As per the current market research conducted by the CMI Team, the global Colon Cancer Screening Market size is expected to record a CAGR of 6.2% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 17,221.2 Million. By 2033, the valuation is anticipated to reach USD 29,592.6 Million.
Colon Cancer Screening Market: Growth Factors and Dynamics
- Increasing Incidence of Colon Cancer: The rising prevalence of colon cancer globally is a significant driver for the growth of the colon cancer screening market, prompting increased screening efforts to detect and prevent the disease at an early stage.
- Aging Population: With aging populations worldwide, there is a higher risk of developing colon cancer. This demographic trend contributes to the growth of the screening market as healthcare systems focus on early detection and prevention strategies.
- Government Initiatives and Awareness Campaigns: Government-led screening programs and public awareness campaigns about the importance of colon cancer screening play a crucial role in driving market growth by encouraging individuals to undergo screening tests.
- Technological Advancements in Screening Methods: Continuous advancements in screening technologies, such as non-invasive tests like fecal immunochemical tests (FIT) and virtual colonoscopy, enhance screening accuracy, patient comfort, and accessibility, thereby driving the market growth.
- Increasing Adoption of Preventive Healthcare: Growing awareness about the benefits of preventive healthcare and the shift towards proactive health management among individuals are driving increased demand for colon cancer screening, contributing to market growth.
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Colon Cancer Screening Market: Partnership and Acquisitions
- In 2022, The FDA has granted approval to the therascreen KRAS RGQ PCR Kit for colorectal cancer screening by QIAGEN Manchester Ltd. This kit offers a reliable and efficient molecular diagnostic tool for detecting KRAS mutations in patients with colorectal cancer.
- In 2022, Amgen and Generate Biomedicines forged a research collaboration to explore and develop protein therapeutics targeting five clinical targets across various therapeutic areas and modalities. This partnership aims to intensify drug discovery endeavors, yielding innovative protein sequences with superior therapeutic characteristics.
- In 2022, Guardant Health introduced the Shield test, a non-invasive blood-based screening method for detecting colorectal cancer. This test eliminates the need for sedation and dietary changes, offering a less painful and more convenient option. It detects early colorectal cancer signals in the bloodstream, enhancing early detection efforts.
Colon Cancer Screening Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Colon Cancer Screening Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Disruption of Screening Services: During the pandemic, many colon cancer screening programs were temporarily suspended or scaled back due to healthcare resource reallocation, reduced capacity, and safety concerns, leading to a decline in screening rates.
- Patient Reluctance and Fear: Fear of contracting COVID-19 in healthcare settings, coupled with lockdowns and restrictions on movement, resulted in patient reluctance to undergo colon cancer screening tests, further exacerbating the decline in screening volumes.
- Resumption of Screening Services: With the easing of COVID-19 restrictions and the rollout of vaccination campaigns, healthcare facilities are gradually resuming colon cancer screening services, aiming to address the backlog of postponed screenings and restore regular screening volumes.
- Promotional Campaigns and Education: Healthcare organizations and advocacy groups are launching targeted promotional campaigns and educational initiatives to raise awareness about the importance of colon cancer screening, reassure patients about safety measures in place, and encourage individuals to prioritize screening.
List of the prominent players in the Colon Cancer Screening Market:
- Exact Sciences Corporation
- Hoffmann-La Roche Ltd.
- Siemens Healthineers AG
- Abbott Laboratories
- Danaher Corporation
- Quest Diagnostics Incorporated
- Hologic Inc.
- Sysmex Corporation
- Epigenomics AG
- Novigenix SA
- Randox Laboratories Ltd.
- BioFire Diagnostics LLC
- Eiken Chemical Co. Ltd.
- Immunostics Inc.
- Clinical Genomics Technologies Pty Ltd.
- Others
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