Colorectal Cancer Screening Market to Grow Gradually by Achieving a Valuation of USD 23.03 Billion by 2030 with a CAGR of 4.4% during the Forecast Period

The colorectal cancer screening market size is projected to grow from USD 17.05 billion in 2023 to USD 23.03 billion by 2030. As per a report by Fortune Business Insights™ titled, “Colorectal Cancer Screening Market Size, Share & COVID-19 Impact Analysis, By Type (Stool-based (Fecal Immunochemical Test (FIT), Fecal Occult Blood Test (FOBT), and Stool-DNA Test), Colonoscopy, and Others), By End-user (Hospitals & Clinics, Clinical Laboratories, Diagnostics Imaging Centers, and Others), and Regional Forecast, 2023-2030”. The market stood at USD 16.29 billion in 2022. It is set to exhibit a CAGR of 4.4% during 2023-2030.

Imposition of Strict Lockdown Impede New Market Opportunities

To minimize in-person contact and to conserve medical resources and hospitals from the spread of the virus, this industry was negatively impacted during the COVID-19 outbreak. Furthermore, to lower the transmission rate of the virus restrictions were imposed globally. This lowered the demand for screening products resulting in a decline in the revenue generated by the market players. For example, Epigenomics AG made revenue of USD 1.0 million in 2020, experiencing a drop of -25.2% due to fall in the sales of the firm’s screening products.

Increasing Cancer Prevention Initiatives to Augment Product Demand

The rise in awareness among people about colorectal cancer screening and increasing cancer prevention initiatives are some significant factors that have surged the demand for the product to a great extent. Another reason that escalates the need for the product is the growing screening rates for colorectal cancer patients at minimal costs. Meanwhile, several side effects linked with the colonoscopy procedure, such as bleeding and infection, could impede the colorectal cancer screening market growth.

Clinical Genomics Technologies Pty Ltd Partnered with Quest Diagnostics to Drive Growth

Clinical Genomics Technologies Pty Ltd. entered into a partnership with Quest diagnostics for increasing the investment in the company. The alliance expanded the company’s commercialization rights for the Trident Program and COLVERA for CRC monitoring outside the U.S., Mexico, the U.K., and India.

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https://www.fortunebusinessinsights.com/industry-reports/colorectal-cancer-screening-market-101144

Competitive Landscape

Leading Players Focusing on their R&D Activities to Boost their Market Presence

Top firms, such as Laboratory Corporation of America Holdings, Clinical Genomics Technologies Pty Ltd, and FUJIFILM Holdings Corporation, are investing heavily in R&D activities to expand their market presence.

Notable Industry Developments:

• August 2020: Olympus Corporation acquired Arc Medical Design Limited (Arc Medical Design) to expand its product portfolio for gastrointestinal therapeutics devices.

List of the Companies Profiled in the Report:

• NOVIGENIX SA (Switzerland)
• EIKEN CHEMICAL CO., LTD. (Japan)
• Clinical Genomics Technologies Pty Ltd. (U.S.)
• Exact Sciences Corporation (U.S.)
• Epigenomics AG (Germany)
• bioMérieux, Inc. (France)
• Olympus Corporation (Japan)
• KARL STORZ SE & Co. KG (Germany)
• FUJIFILM Holdings America Corporation (Japan)

Further Report Findings:

• North America holds a significant market share. It is expected to maintain its leadership due to the growing healthcare spending on colorectal cancer screening to control the disease prevalence. Furthermore, the economically stable population across the region is another factor that propels the market's growth.
• The Middle East & Africa is projected to expand at a significant CAGR during the forecast period due to government initiatives to create awareness about the ailment.
• Asia Pacific is estimated to showcase considerable growth due to the growing enhancement and improvement of healthcare amenities to enhance patient experience.

Table of Segmentation: