July 17, 2024

Colorectal Cancer Screening Is Driven By Rising Prevalence Of Colorectal Cancer Risk Factors

Colorectal cancer screening products such as diagnostic instruments, imaging systems, colonoscopes, and analysis and management systems are extensively utilized for early detection of colorectal cancer. Colorectal cancer is the third most commonly diagnosed cancer and the third leading cause of cancer-related mortality globally, according to the World Health Organization (WHO). The rising risk factors for colorectal cancer such as obesity, poor diet, lack of physical activity, smoking, and alcohol consumption are driving the demand for regular cancer screening tests. Colorectal cancer screening helps in detecting the disease at an early stage when treatment is most effective.

The global Colorectal Cancer Screening Market is estimated to be valued at US$ 14716.31 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Advancements in colorectal cancer screening technologies is a major trend witnessed in the market. Development of non-invasive screening methods such as stool DNA testing and CT colonography is gaining traction. While colonoscopy remains the most accurate screening option, stool DNA testing and CT colonography provide less invasive alternatives. As per the American Cancer Society, stool DNA testing and CT colonography are acceptable screening options for average-risk individuals who are unwilling or unable to undergo colonoscopy. Also, the increasing preference for minimally invasive procedures is propelling the adoption of technologies such as colon capsules for colorectal cancer screening. Colon capsules enable non-invasive visualization of the colon without the need for sedation.

Porter’s Analysis

Threat of new entrants: The colorectal cancer screening market has high costs associated with R&D, manufacturing, and compliance with regulations, which acts as a deterrent to new players.

Bargaining power of buyers: The buyers have high bargaining power due to the availability of alternative screening options and established buyers have the ability to exert pressure on prices.

Bargaining power of suppliers: The suppliers have moderate bargaining power as they have access to a wide range of manufacturers who can source raw materials and components.

Threat of new substitutes: Substitutes in cancer screening such as colonoscopy and sigmoidoscopy pose a threat though they have limitations of cost and expertise required.

Competitive rivalry: The market has the presence of both international and domestic players who compete based on product differentiation, pricing, technology and cost competitiveness.

Key Takeaways

The Global Colorectal Cancer Screening Market is expected to witness high growth over the forecast period owing to increasing awareness initiatives by cancer institutes. The global Colorectal Cancer Screening Market is estimated to be valued at US$ 14716.31 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.

North America dominates the market with the highest number of screening tests conducted annually due to supportive reimbursement policies and government programs for cancer screening. The Asia Pacific region is expected to grow at the fastest pace during the forecast period. Growing healthcare expenditure, increasing disposable incomes, rising awareness are fuelling the adoption of colonoscopy and fecal immunochemical tests in countries like China, India and Japan.

Key players operating in the colorectal cancer screening market are Daikin Industries, Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Panasonic Corporation, Johnson Controls International plc. These players are focusing on new product launches, partnerships and geographical expansion strategies to gain market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it