In-vitro Colorectal Cancer Screening Tests Market | Trends, Share, Growth Rate, Opportunities and Market Forecast 2015-2023
The global in-vitro colorectal cancer screening tests market features an increasingly consolidated landscape with low threat of entry by new players, notes Transparency Market Research (TMR). A sizeable share of the global in-vitro colorectal cancer screening tests market has been contributed by only three companies in recent years. These leading companies-Beckman Coulter, Inc., Quest Diagnostics, Inc., and Sysmex Corporation-strive to retain their stronghold in the global in-vitro colorectal cancer screening tests market by engaging into long-term tie-ups and making several mergers and acquisitions.
TMR observes that prominent players currently witness low level of threat by new entrants as their entry are restricted by increasing regulatory pressure by prominent regulatory agencies such as U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA). This also makes the global in-vitro colorectal cancer screening tests market increasingly dynamic during the assessment period.
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The global in-vitro colorectal cancer screening tests market stood at US$602.3 million in 2016 and is projected to reach a revenue worth of US$980.6 million by 2023 end. The market will clock a CAGR of 7.5% during 2015–2023.
Of the various in-vitro colorectal cancer screening tests, fecal occult blood (FOB) testing is anticipated to attract a higher share by the end of the forecast period. By 2023 end, the segment is estimated to contribute opportunities worth of US$567.7 million in the in-vitro colorectal cancer screening tests market. The prominence is attributed to the extensive use of this test for diagnosing early signs of colon cancer. The simplicity and cost-effectiveness of the test has fueled its uptake.
Regionally, North America is expected to hold a lion’s share in the global in-vitro colorectal cancer screening tests market throughout the assessment period. The revenues are driven by the vast presence of elderly populations.
Substantial Morbidity and Mortality of Colorectal Cancer accounts for Copious Market Prospects
Colorectal cancer accounts for a substantial share of cancer-related mortality in several countries has risen over past few decades across the world. Being the third most common cancer and the fourth most common cause of cancer death, colorectal cancer accounts for substantial morbidity and mortality worldwide. The demand for in-vitro colorectal cancer screening tests for the early detection of the cancer rides on the back of these factors.
The popularity stems from the fact that in-vitro colorectal cancer screening tests are largely non-invasive assay and meet conditions of screening validity and compliance. The demand is propelled by the need for high screening validity of the tests and cost effective assays among patient populations world over. The rising demand for regular periodic screening in healthy populations is also boosting the global in-vitro colorectal cancer screening tests market.
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The growing case of middle- or late-stage colorectal cancer in various parts of the world is a notable trend bolstering the need for regular screening, thereby propelling the growth of the global in-vitro colorectal cancer screening tests market. The rising demand for tests with better sensitivity and specificity is catalyzing the uptake of fecal immunochemical tests in patient populations. Rising popularity of non-invasive diagnostics in the management of colorectal cancer is also expected to impart lucrative avenues to market players.
Strict Regulatory Framework in Several Countries key Constraint for New In-Vitro Colorectal Cancer Screening Tests
However, the growth in global in-vitro colorectal cancer screening tests market is beset by several factors. For one, the high cost of assays is hindering the demand. In addition, strict regulatory framework for approval in developing markets and the lack of devices with good sensitivity are trends hampering the prospects. Furthermore, the presence of a high degree of consolidation is also hindering the growth in the in-vitro colorectal cancer screening tests market.
Nevertheless, growing prevalence of inherited diseases in various parts of the world bodes well for the in-vitro colorectal cancer screening tests market. Moreover, a wide diversity of in-vitro colorectal cancer screening tests modules is in the pipeline, which will create abundant opportunities for market players to capitalize on. High unmet needs in developing markets also augur well for the growth.