Colorectal cancer, the third most common type of cancer worldwide, affected 1.4 mn people in 2012, says the World Cancer Research Fund International. In the next nine years (by 2035), the world will have nearly 2.4 mn colorectal cancer patients. Korea was the country with the highest rate of colorectal cancer, followed by Slovakia, Hungary, Denmark, and the Netherlands in the top five. These figures underline the rapid spread of the disease and the need to diagnose it at an early stage so patients can go back to leading a normal life as soon as possible. That has directly impacted the In-vitro colorectal cancer screening tests market, with demand for such tests having surged over the past few years.
A recent market study by Transparency Market Research predicts that the global market for in-vitro colorectal cancer screening tests will hold a US$980.6-mn opportunity by 2023, up remarkably from the market’s worth of US$494.1 mn as of 2014. At an estimated compounded annual growth rate of 7.5% between 2015 and 2023, it is clear that companies in the market will continue to launch new products in response to the rising demand for colorectal cancer screening tests. In vitro screening tests are becoming increasingly popular for many different diseases and conditions. Colorectal cancer is no exception.
European Countries Report High Rates of Colorectal Cancer, but North America In Vitro Colorectal Cancer Screening Tests Market Valued the Highest
The market for in vitro colorectal cancer screening tests in North America was in the leading position in 2014 in terms of revenue. The prevalence of colon cancer in North America is on the rise, thus creating conditions conducive for the growth of this market. Moreover, government policies have been extremely supportive as far as the development and introduction of new, safe in vitro cancer screening tests go. This has given the market in North America a further push. The overall spends on healthcare are high in North America as compared to other regions worldwide – yet another factor contributing to putting North America in the top position in the in vitro colorectal cancer screening tests market.
However, the next few years could well see a change in the status quo because several countries in Europe are reporting a rise in the incidence of colorectal cancer, leading to a proportionate rise in demand for screening tests. The massive graying population here and notable improvements in healthcare infrastructure can be credited for this imminent change.
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Demand for Fecal Occult Blood Tests Stays Strong
An uncontrolled growth in the cells of the colon or rectum can lead to colon cancer, also known as colorectal cancer. Advances in screening and testing technologies have made it easier for medical practitioners to determine the presence of colorectal cancer among patients and advise the best course of action to treat it.
Currently, the key types of in vitro colorectal cancer screening tests that are available on the market can be classed into: stool biomarker tests, fecal occult blood tests, and blood biomarker tests. Of these, fecal occult blood tests are the most commonly used screening tests for colorectal cancer. Their demand is primarily steered by the rising number of diabetics worldwide, the high demand for screening tests that are non-invasive in nature, and the ease of collecting the sample for the test.