The top three players in the global in-vitro colorectal cancer screening tests market are Sysmex Corporation, Quest Diagnostics, Inc., and Beckman Coulter, Inc. The collective share of these players, in terms of revenue, stood at 68.3% in 2014. Transparency Market Research observes that only a few players dominate the global market, as sustainability in the market demands high investment in research and development. This factor has dissuaded new entrants from entering the market to a large extent. “Product innovation is expected to be the key growth strategy of the players in the global market,” states the lead author of this research report.
Europe to Progress at a Noteworthy CAGR of 8.3% 2015-2023
According to the research report, the global in-vitro colorectal cancer screening tests market is expected to be worth US$980.6 mn by the end of 2023 from US$602.3 mn by the end of 2016. The global market is anticipated to expand at a CAGR of 7.5% between 2015 and 2023. Europe is expected to be a lucrative market for the in-vitro colorectal cancer screening testing as the region is witnessing a high incidence of colorectal cancer amongst the geriatrics. The regional market is expected to progress at a CAGR of 8.3% during the forecast period. The blood biomarkers tests are expected to register a significant CAGR of 9.9% due to the development of technologies associated with genomics and proteomics.
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High Incidence of Colorectal Cancer amongst Geriatrics Encourages Uptake of Screening Tests
The primary factor driving the growth of the global in-vitro colorectal cancer screening test market is the increasing preference for the non-invasive diagnostics. The huge pool of geriatrics, who are also fueling the growth of this market, are opting for the non-invasive measure as they reduce recovery time and offer ease of operation to the medical professional. These methods also eliminate the hassle of dietary restrictions and are also known to be exceptionally effective.
The market is also being favored by growing number of people with a history of inflammatory bowel disease such as Crohn’s disease, which has a tendency to result in colorectal cancer. Furthermore, rising number patients suffering from infections to the gastrointestinal system, respiratory tract, and ulcerative colitis has also created a significant surge in the number of in-vitro colorectal cancer screening tests in recent past. The growing number of diabetics are also projected to contribute toward the rise of the global market as they remain susceptible to such diseases.
Substantial advancements in technology, which has rendered a positive effect on the life expectancy of patients, have played a vital role in the growth of this market. The growing awareness about the disease and increased spending by the governments to spread awareness about it has also made a significant contribution to the global market.
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Tough Compliance Norms Deter Global Market
The rigmarole of obtaining approvals for in-vitro colorectal cancer screening tests has been the Herculean task for several companies operating in the global market. The companies are expected to find it even more difficult as the regulatory norms are getting even tougher to comply with. The U.S. FDA and EMA have made their protocol severely strict in recent years for both existing players as well as new entrants. Thus, this is expected to restrain the global market to a significant extent in the near future. The poor reimbursement schemes, especially in the developing countries are also hampering the overall market.
The review is based on the research report by Transparency Market Research, titled “In-vitro Colorectal Cancer Screening Tests Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015-2023.”