In-Vitro Colorectal Cancer Screening Tests Market Size

In-Vitro Colorectal Cancer Screening Tests Market Size

In-Vitro Colorectal Cancer Screening Tests Market size exceeded USD 765 million in 2020 and is anticipated to grow at a CAGR of over 5.9% between 2021 and 2027. Rising incidence of colorectal cancer (CRC) owing to various factors such as adoption of unhealthy lifestyle, diabetes, and aging population among others are stimulating the market growth. Moreover, growing awareness regarding in-vitro colorectal cancer screening tests and increasing use of biomarkers are expected to promote the market expansion.

However, several restraints associated with the use of in-vitro colorectal cancer screening tests such as lack of qualified staff and screening guidelines in developing regions may negatively impact the in-vitro colorectal cancer screening tests market growth. Inadequate reimbursement scenario pertaining to in-vitro colorectal cancer screening tests may further restrict the industry expansion. Shortage of trained medical workers in APAC region with the aging demographics and increased workload of physicians is poised to rise dramatically.
 

Additionally, dearth of favourable policies & campaigns for promoting the knowledge and use of in-vitro colorectal cancer screening tests is set to hamper the in-vitro colorectal cancer screening tests market progression. Furthermore, the U.S. FDA reviews and approves cancer screening tests, prescription drugs, and medical devices for colorectal cancer screening. These screening tests are mandated to obtain a premarket approval (PMA) before commercializing the product. The PMA approval refers to a complex process that requires safety & effectiveness data and has to undergo clinical trials study. The U.S. FDA regulates these tests to maintain regulatory standards.
 

The COVID-19 pandemic arose as an unparalleled health concern that has rendered negative impact on the in-vitro colorectal cancer screening tests market. The coronavirus outbreak affected global economy and multiple sectors. Revised standard operating protocols, travel restrictions, and social distancing measures further limited the hospital admissions related to non-COVID patients. Nationwide lockdowns, travel limitations, and emergencies declared in several countries disrupted the supply chain of healthcare products, further limiting the industry progression. Negligence towards non-COVID related medical operations hampered the use of in-vitro colorectal cancer screening tests globally.
 

However, several initiatives adopted by the public organizations to facilitate the colorectal cancer screening has benefitted the in-vitro colorectal cancer screening tests market demand. For instance, as per the Cancer.org, recent reports indicate that healthcare systems in California continued the supply of FIT kits in April and May of 2020. The FIT response rates remained high, despite the onset of the pandemic. Moreover, the European Cancer community mobilised its resources to assess, address, and mitigate the negative impact of COVID-19 crisis on colorectal cancer screening.