In-Vitro Colorectal Cancer Screening Tests Market Outlook: Fecal occult blood tests segment to drive the industry growth over 2016-2023
Technological developments in healthcare to acquire accurate results in early diagnosis will propel in-vitro colorectal cancer screening tests market size over the coming years. Furthermore, government legislations mandating cancer diagnosis and screening are expected to boost the market trends. For instance, EU collaborated with IARC (International Agency for Research on Cancer) to produce the first edition of quality assurance guidelines for colorectal cancer diagnosis and screening to improve the quality of cancer diagnosis. Moreover, rise in the geriatric population base, prone to chronic diseases, along with the escalating occurrence of colon and rectal cancer is expected to favorably impact in-vitro colorectal cancer screening tests market growth over the next few years. In addition to this, growing awareness about early diagnosis of colorectal cancer will noticeably enhance the industry outlook. As per Global Market Insights, Inc., “In-vitro colorectal cancer screening tests industry size is estimated to hit USD 903 million by 2023.”
Germany In-Vitro Colorectal Cancer Screening Tests Market Size, By Type, 2012-2023 (USD Million)
Rising popularity of fecal occult blood tests is projected to boost in-vitro colorectal cancer screening tests industry share over 2016-2023
Taking into consideration the tests trends, in-vitro colorectal cancer screening tests market is segmented into biomarker tests, fecal occult blood tests, and colorectal cancer(CRC) DNA screening tests. Growing use of Immuno- fecal occult blood agglutination as well as Immuno- fecal occult blood ELISA tests for early and quick detection of colorectal cancer will boost FOB tests market size, having attained targeted revenue of over USD 500 million in 2015. Colorectal cancer (CRC) DNA screening tests market size is expected to grow at a rate of 10% over the period of 2016-2023, owing to high level of test accuracy and sensitivity.
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Asia Pacific is expected to drive in-vitro colorectal cancer screening tests industry revenue by 2023
Considering the regional outlook, North America in-vitro colorectal cancer screening tests market, which dominated the regional landscape in 2015, is projected to witness a considerable growth over the coming years, driven by rise in healthcare spending, enhanced healthcare amenities, high level of patient awareness, and introduction of supportive government legislations related to screening tests. U.S. is expected to be a key regional revenue pocket.
Moreover, recommendation of introducing effective screening tests in healthcare sector by EU along with favorable changes in existing tests will drive Europe in-vitro colorectal cancer screening tests industry revenue over the coming years. In addition to this, the growing significance of colorectal cancer screening tests in Europe has significantly reduced the mortality rate. Germany is forecast to make significant contributions towards the regional share.
Rising elderly population base and inactive lifestyles are estimated to push Asia Pacific in-vitro colorectal cancer screening tests industry growth over the coming six years. Japan, South Korea, China, and Malaysia are expected to be the major regional revenue contributors.
Market players will try to increase regional presence through strategic alliances and exploration of untapped opportunities in emerging economies. Key industry participants include Eiken Chemical Company Limited, Abbott Molecular, CompanionDx Reference Lab LLC, Alere Incorporation, Sysmex Corporation, Quest Diagnostics, Beckman Coulter, Merck Millipore Corporation, and Epigenomics AG.
Author Name : Dhananjay Punekar