Colorectal Cancer Diagnostics Market Analysis

Colorectal Cancer Diagnostics Market Analysis

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The market by test type is categorized into threshold suspend blood test, stool tests, imaging test, biopsy, estimated to reach USD 4.8 billion by 2032 and others. The imaging test is further bifurcated into computed tomography scan, ultrasound, magnetic resonance imaging scan, positron emission tomography scan, colonoscopy, and others. The imaging test segment garnered USD 6.4 billion revenue size in the year 2022.
 

• The healthcare facilities are adopting innovative screening tests that results into an improved clinical outcome thereby increasing patient preference ratio
   
• The rising number of admissions for colorectal cancer screening along with the presence of highly skilled medical imaging professionals, are contributing to the positive growth of the segment
   

As a result, the combination of improved accessibility to better treatment and diagnosis, along with the increasing prevalence of colorectal cancer, is projected to drive more patients to visit diagnostics laboratories, ultimately boosting the segment revenue.
 

Based on end-use, the colorectal cancer diagnostics market is segmented into hospitals, diagnostic imaging centers, cancer research centers, and others. The hospitals segment garnered USD 5.3 billion revenue size in the year 2022. The increasing demand for colorectal cancer screening at hospitals is driven by a multitude of factors as follows;
 

• Awareness campaigns and educational efforts conducted at hospitals have significantly influenced public understanding of cancer screening's importance.
   
• Advanced screening guidelines, now recommending screenings for a broader range of individuals, have extended the eligibility criteria driving high number of people opting for disease screening at this medical setting.
   
• Moreover, insurance coverage for screenings has expanded, making them more accessible at hospitals.
   

U.S. colorectal cancer diagnostics market accounted for USD 4.3 billion revenue size in 2022 and is predicted to witness substantial market growth over the analysis timeline. This significant market share is attributable to several factors such as the presence of major business players, an increase in colorectal cancer screening procedures, etc.
 

• The presence of prominent players that are engaged in the new product development & commercialization is facilitating the industrial expansion in the country.
   
• Furthermore, the high prevalence rate of colorectal cancer and the rising hospital admission emphasizes the growing need for cancer screening.
   
• The availability of advanced technologies will facilitate the market growth in the U.S. augmenting the overall business growth in the country.