Global Colorectal Cancer Diagnostics Market, By Product Type (Instruments and Consumables & Accessories), Test Type (Stool Examination, Blood Test, Imaging Test, Tumor Markers, Biopsy, and Others), Cancer Stages (Stage 0, Stage I, Stage II, Stage III, and Stage IV), Cancer Type (Adenocarcinoma, Colorectal Lymphoma, Gastrointestinal Stromal Tumors, Carcinoid Tumors, and Others), Age Group (Geriatric, Adults, and Pediatric), End User (Hospitals, Diagnostic Centers, Cancer Research Centers, Ambulatory Surgical Centers, Academic Institutes, and Others) Industry Trends and Forecast to 2030.
Colorectal Cancer Diagnostics Market Analysis and Insights
Increasing global awareness about colorectal cancer has enhanced the market demand. The rising healthcare expenditure for better health services also contributes to the market's growth. The major market players focus on various service launches and approvals during this crucial period. In addition, the increase in improved diagnostic processes and techniques also contributes to the rising demand for colorectal cancer diagnostics testing.
Global colorectal cancer diagnostics market is expected to gain market growth in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 8.4% in the forecast period of 2023 to 2030 and is expected to reach USD 6,701.27 million by 2030 from USD 3,526.29 million in 2022.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2020-2016)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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By Product Type (Instruments and Consumables & Accessories), Test Type (Stool Examination, Blood Test, Imaging Test, Tumor Markers, Biopsy, and Others), Cancer Stages (Stage 0, Stage I, Stage II, Stage III, and Stage IV), Cancer Type (Adenocarcinoma, Colorectal Lymphoma, Gastrointestinal Stromal Tumors, Carcinoid Tumors, and Others), Age Group (Geriatric, Adults, and Pediatric), End User (Hospitals, Diagnostic Centers, Cancer Research Centers, Ambulatory Surgical Centers, Academic Institutes, and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K, Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Belgium, Rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, and Rest of Middle East and Africa.
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Market Players Covered
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F. Hoffmann-La Roche Ltd., Abbott., Illumina, QIAGEN, Thermo Fisher Scientific Inc., Quest Diagnostics Incorporated, Inc., Merck KGaA., Hologic, Inc., General Electric Company, Siemens Healthcare GmbH, BD, Myriad Genetics, Inc., Koninklijke Philips N.V., Beijing O&D Biotech Co., Ltd, PlexBio Co, Ltd., FUJIFILM Corporation, CANON MEDICAL SYSTEMS CORPORATION, FONAR Corp., Medonica Co. LTD, MinFound Medical Systems Co, Sternmed GmbH, Time Medical Holding., Bio-Rad Laboratories, Inc., Neusoft Corporation, BioFire Diagnostics, and Agilent Technologies, Inc., among others.
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Market Definition of Global Colorectal Cancer Diagnostics Market
Colorectal cancer starts in the colon or the rectum. Depending on where they start, these cancers can also be called colon cancer or rectal cancer. Colon cancer and rectal cancer are often grouped because they have many features in common. Colorectal cancer is a disease in which cells in the colon or rectum grow out of control. Sometimes it is called colon cancer, short. The colon is the large intestine or large bowel. The rectum is the passageway that connects the colon to the anus.
Sometimes abnormal growths, called polyps, form in the colon or rectum. Over time, some polyps may turn into cancer. Screening tests can find polyps so they can be removed before becoming cancer. Screening also helps find colorectal cancer early, when treatment works best.
Global Colorectal Cancer Diagnostics Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
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Growing prevalence of colorectal cancer
Colorectal cancer is sometimes called colon cancer, which is a term that combines colon cancer and rectal cancer, which begins in the rectum. Colon cancer typically affects older adults, though it can happen at any age. It usually begins as small, noncancerous (benign) clumps of cells called polyps forming inside the colon. Over time some of these polyps can become colon cancers.
In 2022, according to the American Cancer Society's (ACS) publication, the number of colorectal cancers in the United States for 2023 was 106,970 new cases of colon cancer, 46,050 new cases of rectal cancer, and overall, the lifetime risk of developing colorectal cancer is about 1 in 23 for men and 1 in 26 for women.
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Rise in the number of patients suffering from diverticulitis and ulcerative colitis.
Diverticulitis refers to inflammation of the diverticula, which are small pouches that form in the colon lining. Ulcerative colitis (UC) is an inflammatory bowel disease (IBD) where people develop inflammation and ulcers in the lining of the large intestine. Treatment options include antibiotics, a temporary, clear liquid diet, pain relief medication, and surgery to remove part of the colon for a few cases only.
In June 2022, according to the information provided by National Center for Biotechnology Information (NCBI), Ulcerative colitis has an incidence of 9 to 20 cases per 100,000 persons per year. Its prevalence is 156 to 291 cases per 100,000 persons per year. Ulcerative colitis has a bimodal pattern of incidence. The main onset peaks between the age of 15 and 30 years. A second and smaller peak of incidence occurs between the age of 50 and 70 years.
Opportunity
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Rise in healthcare expenditure for cancer diagnosis and treatment
Healthcare expenditure has increased worldwide as people's disposable income in various countries is increasing. Moreover, government bodies and healthcare organizations are taking the initiative by accelerating healthcare expenditure to meet population requirements. The rise in healthcare expenditure simultaneously helps healthcare settings to improve their treatment facilities on colorectal cancer diagnostics as the disorder has been highly prevalent in recent years.
Also, the strategic initiatives key market players take will provide structural integrity and future opportunities for the colorectal cancer diagnostics market in the forecast period of 2023-2030.
Restraint/Challenge
- Increased cost, safety, and convenience issues
Colorectal cancer is fatal, and the diagnosis process of this type of cancer also has safety issues. It is also not cost-effective. One of the costliest medical disorders to treat globally is cancer. Cancer patients may be hospitalized and receive a variety of therapies, such as surgery, radiation therapy, and various systemic therapy. Health insurance premiums for cancer patients are now more expensive than in the past. In addition, their copayment, deductible, and coinsurance costs are rising.
Post COVID-19 Impact on Colorectal Cancer Diagnostics Market
COVID-19 has positively affected the market. Lockdowns and isolation during pandemics complicate disease management and medication adherence. Hence the use of various treatment drugs has widely increased in the world's population. Hence, the pandemic has effected positively on this market.
Recent Developments
- In August 2022, Bio-Rad Laboratories Inc. completed its acquisition of Curiosity Diagnostics, a Poland-based developer of innovative technology solutions for the medical diagnostic and healthcare markets. This has helped the company to increase its product portfolio and global presence in the market.
- In January 2022, QIAGEN announced new additions to the growing number of applications for QIAcuity, its ultrasensitive digital PCR (dPCR) platform that has set new standards by using so-called nanoplates to process samples in two hours rather than the five hours required by other systems. This has helped the company to expand its product portfolio in the market and helped the company to increase its overall revenue.
Global Colorectal Cancer Diagnostics Market Scope
The global colorectal cancer diagnostics market is segmented into product type, test type, cancer type, cancer stages, age group, and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Product Type
- Instruments
- Consumables & Accessories
On the basis of product type, the global colorectal cancer diagnostics market is segmented into instruments, consumables & accessories.
Test Type
- Imaging Test
- Stool Examination
- Tumor Markers
- Biopsy
- Blood Test
- Others
On the basis of test type, the global colorectal cancer diagnostics market is segmented into stool examination, imaging test, biopsy, blood test, tumor markers, and others.
Cancer Type
- Adenocarcinoma
- Colorectal Lymphoma
- Gastrointestinal Stromal Tumors
- Carcinoid Tumors
- Others
On the basis of cancer type, the global colorectal cancer diagnostics market is segmented into adenocarcinoma, colorectal lymphoma, gastrointestinal stromal tumors, carcinoid tumors, and others.
Cancer Stages
- Stage 0
- Stage i
- Stage ii
- Stage iii
- Stage iv
On the basis of cancer stages, the global colorectal cancer diagnostics market is segmented into stage 0, stage I, stage II, stage III, and stage IV.
Age Group
- Geriatric
- Adults
- Pediatric
On the basis of age group, the global colorectal cancer diagnostics market is segmented into geriatric, adults, and pediatric.
End User
- Hospitals
- Diagnostic Centers
- Cancer Research Centers,
- Ambulatory Surgical Centers,
- Academic Institutes
- Others
On the basis of end users, the global colorectal cancer diagnostics market is segmented into hospitals, diagnostic centers, cancer research centers, ambulatory surgical centers, academic institutes, and others.
Global Colorectal Cancer Diagnostics Market Regional Analysis/Insights
The colorectal cancer diagnostics market is analyzed, and market size insights and trends are provided by country, product type, test type, cancer type, cancer stages, age group, and end user, as referenced above.
Countries covered in this report are U.S., Canada, Mexico, Germany, France, U.K, Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Belgium, rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, rest of Asia-Pacific, Brazil, Argentina, rest of South America, South Africa, Saudi Arabia, UAE, Egypt, and rest of the Middle East and Africa.
North America dominates the colorectal cancer diagnostics market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the region's high prevalence of colorectal cancer, and rapid research development is boosting the market.
The country section of the report also provides individual market-impacting factors and changes in regulations in the market that impact the current and future trends of the market. Data points, such as new and replacement sales, country demographics, disease epidemiology, and import-export tariffs, are some of the major pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of global brands and their challenges faced due to high competition from local and domestic brands and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Colorectal Cancer Diagnostics Market Share Analysis
The colorectal cancer diagnostics market competitive landscape provides details of the competitors. Details include company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies focus on the colorectal cancer diagnostics market.
Some of the major players operating in the colorectal cancer diagnostics market are F. Hoffmann-La Roche Ltd., Abbott., Illumina, QIAGEN, Thermo Fisher Scientific Inc., Quest Diagnostics Incorporated, Inc. Merck KGaA., Hologic, Inc., General Electric Company, Siemens Healthcare GmbH, BD, Myriad Genetics, Inc., Koninklijke Philips N.V., Beijing O&D Biotech Co., Ltd, PlexBio Co, Ltd., FUJIFILM Corporation, CANON MEDICAL SYSTEMS CORPORATION, FONAR Corp., Medonica Co. LTD, MinFound Medical Systems Co, Sternmed GmbH, Time Medical Holding., Bio-Rad Laboratories, Inc., Neusoft Corporation, BioFire Diagnostics, and Agilent Technologies, Inc., among others.
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