A research report on the global in-vitro colorectal cancer screening tests market for by Transparency Market Research (TMR) estimates this market to expand at a CAGR of 7.50% during the period from 2015 and 2023. In 2014, the market stood at US$494.1 mn and it is projected reach a value of US$980.6 mn by the end of the forecast period.The research report is titled “In-vitro Colorectal Cancer Screening Tests Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.
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Colorectal cancer develops from the colon or rectum due to an abnormal growth of cells with the ability to spread to other parts of a human body. The in-vitro colorectal cancer screening test is a technique to diagnose colorectal cancer in humans. The increased prevalence of colorectal cancer has fuelled the demand for in-vitro colorectal cancer screening tests significantly. The increased trend of rapid and non-invasive diagnostic tools and techniques are also propelling this market remarkably across the world.
In this report, the worldwide in-vitro colorectal cancer screening tests market has been studied on the basis of the test and the pipeline. Based on the test, the market has been categorized into fecal occult blood tests, blood biomarkers tests, and stool biomarkers tests. The fecal occult blood tests segment led the overall market in 2014.
MeScore CRC, Cologic, MarCarePlex, miRSIGN, Colox, PanC – Dx are the major pipeline products in the global market for in-vitro colorectal cancer screening tests, states the research study.
The report also presents an assessment of the global market for in-vitro colorectal cancer screening tests on the basis of its regional distribution. According to the study, the market is spread across Asia Pacific, Latin America, Europe, North America, and the Rest of the World.
North America dominated the overall market in 2014 with a share of 35%. The rising incidence of colorectal cancer, the emergence of non-invasive screening tests, the improved access to healthcare, the growing costs of treatments, and the presence of a favorable reimbursement scenario boosted the North America in-vitro colorectal cancer screening tests market significantly in the recent past. Europe, however, is likely to experience the highest growth over the forecast period.
This easy adoption of screening tests and the infrastructural advancement of the medical and healthcare industry in this region is expected to propel the Europe market for in-vitro colorectal cancer screening tests in the coming years, notes the research study.
An analysis of the competitive landscape of the worldwide market for in-vitro colorectal cancer screening tests has also been presented in this study. Analysts have studied the current market hierarchy by evaluating major market participants. As per the study, this market demonstrates a fragmented structure, owing to the presence of a large pool of participants. Abbott Laboratories Inc., Alere Inc., Beckman Coulter Inc., Sysmex Corp., Quest Diagnostics Inc., Epigenomics AG, Exact Sciences Corp., BioTime Inc., CML Healthcare Inc., and Novigenix SA are the leading participants in this market, states the report.