Market Outline: Colorectal Cancer Diagnostics Market
Colorectal cancer refers to malignancies that originate in the rectum or the colon. It is also known as bowel cancer. Formation of adenocarcinomas is the most common feature of colorectal cancer. Cancer starts as a polyp in the inner wall of the colon or rectum. These polyps can be benign or malignant. Some of the risk factors that can cause colorectal cancer are lifestyle changes, old age, genetic disorders, family history, and inflammatory bowel disease. Some of the symptoms of colorectal cancer are blood in stool, decrease in appetite, constipation, weight loss, nausea, bloating, and pelvic pain
Market Dynamics: Colorectal Cancer Diagnostics Market
Global colorectal cancer diagnostics market is primarily driven by increase in prevalence of rectal and colon cancers globally. In addition, advent of novel screening tests for the cancer diagnosis such as DNA screening tests and other new techniques expected to bolster the market share over the forecast period. Furthermore, increase in geriatric population who are more prone to colorectal cancer and strengthening of government support for the screening of various types of cancers projected to boost the global colorectal cancer diagnostics market over the forecast period. However, lack of awareness and high cost of development coupled with stringent regulatory procedures for diagnostics expected to hamper the market share during the forecast period.
Global colorectal cancer diagnostics market is expected to grow at significant rates owing to growing prevalence of cancer. According to National Cancer Institute Colorectal cancer is third most occurring form of cancer worldwide. And in 2012 more than one million people are diagnosed with the colorectal cancer. Faecal Occult Blood (FOB) tests are projected to have the major share in diagnostics segment owing to the accuracy. Market players in colorectal cancer diagnostics are focusing on the development of the new techniques and expanding their product portfolio. Furthermore, various programs are imitated by the government and non-government organizations to screen the colorectal cancer in around the globe likely to positively impact the market growth furthermore.
Global Colorectal Cancer Diagnostics market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) over 2018 to 2024.
Market Scope: Colorectal Cancer Diagnostics Market
Colorectal cancer diagnostics market is segmented based on the type of condition, type of test, end user and geographical regions
Based on test, the market is segmented into the following:
- CEA Tests
- CTC Tests
- KRAS Mutation Tests
Based on end user, the market is segmented into the following:
- Diagnostic Centers
- Cancer Research Institutes
Based on the geographical regions, the market is segmented into the following:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
Regional Analysis: Colorectal Cancer Diagnostics Market
Geographically, global colorectal cancer diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America colorectal cancer diagnostics market projected to have the significant growth rate owing to the increase in the rates of colorectal cancer and technological advancements in the diagnosis of the cancer. Europe colorectal cancer diagnostics market is expected to show propelled growth in global market owing the rise in R&D funding and healthcare expenditure in the region. Asia Pacific and Middle East and Africa markets projected to sluggish growth rates owing to the comparatively low colorectal cancer prevalence in the region. However, expansion of the international companies into the emerging Asian countries such as China and India expected to show lucrative growth opportunity in Asia Pacific region.
- Sysmex Corporation (Japan)
- Illumina, Inc. (U.S.)
- Rosetta Genomics Ltd. (U.S.)
- Danaher Corporation (U.S.)
- Exact Science Corporation (U.S.)
- Epigenomics AG (Germany)
- Biocept, Inc. (U.S.)
- Pathway Genomics Corporation (U.S.)
- Foundation Medicine, Inc. (U.S.)
- Cancer Genetics, Inc. (U.S.)
Notable Market Developments:
- In May 2015, EKF Diagnostics Holdings plc. has launched its next-generation sequencing technology Precision Path in partnership with Greenville Health Systems to test the colon cancer.
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2013-2017) and forecast (2018-2024)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of the socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market