Colorectal Cancer Diagnostics Market to exceed US$ 16,996.48 million by 2028

by Sameer Joshi or 19-May-2023
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Report : Colorectal Cancer Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Modality [Imaging Tests (Colonoscopy, CT Colonography, Flexible Sigmoidoscopy, Capsule Endoscopy, and Others), and Stool Based Tests [Faecal Immunochemical Test (FIT), Guaiac-based Faecal Occult Blood Test (gFOBT), and Stool DNA Test)] and End User (Hospitals, Diagnostic Laboratories, Cancer Research Institutes, and Others)

According to our new research study on “Colorectal Cancer Diagnostics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Modality and End User,” the colorectal cancer diagnostics market was valued at US$ 10,374.68 million in 2022 and is projected to reach US$ 16,996.48 million by 2028; it is estimated to grow at a CAGR of 8.7% from 2023 to 2028. Factors driving the growth of the colorectal cancer diagnostics market include an increasing prevalence of colorectal cancer and launches of new products.

Increasing Prevalence of Colorectal Cancer drives the Market Growth

Colorectal cancer is a malignant tumor that develops in colonic or rectal tissues. It is the third most common type of cancer (excluding skin cancer) diagnosed yearly in the US. In 2021, 149,500 adults were diagnosed with colorectal cancer in the country. These numbers include 104,270 new colon cancer cases (52,590 men and 51,680 women) and 45,230 new rectal cancer cases (26,930 men and 18,300 women). During 2012–2016, the incidence of colorectal cancer rose by 2% in adults below 50 and 1% in adults of age 50–64 annually. It is estimated to be the fourth most diagnosed cancer among men and women of age 30–39 in the US. The disease caused 52,980 deaths (28,520 men and 24,460 women) in 2021.

As per the data provided by the European Cancer Information System, in EU-27 countries, colorectal cancer accounted for 12.7% of all new cancer diagnoses and 12.4% of total mortalities caused by the disease in 2020. Such a high prevalence makes it the second most frequently occurring cancer, after breast cancer, and the second leading cause of cancer-related deaths, after lung cancer. Colorectal cancer is increasingly affecting populations in Asian countries. According to the International Agency for Research on Cancer & GLOBOCAN, ~1 million new colorectal cancer cases were reported in Asia in 2020. Japan, China, Malaysia, Singapore, Korea, and Turkey witnessed high prevalence rates compared to the other countries in Asia Pacific. Additionally, by 2040, the global colorectal cancer burden is estimated to increase by 72% to more than 3 million new cases, posing a severe threat to human health.

Surgery is the most common treatment for all stages of colon cancer. In ideal situations, if the cancer is diagnosed in the early stages, doctors can remove the tumor via surgical procedures. A colonoscopy is an important screening test for colorectal cancer diagnostics, and it has become a part of routine cancer screening. Thus, the rising incidence of colorectal cancer drives the growth of the colorectal cancer diagnostics market.

Artificial Intelligence in Colonoscopy to Lead to New Trends in Colorectal Cancer Diagnostics Market

The early detection of colorectal cancer (CRC) in gastroenterology offers patients the best opportunity for disease-free and overall survival. However, colonoscopy results show significant variations in lesion detection. The adenoma detection rate (ADR) is the gold standard for evaluating the quality of colonoscopy performed by endoscopists for colorectal cancer screening.

The use of AI technology in diagnosing and treating several types of cancer, especially colorectal cancer, is now gaining substantial attention. Various AI-supporting systems are available for personalized and novel strategies for managing colorectal cancer. In endoscopy, AI broadly relates to a computer vision technology, allowing computers to “see” and interpret visual content. Through machine learning processes and deep learning, AI systems can be trained to recognize “normal” characteristics by linking gold standards to suitable images. Using computer vision for lesion detection will be the first application of AI in gastroenterology. It would help improve the quality of endoscopy practices in finding and recognizing polyps on colonoscopy.

Although AI in colonoscopy is a new field with an extended scope, it can potentially improve the quality of endoscopic examinations and patient care. It can also transform the process of managing performance and quality betterment in colonoscopy, alongside improving several key performance measures. Medtronic has launched its AI-powered GI Genius module for colonoscopy in India. This transformative solution that leans on deep learning algorithms and real-time data empowers physicians to detect and treat colorectal cancer by offering enhanced visualization during colonoscopy. AI applications such as the GI Genius can lead to an improved ADR, facilitating the earlier detection of colorectal cancer, better clinical management of lesions, and detailed characterization of tissues.

Thus, the adoption of AI for colorectal cancer imaging tests is likely to bring new trends in the colorectal cancer diagnostics market in the coming years.

Medtronic Plc, Illumina Inc, Clinical Genomics Technologies Pty Ltd, EDP Biotech Corp, Epigenomics AG F. Hoffmann-La Roche Ltd, Quest Diagnostics Inc, Novigenix SA, Siemens Healthineers AG, Bruker Corp, and Eiken Chemical Co., Ltd. amongst others are among the leading companies operating in the colorectal cancer diagnostics market.

Based on modality, the colorectal cancer diagnostics market is bifurcated into imaging tests and stool based tests. The imaging tests is further classified into colonoscopy, CT colonography, flexible sigmoidoscopy, capsule endoscopy, and others. Colonoscopy held the largest segment in 2022. However, CT colonography is expected to grow at a faster pace with a CAGR of 9.2% during the forecast period. By end user, the market is classified into hospitals, diagnostic laboratories, cancer research institutes, and others. The hospitals segment held the largest in 2022 and it is expected to grow at a faster pace during the forecast period with a CAGR of 9.2%. By geography, the colorectal cancer diagnostics market is segmented into North America (US, Canada, and Mexico), Europe (France, Germany, UK, Spain, Italy, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia Pacific), Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

In terms of revenue, North America dominated the colorectal cancer diagnostics market growth accounting highest market share. On the other hand, Asia Pacific accounts for highest CAGR for colorectal cancer diagnostics market during the forecast period.

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