by The global colorectal cancer diagnostics market size was estimated at USD 14.25 billion in 2023 and is projected to reach around USD 33.48 billion by 2033, growing at a CAGR of 8.92% from 2024 to 2033.
Key Points
- The North America colorectal cancer diagnostics market size accounted for USD 5.70 billion in 2023 and is expected to attain around USD 13.56 billion by 2033.
- North America dominated the market with the largest revenue share of 40% in 2023.
- Asia- Pacific is observed to be the fastest growing market during the forecast period.
- By test type, the imaging test segment has contributed more than 49% of market share of 2023.
- By test type, the blood test segment is observed to be the fastest growing market during the forecast period.
- By end-use, the hospitals segment has held the major revenue share of 42% in 2023.
- By end-use, the diagnostic imaging centers segment is observed to be the fastest growing in the market during the forecast period.
The Colorectal Cancer Diagnostics Market encompasses various diagnostic tools and techniques used for the detection and monitoring of colorectal cancer, which is one of the most prevalent cancers globally. These diagnostics aid in the early detection, staging, and personalized treatment planning for patients with colorectal cancer. The market includes a wide range of products such as fecal occult blood tests (FOBT), colonoscopies, imaging modalities like CT scans and MRI, biomarker tests, and genetic testing kits.
Get a Sample: https://www.precedenceresearch.com/sample/4308
Growth Factors
The market for colorectal cancer diagnostics is driven by several factors, including the increasing incidence of colorectal cancer worldwide due to aging populations, sedentary lifestyles, and dietary habits. Moreover, growing awareness about the importance of early detection and screening programs, advancements in diagnostic technologies leading to improved accuracy and efficiency, and rising investments in healthcare infrastructure contribute to market growth. Additionally, the development of novel biomarkers and genetic testing methods for precise diagnosis and prognosis fuels market expansion.
Region Insights:
The colorectal cancer diagnostics market exhibits significant regional variation, with North America and Europe leading in terms of market share due to well-established healthcare infrastructures, higher adoption rates of advanced diagnostic techniques, and favorable reimbursement policies. Asia-Pacific is anticipated to witness rapid growth driven by increasing healthcare expenditure, rising awareness, and expanding access to healthcare facilities in emerging economies such as China and India.
Colorectal Cancer Diagnostics Market Scope
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 8.92% |
| Colorectal Cancer Diagnostics Market Size in 2023 | USD 14.25 Billion |
| Colorectal Cancer Diagnostics Market Size in 2024 | USD 15.52 Billion |
| Colorectal Cancer Diagnostics Market Size by 2033 | USD 33.48 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Test Type and By End-use |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Colorectal Cancer Diagnostics Market Dynamics
Drivers:
Several factors drive the demand for colorectal cancer diagnostics, including the rising prevalence of colorectal cancer globally, growing emphasis on early detection and screening programs, technological advancements leading to more accurate and minimally invasive diagnostic procedures, and government initiatives promoting cancer awareness and screening. Furthermore, the integration of artificial intelligence and machine learning algorithms into diagnostic tools enhances their efficiency and accuracy, driving market growth.
Opportunities:
The colorectal cancer diagnostics market presents numerous opportunities for growth, including the development of point-of-care testing solutions for rapid and convenient diagnosis, expansion of screening programs in underserved regions, collaborations between diagnostic companies and research institutions to innovate new diagnostic technologies, and personalized medicine approaches for targeted therapy based on genetic profiling and biomarker analysis.
Challenges:
Despite significant advancements, the colorectal cancer diagnostics market faces challenges such as the high cost associated with advanced diagnostic tests, limited accessibility to healthcare services in rural and remote areas, reluctance among individuals to undergo screening due to social stigma or fear, and regulatory hurdles related to the approval and commercialization of new diagnostic products. Moreover, the complexity of interpreting diagnostic results and the need for skilled healthcare professionals pose challenges to effective diagnosis and management.
Read Also: Battery Power Tools Market Size to Reach USD 49.70 Bn by 2033
Colorectal Cancer Diagnostics Market Recent Developments
- In January 2024, A novel minimal residual disease (MRD) assay called Mx has been released by the technology company Tempus. It is intended for use in research on colorectal cancer (CRC). The xM assay is a plasma-based, tumor-naïve test that finds circulating tumour DNA (ctDNA) in blood samples from individuals who have had surgery for early-stage colorectal cancer. The xM assay, which is only now accessible for research purposes, is a liquid biopsy method of evaluating MRD that does not require baseline tumor tissue. Using methylation and genetic variation classifiers yields a binary MRD result.
- In November 2023, Leading precision oncology business Guardant Health, Inc. said it has introduced ShieldTM, a blood-based colorectal cancer screening test, in association with Samsung Medical Center in South Korea.
- In March 2023, With great pleasure, BGI Genomics announced the introduction of COLOTECTTM 1.0 in Slovakia, working with local partner Zentya. Zentya is a Slovak provider of healthcare solutions committed to giving patients access to cutting-edge genetic screening technology to help diagnose and expedite the treatment of hereditary illnesses.
Colorectal Cancer Diagnostics Market Companies
- Abbott Laboratories
- BioMerieux SA
- Dickinson and Company
- GE Healthcare
- Qiagen N.V
- Thermo Fischer Scientific
- Hologic Inc
- Epigenomics AG
- F-Hoffmann-La Roche Ltd
- Siemens Healthineers
- Sysmex Corporation
Segments Covered in the Report
By Test Type
- Blood Test
- Stool Test
- Fecal Occult Blood Test (FOBT)
- Fecal Biomarker Test
- CRC DNA Screening Test
- Imaging Test
- Computed Tomography (CT) scan
- Ultrasound
- Magnetic Resonance Imaging (PET) scan
- Positron Emission Tomography (PET) scan
- Colonoscopy
- Other Imaging Tests
- Biopsy
- Other Test Types
By End-use
- Hospitals
- Diagnostic Imaging Centers
- Cancer Research Centers
- Others
By Geography
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
Contact Us:
Mr. Alex
Sales Manager
Call: +1 9197 992 333
Email: sales@precedenceresearch.com
Web: https://www.precedenceresearch.com
Blog: https://www.uswebwire.com/
