Colorectal Cancer Diagnostics Market

Global Colorectal Cancer Diagnostics Market is valued at USD 2.41 Billion in 2022 and expected to reach USD 4.56 Billion by 2029 with a CAGR of 8.3% over the forecast period.

Global Colorectal Cancer Diagnostics Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, and 2023-2029- Increasing incidences of colorectal cancer, growing government initiatives and support and rising awareness about the importance of early detection are some of the major factors driving the growth of the Global Colorectal Cancer Diagnostics Market.

Scope of Global Colorectal Cancer Diagnostics Market Report-

Colorectal cancer, also known as colon cancer or rectal cancer, is a type of cancer that affects the colon (large intestine) or rectum (the final part of the large intestine). It is one of the most common cancers worldwide, and it usually develops slowly over several years. Colorectal cancer diagnostics refer to the various methods used by healthcare professionals to diagnose and determine the stage of colorectal cancer. Colorectal cancer typically starts as small, noncancerous clumps of cells called polyps that form on the inner lining of the colon or rectum.

Over time, some of these polyps can become cancerous and grow into malignant tumours. The cancer cells can then spread to other parts of the body through the lymphatic system or bloodstream. Symptoms of colorectal cancer may include changes in bowel habits, such as diarrhea or constipation, blood in the stool, abdominal pain, and unexplained weight loss.

Colorectal cancer can often be treated successfully if it is detected early through regular screening tests such as colonoscopies, fecal occult blood tests, and sigmoidoscopies. Treatment may incorporate radiation therapy, surgery, chemotherapy, or a combination of these treatments.

The Covid-19 pandemic has had a negative impact on the global colorectal cancer diagnostics market.  The pandemic has disrupted supply chains, leading to shortages of essential diagnostic equipment and supplies. This has led to delays in diagnostic testing and treatment for some patients. Additionally, many healthcare systems around the world have been overwhelmed by the pandemic, leading to delays and cancellations of non-urgent medical procedures, including diagnostic tests for colorectal cancer.

The global colorectal cancer diagnostics market is segmented based on application, end-use, and region & country level. Based upon on application, the global colorectal cancer diagnostics market is segmented into a CTC test, fecal occult blood test (FOB), BRAF V600E mutations, C-kit/CD117, carcinoembryonic antigen (CEA) test, immunohistochemistry (IHC) test, KRAS mutation test, and others. Based upon end-use, the market is segmented into independent diagnostic laboratories, hospital associated labs, cancer research institutes, and others.

The regions covered in the global colorectal cancer diagnostics market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global colorectal cancer diagnostics is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Key Players of Global Colorectal Cancer Diagnostics Market Report-

Some major key players for the global colorectal cancer diagnostics market report cover prominent players like -

• Sysmex Corporation
• Illumina Inc.
• Danaher
• Epigenomics Inc.
• Rosetta Genomics
• Exact Science Corporation
• Biocept Inc.
• Cancer Genetics Inc.
• Pathway Genomics Corporation
• Foundation Medicine Inc
• others

Global Colorectal Cancer Diagnostics Market Segmentation:-

By Test Type:

• CTC Test
• Fecal Occult Blood Test (FOB)
• BRAF V600E Mutations
• C-kit/CD117
• Carcinoembryonic Antigen (CEA) Test
• Immunohistochemistry (IHC) Test
• KRAS Mutation Test
• Others

By End-User:

• Independent Diagnostic Laboratories
• Hospital Associated Labs
• Cancer Research Institutes
• Others

By Regional & Country Level:

• North America

  • U.S.
  • Canada

• Europe

  • U.K.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

Global Colorectal Cancer Diagnostics Market Dynamics-

One of the major factors driving the growth of the global colorectal cancer diagnostics market is the increasing incidence of colorectal cancer. The incidence of colorectal cancer is increasing worldwide due to factors such as aging populations, unhealthy diets, and sedentary lifestyles. This has led to a growing demand for colorectal cancer diagnostics. For instance; according to World Cancer Research Fund International, there were about 1.9 million new cases of colorectal cancer in 2020 globally. In addition, growing government initiatives and support is another factor that boosts the global colorectal cancer diagnostics market. Many governments around the world are investing and supporting initiatives to improve colorectal cancer screening and diagnosis, including increased funding for research and public health programs.  

For example; in 2020, the National Cancer Institute (NCI) announced a new research initiative aimed at improving the early detection of colorectal cancer. The initiative will focus on developing new diagnostic tools, such as blood tests and imaging techniques, and improving existing screening methods.

Moreover, rising awareness about the importance of early detection is boosting the growth of the global colorectal cancer diagnostics market. There is growing awareness among healthcare providers and the public about the importance of early detection of colorectal cancer. This has led to increased screening rates and improved outcomes for patients. For example; as per the news published on March 15^th, 2022; Colorectal cancer experts launched another initiative pointed toward working on early detection and prevention of colorectal disease in the Black community, which has generally been placed at expanded risk for colorectal disease because of an absence of timely colorectal cancer screening and barriers to getting medical care services.

However, the high cost of diagnostic tests and lack of awareness and screening programs may hamper the growth of the global colorectal cancer diagnostics market. Despite that, the increasing demand for non-invasive diagnostic tests may provide some opportunity for the further growth of the global colorectal cancer diagnostics market. 

Global Colorectal Cancer Diagnostics Market Regional Analysis-

North America is expected to dominate the global colorectal cancer diagnostics market within the forecast period due to the rising prevalence of colorectal cancer, growing healthcare expenditure, and presence of key players in the region. For example; as per the American Cancer Society, in 2021, there were an projected 104,270 new cases of colon cancer and 45,230 new cases of rectal cancer in the United States.

Also, growing healthcare expenditure also drives the market in the region. For example; on April 9^th, 2021; The U.S. Food and Drug Administration authorized approved promoting of the GI Genius, the principal device that utilizes artificial intelligence (AI) in view of machine learning to help clinicians in identifying lesions (like polyps or suspected tumours) in the colon continuously during a colonoscopy.

Asia Pacific is the fastest-growing region in the global colorectal cancer diagnostics market because of the growing incidence of colorectal cancer and advancements in diagnostic technology. For example; in October 2021, Fujifilm Corporation launched its new stool-based DNA test, which can detect colorectal cancer with high sensitivity and specificity. The test is expected to increase the early detection rate of colorectal cancer in Japan, where the incidence of the disease is on the rise. This launch demonstrates the growing demand for non-invasive diagnostic tests in the Asia Pacific region and the potential for innovative solutions to drive growth in the market.

News

Medtronic India Launched AI-Powered Module for Colonoscopy of Colorectal Cancer

On August 9^th, 2022; India Medtronic Private Limited announced the launch of an inventive computer-aided polyps detection system controlled by artificial intelligence (AI), the GI Genius intelligent endoscopy module. An extraordinary solution that rests on deep learning algorithms and real-time information, the module enables doctors to recognize and treat colorectal cancer by offering upgraded visualization during colonoscopy. AIG hospital, Hyderabad turns into the first clinic in India a while to use the improved screening feature with GI Genius. The module utilizes advanced Al software to feature suspicious polyps of different sizes, shapes, and morphologies with a visual marker continuously. It fills in as the gastroenterologists' consistently cautious second eyewitness, with a sensitivity rate for each sore of 99.7 percent and under 1% false positives.

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2022:	USD 2.41 Billion
Base year considered	2021
Forecast Period CAGR %:	8.3%
Market Size Expected in 2029:	USD 4.56 Billion
Tables, Charts & Figures:	175
Pages	300
Companies:	Sysmex Corporation, Illumina, Inc., Danaher, Epigenomics Inc., Rosetta Genomics, Exact Science Corporation, Biocept, Inc., Cancer Genetics, Inc., Pathway Genomics Corporation, Foundation Medicine, Inc, and others
Segments Covered	By Test Type, By End-User
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa