by Colorectal cancer screening refers to a series of clinical examination and tests for detecting precancerous polyps or early cancer in the colon and rectum. Common screening tests include fecal occult blood test (FOBT), fecal immunochemical test (FIT), flexible sigmoidoscopy, computerized tomography (CT) colonography, and colonoscopy. The rising geriatric population and increasing awareness about colorectal cancer are key factors driving the demand for screening. According to the American Cancer Society, regular screening can detect colorectal cancer early, when treatment is most effective, and screening saves lives.
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 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing screening program initiatives by governments and public organizations: Various awareness programs and early detection campaigns are being carried out globally to promote regular screening. For instance, the US Preventive Services Task Force and the American Cancer Society recommend routine screening for colorectal cancer starting at age 45 for average-risk individuals. Additionally, governments worldwide are formulating new policies and initiating national screening programs which is driving the uptake of screening tests. For example, colorectal cancer is part of the UK’s national screening programs that offers screening every 2 years for people aged 60-74 years. Rising awareness about early diagnosis and its benefits, along with government support through policies and funding is expected to boost the screening rates. This, in turn, will propel the colorectal cancer screening market growth over the forecast period.
Increasing emphasis on preventive healthcare and early disease diagnosis: With rising healthcare expenditures, there is growing focus on preventive healthcare globally. Early cancer screening allows detecting disease at curable stages, which leads to higher chances of survival and less invasive as well as costly treatments. Regular screening also helps in reducing long-term treatment costs incurred for advanced-stage cancer diagnosis. This shifts the paradigm from chronic disease management to preventive healthcare. As a result, individuals have started increasingly opting for routine screening tests such as colonoscopy for colorectal cancer prevention even without symptoms. Higher awareness about economic and health advantages of early detection is a major factor estimated to drive the market.
Segment Analysis
Colorectal cancer screening market is segmented into the test type, technology, end user and region. The test type segment is further segmented into fecal occult blood test, sigmoidoscopy, colonoscopy, double contrast barium enema and CT colonography. Among these colonoscopy segment dominates the global colorectal cancer screening market due to higher accuracy rates and it helps in visualizing the entire colon and rectum. It also helps in removing the pre-cancerous polyps during the test itself thereby reducing the chances of colon cancer.
PEST Analysis
Political: Governments across various countries are promoting awareness programs for colorectal cancer screening which is positively impacting the market growth. Favorable reimbursement policies for colorectal cancer screening tests are also supporting the market.
Economic: Rising healthcare expenditure and increasing disposable incomes have increased the affordability of people towards preventive healthcare which is driving the colorectal cancer screening market.
Social: Growing prevalence of colon cancer and initiatives by various cancer organizations to spread awareness about early detection are influencing more people to opt for regular screening.
Technological: Advancements in colorectal cancer screening technologies like CT colonography and minimally invasive surgical procedures are improving patient outcomes and experience thereby facilitating the market growth.
Key Takeaways
The Global Colorectal Cancer Screening Market is expected to witness high growth during the forecast period. 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 5.8% over the forecast period 2023 to 2030.
Regionally, North America dominates the market and is expected to remain the largest market during the forecast period due to increasing healthcare awareness, favorable reimbursement policies and advanced healthcare infrastructure. According to the American Cancer Society, nearly 150,000 new cases of colorectal cancer are diagnosed annually in the US.
Some of the major players operating in the Colorectal Cancer Screening Market are Daikin Industries, Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Panasonic Corporation, Johnson Controls International plc. Key players are focused on launching new technologically advanced and affordable diagnostic products to expand their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
