Colorectal Cancer Diagnostics Demand to Grow by 8.5% CAGR amid Surging Application of Immunotherapeutic Agents for Cancer Treatment
Colorectal Cancer Diagnostics Market to Expand by 2.2x with Maximum Sales Expected to Concentrate in Hospital-associated Labs
Fact.MR in its recent survey covers a detailed analysis of the colorectal cancer diagnostic market including growth drivers, trends, opportunities, and restraints. The report divulges insights into factors enabling growth across various market segments in terms of test type and end users across seven regions.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global colorectal cancer diagnostics market reached a valuation of US$ 2 Bn in 2020. Rising demand for accurate and effective tools for early diagnosis of colorectal cancer is expected to push sales of colorectal cancer diagnostics at a robust 8.5% CAGR through 2031, finds Fact.MR in a recent market analysis.
Increasing incidence of colon and rectal cancer is posing as a global burden on society. Colon and rectal cancers are similar in nature, hence medical professionals are increasing their research and development efforts to develop treatments and diagnostics to aid prevention and treatment of the same.
As per the American Cancer Society, colorectal cancer is the third most common form of cancer in men in women, after skin cancers. Data availed by the American Cancer Society has shown the number of colon cancer cases to reach 104,270, and rectal cancer cases to reach 45,230 in 2021.
Apart from this, the World Health Organization (WHO) has predicted the prevalence of colorectal cancer cases to rise by 70% in 2031. Rising cases of colorectal cancers can be attributed to lifestyle-related disorders, rising geriatric population, and improper dietary habits.
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Increasing research and development in the field of immunotherapy and combined usage of cancer therapeutics is expected to provide impetus to growth of the colorectal cancer diagnostic market in the forthcoming years.
As per Fact.MR's in-depth regional analysis, demand for colorectal cancer diagnostics is expected to remain high in Europe, driven by high adoption of novel treatment and diagnostic methods in the region. Asia Pacific is expected to follow suit, exhibiting a steady increase in demand for colorectal cancer diagnostics in India and China.
"Fast-track approvals of advanced diagnostics to aid the treatment of colorectal cancer, coupled with increasing collaborative efforts among drug manufacturers and medical research institutes will continue boosting sales in the colorectal cancer diagnostics market through 2031," says a Fact.MR analyst.
- Demand for colorectal FOB tests for colorectal cancer diagnosis is expected to rise at a steady pace over the forecast period.
- Applications of colorectal cancer diagnostics in hospital-associated labs are projected to continue gaining traction through 2031.
- The U.S. will continue exhibiting high demand for colorectal cancer diagnostics due to high prevalence of colon cancer and the presence of a robust healthcare sector.
- China will emerge as a lucrative market owing to the availability of cost-effective diagnostics and surging medical tourism.
- Favorable healthcare reimbursement policies in various developing and developed countries are expected to boost sales of colorectal cancer diagnostics over the forecast period.
- The demand for in-vitro colorectal cancer diagnosis is expected to pick up pace in the coming years. This will create attractive prospects for the expansion of the market.
Ask Your Colorectal Cancer Diagnostics Market Related Questions & Get Customized Reports
Leading players operating in the global colorectal cancer diagnostics market are investing in research and development in collaboration with research institutes and medical research facilities to launch more accurate and efficient cancer diagnostic tools.
For instance, researchers at the Elizabeth and Vincent Meyer Laboratory of Systems Cancer Biology have discovered a small molecule known as RGX-2020. This is expected to be administered with therapy treatment to starve colorectal cancer metastasis in the future.
Key Players in the Colorectal Cancer Diagnostics Market Include:
- Danaher Corporation
- Rosetta Genomics
- Epigenomics AG
- Exact Science Corporation
- Pathway Genomics Corporation
- Biocept Inc.
- Cancer Genetics Inc.
More Valuable Insights on Colorectal Cancer Diagnostics Market
Fact.MR provides an unbiased analysis of the colorectal cancer diagnostics treatment market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global colorectal cancer diagnostics market with a detailed segmentation on the basis of:
- Colorectal Cancer FOB Tests
- Colorectal Cancer CTC Tests
- Colorectal Cancer CEA Tests
- Colorectal Cancer BRAF V600 Mutation Tests
- Colorectal Cancer Immunohistochemistry Tests
- KRAS Mutation Tests
- Hospital-associated Labs
- Independent Diagnostic Laboratories
- Cancer Research Institutes
- North America
- Latin America
- East Asia
- South Asia
Key Questions Covered in the Colorectal Cancer Diagnostics Market Report
- The report offers insight into the colorectal cancer diagnostics treatment market demand outlook for 2021-2031.
- The market study also highlights projected sales growth for colorectal cancer diagnostics treatment market between 2021 and 2031.
- Colorectal cancer diagnostics treatment market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Colorectal cancer diagnostics treatment market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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