New entrant threat is expected to remain low throughout forecast period. High research and development investments entailing the introduction of new products, and stringent FDA regulations are expected to elevate the barrier for new entrants.
- Presence of untapped opportunities in emerging markets of India, China, Malaysia, South Korea, and Brazil are expected to offer potential growth opportunities.
- Increasing per capita healthcare spending, disposable income levels in these countries and rising awareness regarding early diagnosis of colorectal cancer are some of the factors that may drive growth.
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