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Colorectal Cancer Diagnostics Market
The North American colorectal cancer diagnostics market, valued at US$ 4,315.86 million in 2023, is projected to reach US$ 6,621.26 million by 2028, demonstrating a compound annual growth rate (CAGR) of 8.9% from 2023 to 2028. This growth is primarily fueled by the introduction of new diagnostic products.
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Key players in the market are actively developing a range of devices to address colorectal cancer and associated conditions like colon polyps, Crohn's disease, colitis, and irritable bowel syndrome. For instance, in July 2022, US Digestive Health (USDH) launched AI-assisted colonoscopy screenings, becoming the largest installer of Genious Intelligent GI endoscopy modules in the US. These modules aid physicians in real-time detection of hard-to-find, potentially cancerous polyps. Similarly, in September 2020, Olympus Corporation released ENDO-AID, an AI-powered platform with an ENDO-AID CADe application for computer-aided detection of colonic conditions. Such innovations and product launches are significant drivers of market expansion.
The North America colorectal cancer diagnostics market encompasses the US, Canada, and Mexico. Colorectal cancer is the third most common cancer among men and women in the US. In 2023, an estimated 153,020 adults in the US are expected to be diagnosed with colorectal cancer, comprising 106,970 new cases of colon cancer and 46,050 new cases of rectal cancer. While older adults are more susceptible, the incidence of colorectal cancer is increasing in younger populations. The lifetime risk is approximately 1 in 22 for men and 1 in 24 for women. The American Society of Clinical Oncology (ASCO) estimates around 52,550 colorectal cancer deaths in the US in 2023. Over 600,000 colon disease surgeries were performed annually in the US in 2022.
Improved screening and treatment over the past two decades have led to a decline in overall colorectal cancer mortality rates. The five-year survival rate for localized colon cancer is 91%, and for localized rectal cancer, it is 90%. Screening plays a crucial role in reducing mortality by decreasing incidence and increasing survival. The 2018 American Cancer Society CRC screening guidelines recommend regular screening for adults aged 45 and above, using either high-sensitivity stool-based tests or visual examinations based on patient preference and availability. In May 2021, the US Preventive Services Task Force lowered its recommended age for initial colorectal cancer screening for average-risk adults from 50 to 45.
Furthermore, governmental support for colorectal cancer research is contributing to market growth. Researchers are developing advanced techniques for prevention, detection, and treatment. The Colorectal Cancer Alliance, a major nonprofit patient advocacy organization, dedicated an additional US$ 1.1 million in funding for research grants to individual scientists in 2020. These combined factors are expected to propel the North America colorectal cancer diagnostics market forward during the forecast period.
North America Colorectal Cancer Diagnostics Strategic Insights
Strategic insights for the North America Colorectal Cancer Diagnostics provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
key company profiles
Bruker Corp
Clinical Genomics Technologies Pty Ltd
EDP Biotech Corp
Eiken Chemical Co., Ltd.
Epigenomics AG
F. Hoffmann-La Roche Ltd
Illumina Inc
Medtronic Plc
Quest Diagnostics Inc
Siemens Healthineers AG
Colorectal cancer diagnostics in North America require a regionally focused approach. Businesses must understand and adapt to local variations in consumer preferences (such as demand for specific technologies or service levels), economic conditions, and regulatory landscapes. This understanding is vital for tailoring strategies, identifying underserved markets, and customizing offerings to meet specific local demands. A clear regional focus optimizes resource allocation, enables targeted marketing, and strengthens competitive positioning, thereby fostering growth within these specific North American markets.
The North America colorectal cancer diagnostics market is categorized by modality, end user, and country.
Market Segmentation:
- Modality:
- Imaging Tests: This segment held the larger share in 2023. Sub-segments include colonoscopy, CT colonography, flexible sigmoidoscopy, capsule endoscopy, and others.
- Stool-Based Tests: Sub-segments include faecal immunochemical test (FIT), guaiac-based faecal occult blood test (gFOBT), and stool DNA test.
- End User:
- Hospitals: This segment held the largest share in 2023.
- Diagnostic Laboratories
- Cancer Research Institutes
- Others
- Country:
- US: Accounted for the largest market share in 2023.
- Canada
- Mexico
Key Players:
Leading companies in the North America colorectal cancer diagnostics market include Medtronic Plc; Illumina Inc; Clinical Genomics Technologies Pty Ltd; EDP Biotech Corp; Epigenomics AG; F. Hoffmann-La Roche Ltd; Quest Diagnostics Inc; Siemens Healthineers AG; Bruker Corp; and Eiken Chemical Co., Ltd.
About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Défense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications
Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights
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