by Colorectal cancer screening involves the use of diagnostic tests and examinations to detect colorectal cancer early in people who do not have any symptoms. Some of the commonly used screening methods include fecal occult blood test (FOBT), flexible sigmoidoscopy, and colonoscopy. The U.S. colorectal cancer screening market has been witnessing significant growth over the past few years on account of rising incidence of colorectal cancer and increasing awareness about the benefits of early detection.
The Global Colorectal Cancer Screening Market Size is estimated to be valued at US$ 5,952.2 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024-2031.
Colorectal cancer constitutes nearly ten percent of overall cancer cases diagnosed worldwide each year. According to estimates by the American Cancer Society, about 149,500 new cases of colorectal cancer are diagnosed and around 52,980 people die of the disease annually in the U.S. Rapid digitization in healthcare and government initiatives to spread awareness about various screening tests are boosting market growth. However, limited reimbursement and higher costs associated with colonoscopy and other tests continue to restrain the market to some extent.
Key Takeaways
Key players operating in the U.S. Colorectal Cancer Screening market are Polymedco Inc., Eiken Chemical Co. Ltd., Sysmex Corporation, Quidel Corporation, Novigenix SA and Among Others. These key players are focusing on developing innovative diagnostic tests and tools to enhance early detection rates. For instance, Eiken Chemical Co. develops immunochemical fecal occult blood test kits for colorectal cancer screening.
The rising incidence of colorectal cancer coupled with favorable government policies is expected to open up significant growth opportunities for players. As per estimates, nearly 150,000 new cases of colon and rectal cancer will be diagnosed in 2022 in the U.S. An expanding base of target population indicates robust opportunities.
The growing awareness about routine cancer screening and increasing healthcare spending is boosting the adoption of various screening modalities across regional markets worldwide. Key players are investing in R&D to develop sensitive assay formats, such as multitarget stool DNA testing, to improve screening adherence and early detection rates globally.
Market Drivers
The rising awareness about the importance of early detection of colorectal cancer is a key driver for the U.S. colorectal cancer screening market. Various non-profit organizations and public health campaigns are playing a vital role in educating people about signs & symptoms of the disease and benefits of preventive screening. This is increasing the screening rates, thus driving revenues. According to the American Cancer Society, sustained screening can reduce the risk of colorectal cancer death by around 60%. The growing awareness and focus on prevention over cure will continue bolstering the demand for screening services in the coming years.
PEST Analysis
Political: The Affordable Care Act mandates insurance coverage for colorectal cancer screening tests with no cost-sharing, increasing access to screening. However, changes to the Affordable Care Act policy could negatively impact the market.
Economic: An aging population and rising healthcare costs continue to drive growth. However, the economic impact of COVID-19 has reduced discretionary healthcare spending in the short-term.
Social: Increased awareness campaigns have positively impacted screening rates. However, social stigma and cultural barriers still exist for some high-risk groups.
Technological: Advancements in minimally invasive screening technologies like Cologuard have made screening more accessible and comfortable. Virtual screening and telehealth may see increased adoption.
Geographical Regions of Concentration
The U.S. colorectal cancer screening market is concentrated in regions with larger, older populations like the Midwest and Northeast. States with higher median incomes like California and New York also see higher screening rates due to affordability and access factors. Nearly a third of the total market value is generated in the top five states – California, Texas, New York, Florida and Pennsylvania.
Fastest Growing Region
The South is projected to experience the strongest growth in market value through 2031. States like Texas, Florida and North Carolina have expanding populations and improving healthcare infrastructure and screening rates compared to historical levels. Initiatives to promote equitable access in underserved communities could accelerate gains across the region.
What Are The Key Data Covered In This U.S. Colorectal Cancer Screening Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the U.S. Colorectal Cancer Screening’s growth between 2024 and 2031.
:- Accurate calculation of the size of the U.S. Colorectal Cancer Screening and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- U.S. Colorectal Cancer Screening Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of U.S. Colorectal Cancer Screening vendors
FAQ’s
Q.1 What are the main factors influencing the U.S. Colorectal Cancer Screening?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top U.S. Colorectal Cancer Screening companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the U.S. Colorectal Cancer Screening’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
