Demand For Colorectal Cancer Diagnostics Is Expected To Rise At A CAGR Of 8.5% Over The Decade
According to Fact.MR, a market research and competitive intelligence provider, the global colorectal cancer diagnostics market is anticipated to rise at a robust CAGR of 8.5% over the next ten years. As per this study, the market was valued at around US$ 2 Bn in 2020, and is anticipated to expand 2.2X by the end of the decade.
Incidence of colorectal cancer is increasing worldwide, and the World Health Organization (WHO) has predicted a rise of around 70% in cases by 2030. Increasing incidence of the disease can be attributed to factors such as poor lifestyle choices, unhealthy eating, aging, and diet-related disorders.
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The advent of new diagnostic tests, increasing uptakes of diagnosis-associated therapies, and initiatives taken by private as well as government organisations are some factors expected to propel growth of the global market for colorectal cancer diagnostics. Increasing unmet requirements across several emerging economies, coupled with the absence of neoadjuvant and adjuvant pipeline agents for diagnosing high-risk patients affected with resectable colorectal cancer is expected to create huge growth opportunities for leading players in the market. However, factors such as growing reluctance towards medications of colorectal cancer by patients, and unawareness across several remote regions of the globe is expected to inhibit the market growth.
6 Key Projections for the Global Colorectal Cancer Diagnostics Market
- North America will continue to be the most lucrative region for the colorectal cancer diagnostics market. Revenue from market in North America is expected to surpass US$ 800 Mn by 2022-end.
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- The colorectal cancer diagnostics market in Asia Pacific excluding Japan (APEJ) is expected to register the fastest expansion during the forecast period. However, revenue from the market in Middle East & Africa (MEA) will continue to be sluggish during the forecast period.
- By test type, FOB will continue to be the largest adopted test for diagnosis of colorectal cancer across the globe. Revenue from FOB tests for colorectal cancer diagnostics will remain largest, followed by CTC tests.
- Immunochemistry tests for colorectal cancer diagnostics will exhibit the highest CAGR through 2022. However, revenue from BRAF tests will remain the lowest in the global colorectal cancer diagnostics market during the forecast period.
- On the basis of end-users, although hospital-associated labs will remain sought-after in the market, cancer research institutes will continue to register the fastest expansion during the forecast period.
- Revenues from hospital-associated labs for colorectal cancer diagnostics are expected to reach nearly US$ 1,000 Mn by 2022-end. Independent diagnostic laboratories will continue to be the second most lucrative end-users in the global colorectal cancer diagnostics market.
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The report also includes a comprehensive landscape of global market for colorectal cancer diagnostics, where companies namely Illumina, Inc., Foundation Medicine, Inc., Sysmex Corporation, Cancer Genetics, Inc., Danaher Corporation, Biocept, Inc, Pathway Genomics Corporation, Rosetta Genomics, Epigenomics AG, and Exact Science Corporation are profiled.
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