In-Vitro Colorectal Cancer Screening Tests Market Size over $900mn by 2023
Published Date: January 31, 2017 Author: Global Market Insights, Inc.
In-Vitro Colorectal Cancer Screening Tests Market size will exceed USD 900 million by 2023; according to a new research report by Global Market Insights, Inc.
Demand for highly accurate and minimally invasive cancer screening tests is witnessed to increase R&D investments in colorectal cancer genetic screening tests. Introduction of favorable government initiatives is poised to rise the industry demand over the coming years. Colorectal cancer (CRC) yearly affects over one million women and men and causes more than half a million deaths. China in-vitro colorectal cancer screening tests market may generate over USD 35 million by 2023 due to colorectal cancer high death rates in the region over the past years.
UK and Germany in-vitro colorectal cancer screening tests market exhibits high growth due to increasing prevalence of disease. Germany in-vitro colorectal cancer screening tests market share is likely to grow at significant rate by 2023 with increasing government initiatives to improve cancer control with screening quality and healthcare funding.
Fecal occult blood (FOBT) testing is the most frequently used method. It is less expensive and has grownup existence in the healthcare industry in contrast to other tests. Methylated gene testing and transferrin assays are the new DNA screening and biomarker tests.
Demand for CRC DNA screening tests may increase at the highest CAGR by 2023, due to increasing R&D expenditure by major industry players in the advanced development. Immuno-FOB stool tests and transferrin assays has shown comparable accuracy owing to easy applicability and is forecast to observe rise in demand over the coming years. The use of non-invasive diagnostics for cancer screening test allows healthcare experts to conduct examinations relatively faster and with high accuracy. The entry of such technologically advanced genetic tests for cancer screening should positively affect the industry.
In 2016, nearly 60% - 70% of patients were suffering from CRC at mid or late stage when they were first-time diagnosed, leading to the high death rate. Recently, Cologuard (Exact Sciences) was approved by U.S. FDA and showed high CRC sensitivity (87%) and adenomas (82%). ColoVantage (Quest Diagnostics) is estimated to achieve an overall 70% sensitivity and 89% specificity. It has successfully detected cancer at all stages.
Promising geo-political scenario and government support in the developed regions of Europe and North America for catering the need of growing cases of colon and rectal cancer favors the future industry growth. Regional agencies have installed guidelines for the regular screening of colorectal cancer and risk levels of diagnosis associated with it.
Browse key industry insights spread across 90 pages with 36 market data tables & 6 figures & charts from the report, “In-Vitro Colorectal Cancer Screening Tests Market Size By Test Type (Fecal Occult Blood Tests [Guaiac FOB Stool, Immuno-FOB Agglutination, Lateral Flow Immuno-FOB, Immuno-FOB ELISA], Biomarker Tests [Tumor M2-PK Stool, Transferrin Assays], CRC DNA Screening Tests [Methylated Gene Testing, Panel DNA Tests]), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, China, Brazil, Mexico, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
North America, led by U.S. in-vitro colorectal cancer screening tests market was valued at over USD 250 million in 2015. High presence of geriatric population and increasing prevalence of colorectal cancer may drive regional growth. UK in-vitro colorectal cancer screening tests market will the fastest growing in Europe by 2023 owing to favorable government policies and high disease prevalence rate.
Asia Pacific, driven by China and Japan, will be the fastest growing in-vitro colorectal cancer screening tests market, on account of increasing number of geriatric population and unhealthy lifestyles leading to cancer. Brazil and Mexico should grow at approximately similar rate with increasing healthcare expenditure.
Fecal occult blood test is the highest revenue generating test in 2015 due to increased use and easily applicable to large group of people at once. Immuno-FOB ELISA test market size may show significant gains at over 4.0% CAGR owing to accuracy offered by this test.
Global in-vitro colorectal cancer screening tests market is marked by strategic associations, mergers and acquisitions, and partnerships to expand product range. Major industry players are Alere, Abbott, Eiken Chemical, Siemens Healthcare and Beckman Coulter. Strict government policies challenge new players from entering the industry.
In-vitro colorectal cancer screening tests market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2012 to 2023, for the following segments:
In-Vitro Colorectal Cancer Screening Tests Market By Product
- Fecal occult blood test
- Guaiac FOB stool test
- Immuno-FOB agglutination test
- Lateral flow immuno-FOB test
- Immuno-FOB ELISA test
- Biomarker test
- Tumor M2-PK stool test
- Transferrin assays
- CRC DNA screening test
- Methylated gene test
- Panel DNA test
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa