Colorectal cancer diagnostics are a wide range of screening tests and diagnostic procedures that are employed before treating a patient with colon cancer. A typical diagnosis of colorectal cancer consists of tests such as colonoscopy, biopsy, blood sample testing, CT scan, ultrasound, MRI, and molecular testing of the growing tumor.
A recent report by Fact.MR projects the global colorectal cancer diagnostics market to register an impressive expansion at 8.5% CAGR during the forecast period 2017 to 2022. Revenues from the global colorectal cancer diagnostics market are expected to surpass US$ 2,000 Mn by 2022-end.
Surging Unmet Requirements for Colorectal Cancer Diagnostics in Emerging Economies to Pave Growth Opportunities for Market Players
The emergence of new improved diagnosis tests, soaring uptakes of diagnosis-associated therapies, and increasing initiatives by private and government organizations are factors likely to fuel the growth of the global colorectal cancer diagnostics market.
Surging unmet requirements for colorectal cancer diagnostics around many emerging economies, along with the shortage of neoadjuvant as well as adjuvant pipeline agents for diagnosing high-risk patients suffering from resectable colorectal cancer is anticipated to pave tremendous growth opportunities for global leaders in the market.
In contrast, factors such as rising patient reluctance against medications of colorectal cancer, and the absence of awareness about therapeutics and diagnostics of colorectal cancer in many remote regions around the world are estimated to impede the market growth.
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Introduction of Effective Diagnosis Tests and Development of Screening Methods to Drive the Market Growth
The World Cancer Research Fund estimates the colorectal cancer to be the third-most occurring form of cancer around the world. In 2012, more than 1 Mn people were diagnosed with colorectal cancer. Majority of these were reported in the developed economies, and this is anticipated to surge in the near future.
These incidences of colorectal cancer have boosted demand for their diagnostics worldwide. In addition, the number of deaths caused by colorectal cancer has witnessed a decline over the recent past, on the back of awareness spread by American Cancer Society (ACS). Introduction of effective instruments, along with the development of screening methods are estimated to further propel growth of the global market for colorectal cancer diagnostics.
The market for colorectal cancer diagnostics in Asia Pacific excluding Japan (APEJ) is estimated to exhibit the fastest expansion throughout the forecast period. Revenue from the market in Middle East & Africa (MEA) will continue to be sluggish during the forecast period. North America will remain the most lucrative region for colorectal cancer diagnostics.
North America’s colorectal cancer diagnostics market is anticipated to account for nearly US$ 800 Mn in revenues by 2022-end. Markets in Europe and North America are estimated to register a parallel expansion at a CAGR of 8.6% through 2022.
FOB Tests will Continue to Witness Largest Adoption for Colorectal Cancer Diagnostics
FOB tests will remain the largest adopted tests for colorectal cancer diagnostics across the globe. In addition, FOB tests in the global colorectal cancer diagnostics market will account for the largest revenues, followed by CTC tests.
The immunochemistry tests will register the highest CAGR in the market through 2022. However, BRAF tests will account for the lowest revenues in the global market for colorectal cancer diagnostics throughout the forecast period.
Based on end-users, even though hospital-associated labs are estimated to remain sought-after for colorectal cancer diagnostics, cancer research institutes will register the fastest expansion through 2022.
Hospital-associated labs in the global colorectal cancer diagnostics market are estimated to account for nearly US$ 1,000 Mn in revenues by 2022-end. In addition, independent diagnostic laboratories will remain the second-largest end-users of colorectal cancer diagnostics in the global market.
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The report has also profiled prominent players in the global market for colorectal cancer diagnostics, which include
- Illumina Inc
- Sysmex Corporation
- Danaher Corporation
- Rosetta Genomics
- Epigenomics AG
- Exact Science Corporation
- Pathway Genomics Corporation
- Biocept Inc.
- Cancer Genetics Inc
- and Foundation Medicine Inc.
Additional information, including cross-sectional data and country-wise analysis & forecast is available in the report)
Medical organizations as well as leaders in the global pharmaceuticals industry are stepping up their efforts towards development of profound diagnosis for colorectal cancer.
Rising number of deaths caused by colorectal cancer is taking a toll on governments as people are demanding precision diagnosis and a cure-all for this terminal disease.
In a bid to adapt to the urban rat race, millions of consumers have adopted lifestyles that are stemming the occurrence of colorectal cancer. For public administration authorities, compelling people to avoid such lifestyles is like challenging the status quo.
The burden of controlling the incidence of colorectal cancer gets passed on to hospitals & medical research organizations as they strive to develop novel diagnostic and therapeutic procedures.
The report on the global market for colorectal cancer discusses such key factors that govern the economics of colorectal cancer diagnostics across the globe. Some of the key influences for the growth of global colorectal cancer diagnostics market include:
- rising presence of carcinogenic elements in common consumables
- surging exposure to toxic substances in factories & industrial settings
- lack of awareness related to causes, symptoms, and preventive measures for colorectal cancer
- high healthcare costs, deterring colorectal cancer patients from seeking optimum diagnosis
With growing incidence of colorectal cancer, the future generations will witness a more accessible, affordable, and diagnosis-associated treatment for colorectal cancer. As colorectal cancer research organizations & societies struggle to develop effective medications in tight-budgeted capitals, governments are deploying initiatives that boost the awareness of colorectal cancer.
Need for Premeditated Colorectal Cancer Patient Compliance
Colorectal cancer patients are often riddled with confusing options for diagnosis. Choosing the right screening test can become a dilemma for the patient and his/her family.
Companies manufacturing medical instruments and devices for diagnosis of colorectal cancer are expected to mitigate such difficulties by facilitating a well-laid patient compliance regime.
The global market for colorectal cancer diagnostics is anticipated to witness significant impact from diagnosis-associated patient compliance trials. Positive attitudes of patients towards certain diagnosis alternatives is decisive in changing future undertakings.
Prominent diagnostic tools are likely to be replaced with their upgraded variants. The report has highlighted the influence of government undertakings in offering a better compliance for diagnosis of colorectal cancer patients.
Key players in the global colorectal cancer diagnostics market are collaborating with regional health ministries and medical administrators for gauging the impact of therapeutic diagnosis on colorectal cancer patients. Such cooperative efforts are of paramount importance in the global colorectal cancer diagnostics market, where overlooking the plausible aftereffects of diagnostic procedures can cost lives.
Colorectal Cancer diagnostics market – Regional Overview & Competitive Backdrop
A comprehensive section on the regional analysis of global colorectal cancer diagnostics market is included in the report. North America, Europe, Japan, Asia-Pacific excluding Japan (APEJ), Latin America, and Middle East & Africa are key regions into which the expansion of global colorectal cancer diagnostics market is studied.
Developed markets with robust healthcare infrastructures are deemed lucrative for patients seeking diagnosis for colorectal cancer. On the other hand, higher resource availability, cheap wages, and lenient manufacturing regulations in developing regions attract the attention of manufacturers of colorectal cancer diagnosis instruments.
In the report, there is an elaborate section on the competitive landscape of global colorectal cancer diagnostics market. This part profiles key players in the global market, which includes leading manufacturers of diagnostic devices and related medical apparatus.
The scalability employed in profiling these players includes criteria such as the company’s contribution to global colorectal cancer diagnostics market revenues, recent mergers & acquisitions involving the company, and new product launches.
Through this report, companies can also understand the investment standpoint in the global colorectal cancer diagnostics market, which can be further inferred while taking insightful actions.
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