by Colorectal cancer screening involves the use of screening tests and exams to find precancerous polyps or to find colorectal cancer early, when treatment works best. The most common screening tests for colorectal cancer are fecal occult blood test (FOBT), flexible sigmoidoscopy, and colonoscopy. Screening helps find colorectal cancer at the earliest and most treatable stages by allowing polyps to be detected and removed before they turn into cancer.
The global Colorectal Cancer Screening Market is estimated to be valued at US$ 14716.31 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing awareness about the importance of early detection of colorectal cancer is a key trend fueling growth of the colorectal cancer screening market. Screening tests can find colorectal polyps or cancer early when they are small and easier to treat. Most often, screening tests can find precancerous polyps so they can be removed before they turn into cancer. Campaigns by various cancer societies are creating awareness about screening for early detection and improved survival rates. For instance, the Colorectal Cancer Alliance in the US conducts nationwide awareness campaigns to educate people on the signs and symptoms of colorectal cancer and the importance of regular screening from age 45. Such initiatives are expected to increase the adoption of colorectal cancer screening tests during the forecast period.
SWOT Analysis
Strength: Colorectal cancer screening procedures are minimally invasive and can detect cancer at an early stage which improves the chances of successful treatment.
Weakness: Low awareness levels about colorectal cancer screening especially in developing nations can negatively impact early detection. Additionally, some screening procedures require special equipment and trained professionals leading to higher costs.
Opportunity: Rising prevalence of colorectal cancer globally presents major market opportunities. Advancements in screening technologies enable more accurate, convenient and affordable diagnostic solutions creating demand.
Threats: Economic slowdowns, budget constraints impact public healthcare spending on screening programs. Stringent regulations for new product approvals raise entry barriers for players.
Key Takeaways
The Global Colorectal Cancer Screening Market Size is expected to witness high growth driven by increasing incidence of colorectal cancer worldwide. Between 2023-2030 the market is estimated to record a CAGR of 10%.
Regional analysis: North America currently dominates due to favorable public policies and high awareness levels regarding regular screening. Asia Pacific is expected to witness fastest gains owing to improving healthcare infrastructure and initiatives promoting early detection in developing countries.
Key players: Key players operating in the colorectal cancer screening market are Siemens AG, GeoTraq, Robert Bosch GmbH, Continental AG, Valeo, NEC Corporation, Westbase Technology Ltd, Verizon Communications Inc., Cubic Telecom Ltd., BOSCH Service Solutions GmbH, Fleet Complete, TomTom International BV., Teletrac Navman, Ruptela, Arya Omnitalk, EFKON AG, Frotcom International , Hitachi, Ltd., Garmin Ltd., Trimble Inc. Siemens holds the leading share due to their diverse diagnostic equipment and imaging solutions for screening tests.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
