The disease that damages the rectum or colon is called colorectal cancer, which is the largest cancer type that affects a large number of patients, and has the highest mortality rate. With the help of elevated screening in many countries, however, this number is successfully reduced, elevating the life expectancy.
WILMINGTON, Del., July 22, 2024 /PRNewswire/ -- Owing to several contributing factors, the in-vitro colorectal cancer screening test market is expected to attain a USD 2.5 billion valuation mark by 2034 [https://www.transparencymarketresearch.com/in-vitro-colorectal-cancer-screening-tests-market.html]. The industry was measured at USD 1.2 billion in 2023.
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The progress of the competitive landscape is estimated to encompass a decent advancement through the forecasted period. With the scope of advancement adhering to a moderate CAGR of 7.1%, the industry avails better opportunities to key players in the sector.
Owing to the changing lifestyles, consumers are found to be inclined toward several ill habits. Ranging from bad food habits like overeating processed food to excessive drinking and smoking, such lifestyle changes are an opportunity for serious diseases like cancer.
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Pertaining to the growing cases of obesity, people have become more prone to such illnesses, which drives the demand for effective diagnosis and treatment. As a result, this is a key driver for the industry, which elevates the size of the sector.
The growing prevalence of cancer cases is a key opportunity for many therapies and treatments. Along with this, effective diagnosis is being demanded by consumers as well as medical professionals. This drives the demand for in-vitro colorectal cancer screening test kits.
Colorectal cancer comprises almost 10% of the total cancer cases, which drives the demand for in-vitro colorectal cancer screening test kits. Due to the higher mortality rate of this cancer, people have become more aware of the disease.
The growing awareness of cancer and treatments for the disease leverages more space for test kits in the industry, fueling growth prospects for key players. As a result, leading organizations can expand better in the industry.
The growing investments in the healthcare sector are another determinant of a spike in the demand for test kits. Due to better infrastructure, more prospects are created for leading players in the industry, fueling market growth.
The development of large hospitals and other medical facilities has given better choices to patients for effective diagnosis and treatment. Albeit the cancer is usually detected in later stages, with cutting-edge facilities, treatments can be simplified, benefitting patients.
In-vitro Colorectal Cancer Screening Tests Market Report Scope:
Report Coverage Details Forecast Period 2024-2034 Base Year 2020-2022 Size in 2023 US$ 1.2 Bn Forecast (Value) in 2034 US$ 2.5 Bn Growth Rate (CAGR) 7.1 % No. of Pages 120 Pages Segments covered By Test Type, By End-user, By Region
Key Findings from the Market Report
-- In the vast competitive landscape, the global in-vitro colorectal cancer
screening test market can be segmented into different verticals. Based
on the type of the test, the fecal immunochemical test (FIT) segment is
likely to gain more demand due to the effectiveness of tests in
symptomatic patients.
-- Fecal DNA tests form another key category, which can check mutations of
cells in stool to yield better results. This segment, thus, will gain
traction in the forecasted period.
-- With the growing investments in the healthcare sector, diagnostic
centers are growing. The segment is expected to gain popularity in the
future.
-- Based on the end-user segment, hospitals and clinics are expected to
fuel the growth of the industry. Due to the cutting-edge facilities,
hospitals can provide better assistance to patients, driving the demand
for the segment of the sector.
Regional Profile
-- The growing number of cancer patients in Europe will create lucrative
prospects for leading organizations in the in-vitro colorectal cancer
screening test market.
-- The robust healthcare infrastructure in North America drives the market
with more force.
-- The growing investments in the healthcare industry in Asia-Pacific will
elevate the size of the industry in the region.
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Competitive Landscape
Product launch is a key mode of expansion adopted by leading players in the in-vitro colorectal cancer screening test market.
-- Abbott Laboratories is a key player that has acquired a wide range of
brands and produces various cardiovascular, nutritional, and diagnostics
products.
-- Thermofisher Scientific Inc. produces beakers and lids, funnels,
biochemical reagents, and many more.
-- Eiken Chemical Co., Ltd. is another organization producing fecal testing
OC-SENSOR, culture media, veterinary VET-SAA Eiken, and many more.
Key Developments in the In-vitro Colorectal Cancer Screening Test Market
-- In January 2024, Abbott Laboratories launched a new Protality brand,
which aims to help people lose weight.
-- In June 2024, Thermofisher Scientific Inc. introduced an innovative mass
spectrometer, aiming to help advanced clinical research.
Key Players
-- Abbott Laboratories
-- Thermofisher Scientific Inc.
-- Eiken Chemical Co. Ltd
-- Qiagen
-- Quest Diagnostics Incorporated
-- Sentinel CH. S.p.A
-- Quidel Corporation
-- Freenome Holdings Inc.
-- Immunostics Inc.
-- BTNX Inc.
-- Other Prominent Players
Market Segmentation
Test Type
-- Fecal DNA Test Kits
-- Fecal immunochemical test (FIT)
-- Guaiac Fecal Occult Blood Test (gFOBT) Kits
-- Others
End User
-- Hospitals & Clinics
-- Diagnostic Centers
-- Others
Region
-- North America
-- Latin America
-- Europe
-- Asia Pacific
-- Middle East & Africa
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