Colorectal cancer screening includes procedures or tests for early detection and prevention of colorectal cancer. It helps to detect precancerous polyps or growths in the colon and rectum that can be removed before turning cancerous. Some common screening tests include fecal occult blood test (FOBT), flexible sigmoidoscopy, colonoscopy, double-contrast barium enema, and computed tomography colonography. The increasing awareness about early cancer detection and government initiatives to promote screening programs are fueling the demand for various colorectal cancer screening tests.
The global colorectal cancer screening market is estimated to be valued at US$ 14716.31 million in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
One of the major opportunities driving the colorectal cancer screening market is early detection of cancer. Colonoscopy allows detection of precancerous polyps which can then be removed before turning into cancer. According to the American Cancer Society, early detection through screening can prevent colorectal cancer or find it at an early stage when treatment often leads to a cure. Screening can detect polyps or growths in the colon and rectum before they turn into cancer. Finding and removing polyps can prevent colorectal cancer. With increased screening, the number of new cases of colorectal cancer has been declining in recent years.
Porter's Analysis:
Threat of new entrants: Low - The colorectal cancer screening market requires high capital investments and dealing with strict regulations poses barriers for new companies.
Bargaining power of buyers: Moderate - There are multiple vendors providing colorectal cancer screening services but buyers have some bargaining power depending on volume.
Bargaining power of suppliers: Low - There are many component and device manufacturers, limiting their influence over prices in the market.
Threat of new substitutes: Low - No highly substitutable alternatives currently exist for colorectal cancer screening methods.
Competitive rivalry: High - Companies compete based on technology, pricing and quality of services which intensifies competition.
SWOT Analysis:
Strengths: Non-invasive screening methods help detect cancer at early stages. Growing awareness about benefits of regular screening. Reimbursements and initiatives boost market adoption.
Weaknesses: Expensive screening costs limit coverage in developing regions. Inconvenience of some procedures reduce compliance. Dearth of skilled healthcare professionals in developing nations.
Opportunities: Emergence of novel technologies like AI improves diagnostic accuracy. Rising healthcare expenditure expands market reach. Growing geriatric population increases demand.
Threats: Social stigma and cultural taboos hinder screening for certain populations. Delay in approval of new screening tests. Impact of covid-19 pandemic on non-essential medical procedures.
Key Takeaways:
The global Colorectal Cancer Screening Market Share is expected to witness high growth supported by rising awareness and increasing private and public funding for early detection. The global colorectal cancer screening market is estimated to be valued at US$ 14716.31 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
North America dominates due to high screening rates backed by favorable reimbursement policies and initiatives in countries like the US and Canada. Europe is the second largest market propelled by strategic initiatives by the EU to increase screening participation. The Asia Pacific region is predicted to grow at the fastest pace during the forecast period owing to rapidly developing healthcare infrastructure, increasing disposable incomes, and favorable government programs in countries like China, India and South Korea.
Key players: Key players operating in the colorectal cancer screening market are Daikin Industries, Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Panasonic Corporation, Johnson Controls International plc, Carrier Global Corporation, Trane Technologies plc, Fujitsu General Limited, Midea Group Co., Ltd., Gree Electric Appliances Inc. of Zhuhai, Samsung Electronics Co., Ltd., Hitachi, Ltd., Toshiba Carrier Corporation, Haier Group Corporation, Rheem Manufacturing Company.
For more insights, read- https://www.newsanalyticspro.com/colorectal-cancer-screening-market-trends-size-and-share-analysis/
