The global colorectal cancer diagnostics market size is estimated to rake around USD 33.48 billion by 2033, growing at a CAGR of 8.92% from 2024 to 2033.
Key Points
- The North America colorectal cancer diagnostics market size accounted for USD 5.70 billion in 2023 and is expected to attain around USD 13.56 billion by 2033.
- North America dominated the market with the largest revenue share of 40% in 2023.
- Asia- Pacific is observed to be the fastest growing market during the forecast period.
- By test type, the imaging test segment has contributed more than 49% of market share of 2023.
- By test type, the blood test segment is observed to be the fastest growing market during the forecast period.
- By end-use, the hospitals segment has held the major revenue share of 42% in 2023.
- By end-use, the diagnostic imaging centers segment is observed to be the fastest growing in the market during the forecast period.
The colorectal cancer diagnostics market is a segment of the healthcare industry focused on the detection and diagnosis of colorectal cancer, which is one of the most prevalent and deadly forms of cancer worldwide. Colorectal cancer diagnostics encompass a range of techniques and technologies aimed at identifying the presence of cancerous cells or tumors in the colon or rectum. These diagnostics play a crucial role in early detection, treatment planning, and monitoring of colorectal cancer, thereby improving patient outcomes and survival rates.
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Growth Factors
Several factors contribute to the growth of the colorectal cancer diagnostics market. One significant factor is the increasing incidence of colorectal cancer globally, driven by factors such as aging populations, sedentary lifestyles, and unhealthy dietary habits. Additionally, advancements in diagnostic technologies, such as molecular biomarker testing, imaging modalities, and minimally invasive procedures, have improved the accuracy and efficiency of colorectal cancer detection. Moreover, growing awareness initiatives, government-sponsored screening programs, and investments in healthcare infrastructure further stimulate market growth.
Region Insights
The colorectal cancer diagnostics market exhibits regional variations in terms of prevalence rates, diagnostic practices, and market penetration. Developed regions like North America and Europe generally have higher adoption rates of advanced diagnostic techniques due to better healthcare infrastructure and higher awareness levels. In contrast, emerging economies in Asia-Pacific and Latin America are witnessing a rise in colorectal cancer incidence and are gradually improving access to diagnostic services through healthcare reforms and increased investment in medical technology.
Colorectal Cancer Diagnostics Market Scope
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 8.92% |
| Colorectal Cancer Diagnostics Market Size in 2023 | USD 14.25 Billion |
| Colorectal Cancer Diagnostics Market Size in 2024 | USD 15.52 Billion |
| Colorectal Cancer Diagnostics Market Size by 2033 | USD 33.48 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Test Type and By End-use |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Colorectal Cancer Diagnostics Market Dynamics
Drivers
Key drivers influencing the colorectal cancer diagnostics market include the growing burden of colorectal cancer globally, favorable reimbursement policies for cancer screening and diagnostic tests, technological advancements leading to the development of more accurate and minimally invasive diagnostic tools, and increasing awareness among both healthcare providers and patients regarding the importance of early detection and screening programs.
Opportunities
The colorectal cancer diagnostics market presents several opportunities for innovation and growth. These include the development of novel biomarkers and molecular diagnostic assays for early detection and prognosis, expansion of screening programs in underserved regions, adoption of telemedicine and digital health solutions for remote diagnostics and monitoring, and strategic collaborations between healthcare organizations, research institutions, and diagnostic companies to accelerate R&D efforts.
Challenges
Despite the promising growth prospects, the colorectal cancer diagnostics market faces several challenges. These include the high cost associated with advanced diagnostic tests and imaging modalities, limited accessibility to screening and diagnostic services in rural or low-income areas, reluctance among some individuals to undergo screening due to fear or stigma, and regulatory hurdles associated with the approval and commercialization of new diagnostic technologies.
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Colorectal Cancer Diagnostics Market Recent Developments
- In January 2024, A novel minimal residual disease (MRD) assay called Mx has been released by the technology company Tempus. It is intended for use in research on colorectal cancer (CRC). The xM assay is a plasma-based, tumor-naïve test that finds circulating tumour DNA (ctDNA) in blood samples from individuals who have had surgery for early-stage colorectal cancer. The xM assay, which is only now accessible for research purposes, is a liquid biopsy method of evaluating MRD that does not require baseline tumor tissue. Using methylation and genetic variation classifiers yields a binary MRD result.
- In November 2023, Leading precision oncology business Guardant Health, Inc. said it has introduced ShieldTM, a blood-based colorectal cancer screening test, in association with Samsung Medical Center in South Korea.
- In March 2023, With great pleasure, BGI Genomics announced the introduction of COLOTECTTM 1.0 in Slovakia, working with local partner Zentya. Zentya is a Slovak provider of healthcare solutions committed to giving patients access to cutting-edge genetic screening technology to help diagnose and expedite the treatment of hereditary illnesses.
Colorectal Cancer Diagnostics Market Companies
- Abbott Laboratories
- BioMerieux SA
- Dickinson and Company
- GE Healthcare
- Qiagen N.V
- Thermo Fischer Scientific
- Hologic Inc
- Epigenomics AG
- F-Hoffmann-La Roche Ltd
- Siemens Healthineers
- Sysmex Corporation
Segments Covered in the Report
By Test Type
- Blood Test
- Stool Test
- Fecal Occult Blood Test (FOBT)
- Fecal Biomarker Test
- CRC DNA Screening Test
- Imaging Test
- Computed Tomography (CT) scan
- Ultrasound
- Magnetic Resonance Imaging (PET) scan
- Positron Emission Tomography (PET) scan
- Colonoscopy
- Other Imaging Tests
- Biopsy
- Other Test Types
By End-use
- Hospitals
- Diagnostic Imaging Centers
- Cancer Research Centers
- Others
By Geography
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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