by Colorectal cancer screening refers to medical exams and tests used to find polyps or cancer of the colon and rectum in people who have no symptoms. Several screening tests are available to detect colorectal cancer, including fecal occult blood test, sigmoidoscopy, barium enema, and colonoscopy. These screening tests help detect both adenomatous polyps (benign tumors that may develop into cancer over time) and colorectal cancer in early stages, when treatment is most effective. The global colorectal cancer screening market seeks to detect precancerous polyps or cancer at an early stage when treatment is most effective through various screening tests. The increasing awareness regarding the importance of early screening and diagnosis as well as rising incidence of colorectal cancer is primarily driving the growth of the global market.
Market key trends:
One of the key trends gaining popularity in the colorectal cancer screening market is the rising adoption of non-invasive screening tests. Non-invasive screening tests like fecal immunochemical tests and imaging tests are gaining higher acceptance compared to invasive colonoscopy and sigmoidoscopy tests due to benefits like convenience, affordability and less discomfort. Imaging tests utilize virtual colonoscopy technology which uses CT scans or MRI to generate two-dimensional and three-dimensional images of the colon and rectum without the need for sedation or colon cleansing. Increasing demand for non-invasive options is expected to drive the future market growth. Another trend observed is the technological advancements in colorectal cancer screening tests. Players are increasingly investing in development of more accurate, easier to use and non-invasive screening tests utilizing imaging technologies, biomarkers, artificial intelligence and machine learning algorithms which is anticipated to surge the demand.
Porter’s Analysis
Threat of new entrants: Low barriers for new players to enter the colorectal cancer screening market. The market requires advanced technologies and high capital investments which limits new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the critical nature of colorectal cancer screening products and services and limited options available.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power as raw materials and components require specialized production processes and technologies. This limits the number of suppliers.
Threat of new substitutes: Low threat as there are limited alternatives for colorectal cancer screening. Advanced technologies for early detection provide little threat of substitution.
Competitive rivalry: The market has several international players operating globally resulting in high competitive rivalry. Players compete on technologies, services, and pricing.
Key Takeaways
The Global Colorectal Cancer Screening Market Demand is expected to witness high growth over the forecast period driven by rising colorectal cancer incidence rates globally. Asia Pacific region is anticipated to grow at fastest pace attributed to increasing healthcare expenditure and demand for advanced diagnostic solutions in major countries like China and India.
Regional analysis: North America dominates the market with the largest share owing to advanced healthcare infrastructure, technological advancements, and rising awareness for early disease detection. However, Asia Pacific is projected to witness highest CAGR during the forecast period with burgeoning medical tourism industry and developing healthcare systems in emerging economies.
Key players: Key players operating in the colorectal cancer screening market are Siemens AG, GeoTraq, Robert Bosch GmbH, Continental AG, Valeo, NEC Corporation, Westbase Technology Ltd. Key players focus on developing accurate and non-invasive screening solutions through strategic collaborations and investments in R&D to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
