According to a new report by Fact.MR, the colorectal cancer diagnostics market is likely to expand at a CAGR of over 8% through 2022. Rising demand for diagnosis-associated therapies and proactive initiatives by private as well as government organizations are some of the key factors private fuelling the demand for colorectal cancer diagnostics.
Rising incidences of colorectal cancer are being highly evident than ever, with astonishing numbers across various regions worldwide. According to ‘Colorectal Cancer Facts & Figures 2017-2019’ published by the American Cancer Society, approximately 4.6% of men (1 in a group of 22) and 4.2% of women (1 in a group of 24) have high chances to be diagnosed with colorectal cancer throughout their lifetime. Being the 2nd most commonly diagnosed cancer in Canada, the Canadian Cancer Society revealed that around 9,400 Canadians died suffering from colorectal cancer, representing 12% of all cancer deaths in 2017. These particulars provide enough credence to the fact that colorectal cancer diagnostics is likely to scale in terms of augmented adoption.
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“Significant factors such as surging patient hostility toward colorectal cancer medications and lack of awareness about colorectal cancer therapeutics and diagnostics across remote locations are likely to pose challenges vis-à-vis adoption“, Senior Analyst, Fact.MR
Cancer Research Institutes to Evolve as a Promising End User with Augmented Adoption
APEJ, on the back of spurring investments in healthcare, is likely to evolve as the fastest growing market for colorectal cancer diagnostics. Markets in North America and Europe are envisaged to record parallel expansion at a CAGR of over 8.5% through 2022.
FOB tests remain the highly sought-after test type for colorectal cancer diagnostics worldwide. Less invasive in nature, unparalleled ease in terms of conduction, and high accuracy are some of the key reasons responsible for enhancing visibility of FOB tests. Additionally, FOB tests are also envisioned to hold the largest revenues in the global colorectal cancer diagnostics market, followed by CTC tests. Gradual increase in popularity of CTC tests can be attributed to the claims of accuracy vis-à-vis tracing evidence of cancer occurrence at a relatively early stage and even pre-cancerous stage, which simplifies the treatment process involved.
Though hospital-associated labs are likely to remain the highly sought-after end user of colorectal cancer diagnostics, cancer research institutes are likely to pick the pace and register fastest growth through 2022. The rising prominence of cancer research institutes is a result of intense efforts in the areas of research and education along with value-based patient care for offering effective diagnosis.
On the global scale, federal governments are actively participating in creating substantial awareness apropos of generating awareness effective diagnosis and prevention of colorectal cancer, creating favorable circumstances for global market growth. A significant hike in colorectal cancer mortality has intensified the adoption of colorectal cancer diagnostics to offer highly-efficient diagnosis at minimal convenience.
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Fact.MR’s report offers compelling intelligence on the dynamics of the colorectal cancer diagnostics market along with an exhaustive opportunity assessment.
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