Burlingame, July 11, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, U.S. Colorectal Cancer Screening Market is estimated to value at US$ 5,952.2 Million in the year 2024, and is anticipated to reach a US$ 10,618.9 Million by 2031, with growing at a CAGR of 7.5% during forecast period 2024-2031.
Market Dynamics:
The U.S. Colorectal Cancer Screening Market is being primarily driven by the increasing prevalence of colorectal cancer in the United States. Additionally, the growing awareness about the importance of early detection and screening for colorectal cancer among the population is also fueling the market growth.
Market Report Scope:
| Report Coverage | Details | |
| Study Period | 2024 - 2031 | |
| Base Year of Estimation | 2023 | |
| CAGR | 7.5% | |
| Largest Market | Northeast | |
| Market Concentration | High | |
| Major Players | Polymedco Inc., Eiken Chemical Co. Ltd., Sysmex Corporation, Quidel Corporation, Novigenix SA and Among Others. | |
| Segments Covered | By Test Type, By Imaging Type, By End User | |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends | |
| Growth Drivers | • Increasing prevalence of colorectal cancer • Growing adoption of non-invasive screening methods | |
| Restraints & Challenges | • Risks and complications associated with colorectal cancer screening | |
Key Market Takeaways:
- U.S. Colorectal Cancer Screening Market Size is anticipated to witness a CAGR of 7.5% during the forecast period 2024-2031, owing to the rising incidence of colorectal cancer and increasing awareness about the importance of early screening and diagnosis.
- On the basis of Test Type, the Fecal Immunochemical Test segment is expected to hold a dominant position, owing to its accuracy and convenience.
- In terms of Imaging Type, the Sigmoidoscopy segment is expected to lead the market, due to its detailed visualization capabilities.
- The Hospital segment is dominating the End User category, and North America is expected to hold a dominant position in terms of region.
- Key players operating in the U.S. Colorectal Cancer Screening Market include Polymedco Inc., Eiken Chemical Co. Ltd., Sysmex Corporation, and others, who are focusing on expanding their product offerings and geographical presence to capitalize on the growing market opportunities.
Market Trends:
One key trend in the U.S. Colorectal Cancer Screening Market is the adoption of non-invasive screening tests, such as fecal immunochemical tests (FIT) and stool DNA tests, which are gaining popularity due to their convenience and ease of use. Another trend is the increasing focus on personalized medicine and targeted therapies for the treatment of colorectal cancer, which is driving research and development activities in the market.
Recent Development:
- In January 2022, QIAGEN revealed new uses for QIAcuity, their ultrasensitive digital PCR technology that has raised the bar by processing samples in two hours instead of five hours instead of five hours like othwe systems do by using so-called nanoplates.
- In October 2020, Exact Sciences Corp declared an extension of the contract for the promotion of Cologaurd, the first and only non-invasive stool DNA screening test for colorectal cancer authorized by the US FDA.
Read a complete market research report, "U.S. Colorectal Cancer Screening Market, By Test Type, By Imaging Type, By End User, and other Segment Forecast 2024-2031", Published by CoherentMI.
Growing Demand for Non-Invasive Screening Tests
The U.S. Colorectal Cancer Screening Market is witnessing a growing demand for non-invasive screening tests such as Fecal Immunochemical Test (FIT) and stool DNA test. These tests are preferred by patients due to their ease of use and accuracy in detecting colorectal cancer. The Fecal Immunochemical Test (FIT) segment is expected to dominate the market in the coming years, as it is a widely accepted method for detecting colorectal cancer. The convenience and effectiveness of these non-invasive tests are driving the market growth and presenting a significant opportunity for manufacturers and healthcare providers to cater to the increasing demand for such screening options.
Rising Adoption of Advanced Imaging Technologies
Another market opportunity in the U.S. Colorectal Cancer Screening Market lies in the rising adoption of advanced imaging technologies such as Sigmoidoscopy and Virtual Colonoscopy. These imaging techniques offer detailed visualization of the colon and rectum, aiding in the early detection and diagnosis of colorectal cancer. The Sigmoidoscopy segment is expected to dominate the market, as it is a minimally invasive procedure with high accuracy in detecting colorectal abnormalities. The increasing awareness about the importance of early screening and diagnosis of colorectal cancer is driving the adoption of these advanced imaging technologies, presenting a lucrative opportunity for market players to expand their offerings in this segment.
Overall, the U.S. Colorectal Cancer Screening Market presents lucrative opportunities for market players to introduce innovative and advanced screening methods, cater to the rising demand for non-invasive tests, and expand their presence in key regions. With the increasing focus on early detection and diagnosis of colorectal cancer, market players are investing in research and development activities to enhance their product offerings and improve the screening outcomes for patients. The key takeaway for stakeholders in the market is to align their strategies with the evolving trends and technological advancements to capitalize on the growing demand for colorectal cancer screening solutions in the U.S.
U.S. Colorectal Cancer Screening Market Segmentation:
- By Test Type
- Fecal Immunochemical Test (FIT)
- Guaiac-based Fecal Occult Blood Test
- Stool DNA Test
- Others
- By Imaging Type
- Sigmoidoscopy
- Colonoscopy
- Virtual Colonoscopy
- Others
- By End User
- Hospitals
- Diagnostic Laboratories
- Academic and Research Institutes
- Others
- By Region
- Northeast
- West
- South
- Midwest
Purchase Latest Edition of this Research Report @ https://www.coherentmi.com/industry-reports/us-colorectal-cancer-screening-market/buynow
Top Questions Answered in this Report:
- What factors are impeding the growth of the U.S. Colorectal Cancer Screening Market?
- What are the primary drivers fueling the growth of the U.S. Colorectal Cancer Screening Market?
- Which segment dominates as the leading component in the U.S. Colorectal Cancer Screening Market?
- Who are the key players actively participating in the U.S. Colorectal Cancer Screening Market?
- Which region is expected to take the lead in the U.S. Colorectal Cancer Screening Market?
- What is the projected CAGR of the U.S. Colorectal Cancer Screening Market?
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