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Colorectal Cancer Diagnostics Market Size

Report ID: GMI6924
Published Date: Oct 2023
Report Format: PDF

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Colorectal Cancer Diagnostics Market Size

Colorectal Cancer Diagnostics Market size was valued at USD 13 billion in 2022 and is estimated to account for USD 30.2 billion by 2032. Colorectal cancer is one of the most prevalent cancer types and third most occurring cancer worldwide. According to the World Cancer Research Fund, there were an estimated 1.9 million new cases of colorectal cancer in 2020. This high incidence rate has fueled the demand for colorectal cancer diagnostics.

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The American Cancer Society recommends initiating the screening for CRC at the age of 45 instead of 50 as around 10% of colorectal cancer cases belongs to patients with less than 50 years of age. Thus, a considerable rise in the incidence and prevalence rate of early onset of CRC resulting in the demand for reliable diagnostics will stimulate the market growth. Also, detection at an early stage, the five-year survival rate can exceed to 90%, making early diagnosis crucial will promote market demand.

Colorectal Cancer Diagnostics Market Report Attributes
Report Attribute	Details
Base Year:	2022
Colorectal Cancer Diagnostics Market Size in 2022:	USD 13 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	8.9%
2032 Value Projection:	USD 30.2 Billion
Historical Data for:	2018 to 2022
No. of Pages:	125
Tables, Charts & Figures:	172
Segments covered:	Test Type, End-use and Region
Growth Drivers:	Increasing incidence and prevalence of colorectal cancer Government initiatives and policies associated with cancer screening tests Technological advancements in field of cancer diagnostics Growing awareness regarding early diagnosis
Pitfalls & Challenges:	High cost of diagnostic tests and procedures Lack of reimbursement policies for diagnostic tests

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global colorectal cancer diagnostics industry value was USD 13 billion in 2022 and is estimated to account for USD 30.2 billion by 2032.

The hospitals segment garnered USD 5,335.9 million in the year 2022 and is expected to witness substantial growth through 2032 as awareness campaigns and educational efforts conducted at hospitals have significantly influenced public understanding of cancer screenings importance.

U.S. colorectal cancer diagnostics market accounted for USD 4.3 billion revenue size in 2022 and is predicted to witness substantial market growth through 2032 attributable to factors such as the presence of major business players, an increase in colorectal cancer screening procedures, etc.

Abbott Laboratories, BioMerieux SA, Becton, Dickinson, and Company, GE Healthcare, Qiagen N.V, F-Hoffmann-La Roche Ltd, Siemens Healthineers, Sysmex Corporation, Thermo Fischer Scientific, Hologic Inc., and Epigenomics AG.