In-vitro Colorectal Cancer Screening Tests Market expected to reach US$567.8 mn by 2023
In 2014, the top three providers of in-vitro colorectal cancer screening testing raked in a massive 68.3% of the global revenue. Beckman Coulter, Inc., Quest Diagnostics, Inc., and Sysmex Corporation – the leading players in that year – are expected to continue their lead for the immediate future. According to a new report released by Transparency Market Research, the extremely consolidated global market for in-vitro colorectal cancer screening testing has kept a very low threat of new entrants. Key reasons for this include the already-large shares held by the key players through mergers, acquisitions, and long-term contracts, and the high regulatory pressure applied by bodies such as the U.S. FDA and the EMA.
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The revenue of the global market for in-vitro colorectal cancer screening tests is expected to progress at a CAGR of 7.5% within a forecast period from 2015 to 2023. The revenue is expected to reach US$602.3 mn by the end of 2016. By the end of 2023, this revenue is expected to reach US$980.6 mn.The report also states that Europe is expected to be the most attractive region for in-vitro colorectal cancer screening testing companies to proliferate till 2023.
Non-invasive Diagnostics Need of the Hour, Especially for Colorectal Cancer Screening
“The demand for in-vitro colorectal cancer screening testing has gone up over the past few years,” states a TMR analyst. “The key reason for this is the growing number of cancer cases being diagnosed across the world. Most conventional methods have been invasive and thus cause major discomfort to most patients. Technology has now advanced to a point where non-invasive diagnostic tools can be made easily available and have therefore been in a very high demand recently,” the analyst adds.
The use of non-invasive diagnostics for in-vitro colorectal cancer screening testing allows medical professionals to conduct tests a lot faster and with higher diagnostic accuracy. As for patients, these tools allow a much more comfortable and therefore compliant process that does not impose any dietary restrictions.
High Regulatory Pressure Deters New Entrants from In-vitro Colorectal Cancer Screening Testing
As with most segments of the pharma and medical technology industries, in-vitro colorectal cancer screening testing has to follow a large set of very strict guidelines in order for the tests and tools to be applied across healthcare organizations in various regions. Bodies such as the EMA and the U.S. FDA make it compulsory for companies to follow their strict protocol for diagnostics to be able to present their products in the market.
As a result, it is usually companies with major financial backing and high-end research and development departments that can succeed in providing in-vitro colorectal cancer screening tests. New entrants can find these regulations highly difficult to overcome, thereby creating a barrier for them to enter the market.
North America Dominates Revenue Generation from In-vitro Colorectal Cancer Screening Testing
By the end of 2023, North America is expected to generate a revenue of US$316.7 mn from in-vitro colorectal cancer screening testing, which is expected to be the largest revenue share in the global market. This is expected to be a continuing trend from 2015 to 2023 where North America will consistently lead revenue generation for these testing procedures.
Meanwhile, Europe is showing the fastest rate of growth in in-vitro colorectal cancer screening testing. Within 2015 and 2023, Europe is expected to progress at a CAGR of 8.3% in terms of revenue. Fecal occult blood tests have been the most popular test type in the market. By the end of 2023, this segment is expected to generate a revenue of US$567.8 mn.
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