Global North America Colorectal Cancer Screening Market to 2024: Guaiac Fecal Occult Blood Test (gFOBT) is Expected to Be the Fastest-Growing Segment, - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 20, 2019--
The “North America Colorectal Cancer Screening Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The North America colorectal cancer screening market has shown a rapid growth due to the advent of efficacious genetic tests, an increase in the prevalence of colorectal cancer and increasing cancer prevention initiatives.
The increasing incidence of colorectal cancer (CRC) is found to be the third most prevalent form of cancer. It accounts for almost a tenth of all cancer incidences worldwide and its incidence has been increasing over the last couple of years. Furthermore, the introduction of novel colorectal tests which use biomarkers such as tumor M2-PK marker or which screen for colorectal cancer using methylated genes for screening has witnessed growth in the market. Thus the growing cases of colorectal cancer in various parts of the world is found boosting the need for regular screening, thereby propelling the growth of the global colorectal cancer screening market.
In addition, the increasing awareness about genetic screening methods and advantages for undergoing these tests (not only for early detection and treatment but also for the removal of precancerous cells, which are much cheaper than the usual run of chemotherapy) are driving the colorectal cancer screening market.
Key Market Trends
Guaiac Fecal Occult Blood Test (gFOBT) is Expected to Be the Fastest-Growing Segment, Over the Forecast Period
The guaiac fecal occult blood test (gFOBT) is one of the tests that is used to detect colorectal cancer. It involves the detection of hidden blood in the feces, and identifies the presence of cancer cells or tumors in the colon or rectum. The presence of blood in the stool may be a sign of colorectal cancer or other problems, such as polyps, ulcers, or hemorrhoids.
As per the American College of Gastroenterology (ACG), the procedural volumes for colorectal (CRC) screening with gFOBT have decreased modestly. However, the factors that are driving the overall market are its ease of availability, low cost, and coverage in the insurance, along with being sold as over-the-counter. Hence over the forecast period, the growth of the overall market is mainly attributed to the ease of availability and low cost of the products.
The market studied is a moderately consolidated market, owing to the presence of many small and large market players. Some of the market players are Abbott Laboratories, Epigenomics Inc., Exact Sciences Corporation, F. Hoffmann-La Roche AG, Novigenix SA, Siemens Healthcare Private Limited, and Sysmex Corporation.
Porter’s Five Force Analysis
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INDUSTRY KEYWORD: HEALTH ONCOLOGY MEDICAL DEVICES
SOURCE: Research and Markets
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PUB: 12/20/2019 06:44 AM/DISC: 12/20/2019 06:44 AM