Colorectal Cancer Diagnostics Market: Immunochemistry tests segment is projected to expand at a notable CAGR by the end of 2030
Colorectal Cancer Diagnostics Market: Introduction
- Colorectal cancer starts within the colon or the rectum. These cancers can also be called colorectal carcinoma, colon cancer, or rectal cancer, reckoning on where they begin. Colorectal carcinoma and rectal cancer are often grouped because they need several features in common.
- Colorectal cancer typically affects older adults; however, it can happen at any age. It always begins as small, noncancerous (benign) clumps of cells called polyps that form on the inside of the colon. Over time, several of these polyps can become colon cancers.
- If colorectal carcinoma develops, numerous treatments are available to control it, including surgery, radiotherapy, and drug treatments such as chemotherapy, targeted therapy, and immunotherapy
- Colorectal cancer has a significantly high incidence and prevalence rate, worldwide. Primary causes of colorectal cancer are lifestyle disorders, aging, and diet.
- According to the World Health Organization (WHO), a rise of around 70% is predicted in colorectal cancer cases across the globe, by 2030
- Colorectal cancer (CRC) is estimated to account for over 9% of all cancer incidences and could be a major reason behind morbidity and mortality throughout the globe. CRC is the second-most-common reason behind cancer-related deaths within the U.S.
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Key Drivers, Restraints, and Opportunities of Colorectal Cancer Diagnostics Market
- The World Cancer Research Fund estimates colorectal cancer to be the third-most occurring form of cancer around the world. In 2012, more than 1 million people were diagnosed with colorectal cancer. Majority of these were reported in developed countries, and the number is anticipated to increase in the near future. These incidences of colorectal carcinoma have boosted the demand for their diagnostics worldwide.
- The number of deaths caused by colorectal cancer has witnessed a decline for the last few years owing to a rise in awareness spread by American Cancer Society (ACS). Introduction of effective instruments along with the development of screening methods is estimated to further propel the global market for colorectal cancer diagnostics.
- Rising R&D on combination therapy in addition to increasing awareness about cancer therapeutics and advantages of immunotherapy is anticipated to fuel the market during the forecast period
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North America to Dominate the Colorectal Cancer Diagnostics Market
- Geographically, the U.S. accounts for a prominent share in terms of demand and revenue. In 2017, 39,910 new rectal cancer cases and 95,520 new carcinoma cases were reported in the U.S., based on estimates by the American Cancer Society. These estimates indicate that colorectal cancer is increasing its prevalence within the U.S., which in turn in driving the market.
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- Presence of various biotechnology as well as medical device companies based in North America is a key factor driving the diagnostics sector in the region. North America is predicted to maintain its leading position during the forecast period due to greater funding available for research & development projects and the high rate of adoption of advanced technologies.
- The market in Asia Pacific is estimated to expand significantly in the next few years, with China and India witnessing rapid progress. In 2015, Roche signed an agreement with Ping An Insurance (Group) Company of China, ltd. in Shenzhen City. The people of China were among the first few to approve Avastin for reimbursement. This is expected to extend access to colorectal cancer therapeutics in China.
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- Fecal Occult Blood (FOB) tests are likely to remain the most adopted tests for colorectal cancer diagnostics across the world. Additionally, FOB tests are estimated to account for a significant share of the in the global colorectal cancer diagnostics market, in terms of revenue, followed by CTC tests.
- The immunochemistry tests segment is projected to expand at a notable CAGR by the end of 2030. However, the BRAF tests segment is likely to account for a relatively minor share of the global marketplace for colorectal cancer diagnostics, in terms of revenue, during the forecast period.
- Based on end-user, the hospital-associated labs segment is estimated to lead the colorectal cancer diagnostics market; however, the cancer research institutes segment is projected to expand at a rapid pace till 2022. Additionally, the independent diagnostic laboratories segment is estimated to hold the second-largest share among end-users segments of the global colorectal cancer diagnostics market.
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