The Insight Partners published latest research report on “Colorectal Cancer Diagnostics Market Share Report, Size, Demand & Growth Forecast to 2028 - COVID-19 Impact and Global Analysis By Modality, and Stool Based Tests and End User”, the global market size is expected to grow USD 16,996.48 million by 2028 from USD 10,374.68 million in 2022;
The Insight Partners published latest research report on “Colorectal Cancer Diagnostics Market Share Report, Size, Demand & Growth Forecast to 2028 - COVID-19 Impact and Global Analysis By Modality, and Stool Based Tests and End User”, the global market size is expected to grow USD 16,996.48 million by 2028 from USD 10,374.68 million in 2022; it is estimated to record a CAGR of 8.7% from 2023 to 2028.
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Global Colorectal Cancer Diagnostics Market Analysis: Competitive Landscape and Key Developments
Medtronic Plc, Illumina Inc, Clinical Genomics Technologies Pty Ltd, EDP Biotech Corp, Epigenomics AG F. Hoffmann-La Roche Ltd, Quest Diagnostics Inc, Novigenix SA, Siemens Healthineers AG, Bruker Corp, and Eiken Chemical Co., Ltd. are among the key companies operating in the colorectal cancer diagnostics market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In March 2023, Sengkang General Hospital collaborate with Medtronic promote AI-assisted colonoscopies. The two organizations have signed a memorandum of understanding to promote AI-assisted colonoscopy for colorectal cancer screening.
In August 2021, Illumina Acquired GRAIL to Accelerate Patient Access to Life-Saving Multi-Cancer Early-Detection Test. GRAIL’s Galleri blood test detects 50 different cancers before they are symptomatic. Illumina’s acquisition of GRAIL will accelerate access and adoption of this life-saving test worldwide.
In January 2020, Illumina, Roche Launched NGS-Based Cancer Diagnostics Partnership. Illumina and Roche have signed a 15-year, non-exclusive collaboration agreement designed to realize next-generation sequencing‘s potential to transform cancer risk prediction, detection, diagnosis, treatment, and monitoring.
In April 2020, Clinical Genomics Expands Strategic Relationship with Quest Diagnostics for Innovative First-Line Colorectal Cancer Screening Blood Test. The alliance also expands the company’s commercialization rights for the Trident Program and COLVERA for CRC monitoring outside the US, Mexico, UK, and India.
Colorectal cancer is a malignant tumor that develops in colonic or rectal tissues. It is the third most common type of cancer (excluding skin cancer) diagnosed yearly in the US. In 2021, 149,500 adults were diagnosed with colorectal cancer in the country. These numbers include 104,270 new colon cancer cases (52,590 men and 51,680 women) and 45,230 new rectal cancer cases (26,930 men and 18,300 women). During 2012–2016, the incidence of colorectal cancer rose by 2% in adults below 50 and 1% in adults of age 50–64 annually. It is estimated to be the fourth most diagnosed cancer among men and women of age 30–39 in the US. The disease caused 52,980 deaths (28,520 men and 24,460 women) in 2021.
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Global Colorectal Cancer Diagnostics Market Share Report, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 10,374.68 million in 2022 |
| Market Size Value by | USD 16,996.48 million by 2028 |
| Growth rate | CAGR of 8.7% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2023 |
| No. of Pages | 213 |
| No. of Tables | 112 |
| No. of Charts & Figures | 77 |
| Historical data available | Yes |
| Segments covered | Modality, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Medtronic Plc, Illumina Inc, Clinical Genomics Technologies Pty Ltd, EDP Biotech Corp, Epigenomics AG, F Hoffmann-La Roche Ltd, Quest Diagnostics Inc, Novigenix SA, Siemens Healthineers AG, Bruker Corp, and Eiken Chemical Co Ltd |
Browse key market insights spread across 213 pages with 112 list of tables & 77 list of figures from the report, “Colorectal Cancer Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Modality [Imaging Tests (Colonoscopy, CT Colonography, Flexible Sigmoidoscopy, Capsule Endoscopy, and Others), and Stool Based Tests [Faecal Immunochemical Test (FIT), Guaiac-based Faecal Occult Blood Test (gFOBT), and Stool DNA Test)] and End User (Hospitals, Diagnostic Laboratories, Cancer Research Institutes, and Others)” in detail along with the table of contents: https://www.theinsightpartners.com/reports/colorectal-cancer-diagnostics-market
Global Colorectal Cancer Diagnostics Market: Segmental Overview
Based on modality, the colorectal cancer diagnostics market is bifurcated into stool-based tests and imaging tests. In 2022, the imaging tests segment accounted for the largest market share and is anticipated to register the highest CAGR during the forecast period. The use of imaging tests in colorectal cancer diagnostics has evolved over the last few years. Imaging results are instrumental in surveillance, diagnosis, staging, treatment selection, and follow-up scheduling. Imaging tests involve looking at the structure of the colon and rectum for the presence of any abnormal areas. Imaging examinations use scopes, tube-like instruments with a light and tiny video camera at their end, inserted into the rectum. These tests scan the inside of the colon and rectum for any abnormal areas that might be cancer or polyps. These tests are used less often than stool-based tests and require more preparation beforehand and have some associated risks, unlike stool-based tests.
Launches of New Products Boost Global Colorectal Cancer Diagnostics Market Growth:
Major players in the colorectal cancer diagnostics market manufacture a wide range of devices that help reduce the burden of colorectal cancer and other associated indications such as colon polyps, Crohn’s disease, colitis, and irritable bowel syndrome. In July 2022, US Digestive Health (USDH), a network of top-rated gastrointestinal (GI) practices, announced the commercialization of AI-assisted colonoscopy screenings with the country’s largest installation of Genious Intelligent GI endoscopy modules. These modules are expected to help physicians identify hard-to-detect and potentially cancerous polyps in real time. With the launch of this device, patients throughout southeastern, southwestern, and central Pennsylvania can now access AI-assisted colonoscopy with enhanced capabilities. In September 2020, Olympus Corporation announced the launch of ENDO-AID, a cutting-edge platform powered by artificial intelligence (AI). The platform includes ENDO-AID CADe application (app), a computer-aided endoscopic method for the detection of different conditions of the colon. This new AI platform enables the real-time display of automatically detected suspicious lesions and works in combination with its EVIS X1. Thus All the above discussed factors are expected to drive the growth of colorectal cancer diagnostics market in the near future.
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Impact of COVID-19 Pandemic on Global Colorectal Cancer Diagnostics Market Growth:
Due to the impacts of the COVID-19 pandemic, the medical device industry is also facing the adverse effects of this pandemic. According to the article published by Health Canada, in 2020, colorectal cancer diagnosis, along with other health care services, was suspended in Canada in the initial phase of the COVID-19 pandemic response. In addition, in 2019, between April 1 and June 30, 2020, approximately 540,000 Canadians underwent colorectal cancer screening using a fecal test, according to Statistics Canada. If these individuals were not screened until two years later, these 540,000 missed screenings can result in approximately 10,000 people with adenomas and colorectal cancers going undetected. From December 2019 to mid-April 2020, there was a 90% drop in CRC screenings, resulting in a 32% drop in new CRC diagnoses and a 53% drop in CRC-related surgical procedures. In addition, in April 2021, the rate of routine screening colonoscopies remained 50% lower than before the pandemic. However, gradually hospitals resumed elective and surgical procedures due to the significant COVID-19 pandemic recovery rate, which started increasing the demand for colorectal procedures. Organized colorectal cancer diagnosis programs and opportunistic screening through individuals’ healthcare providers have been resumed, which has increased the demand for associated surgical procedures.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Colorectal Cancer Market Forecast to 2028 - COVID-19 Impact and Global Analysis
In-Vitro Colorectal Cancer Screening Tests Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Colorectal Procedure Market Forecast to 2028 - COVID-19 Impact and Global Analysis
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