Market Trends of Colorectal Cancer Screening Industry
Colonoscopy Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Colonoscopy or coloscopy is the endoscopic examination of the large bowel and the distal part of the small bowel with a charged coupled device (CCD) camera or a fiber optic camera on a flexible tube passed through the anus. Colonoscopy allows accurate diagnosis and treatment without the need for a major operation. In addition, a colonoscope can also remove the polyps. However, in preparation for the test, the patient has to take a dose of laxatives to cleanse the colon. Factors such as the growing burden of colorectal cancer and recommendations by public organizations for timely screening, technological advancements, and the launch of products in the market are likely to propel the segment's growth over the forecast period.
The rising prevalence of colorectal cancer is one of the major factors driving the segment's growth. For instance, according to the data published by National Cancer Center Japan in June 2022, an estimated 1,019,000 new cases of cancer were expected in Japan in 2022, out of which 158,200 new cases of colorectal cancer were expected.
Similarly, according to the data updated by Cancer Australia in August 2022, it was estimated that 15,713 new cases of colorectal cancer will be diagnosed in Australia in 2022, out of which 8,300 were males and 7,413 were females. Thus, the rising prevalence of colorectal cancer is expected to boost the usage of colonoscopy devices.
Furthermore, the rising product launches by key market players are also expected to boost the segment growth. For instance, in August 2022, Medtronic India launched an AI-powered module for colonoscopy of colorectal cancer. The device uses advanced AI software to highlight suspicious polyps of various sizes, shapes, and morphologies with a visual marker in real-time.
Thus, the aforementioned factors such as the rising prevalence of colorectal cancer and the increasing product launches by major market players are expected to boost segment growth.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to account for a significant share of the market. The United States and Canada have a well-structured healthcare system for the treatment and diagnosis of colorectal cancer. Factors such as the rising prevalence of colorectal cancer in the region, rising research funding for colorectal cancer, and increasing developments by major market players are expected to boost the market growth in the region.
The high prevalence of colorectal cancers in the region is one of the major factors driving the market growth. For instance, according to the data published by the Canadian Cancer Society in May 2022, colorectal cancer was expected to be the fourth most commonly diagnosed cancer in Canada in 2022, and it was also expected to be the second leading cause of death from cancer in men and the third leading cause of death from cancer in women. Thus, the high prevalence of colorectal cancer in the country is a major factor driving the market growth.
Furthermore, according to the data published by the American Cancer Society in 2023, it is estimated that there will be 153,020 new cases of colon and rectum cancers in the United States in 2023, out of which 106,970 are expected to be colon cancers and 46,050 are expected to be rectum cancer. Thus, the high prevalence of colon and rectum cancers in the country is expected to boost market growth. Also, according to the same source, it has been observed that screening can help prevent colorectal cancers by detecting and removing precancers in the colon, rectum, and uterine cervix, and screening can also reduce mortality for these cancers. Thus, the rising importance of colorectal cancer screening is also expected to boost market growth.
Moreover, the rising product launches by major market players are also expected to boost market growth. For instance, in July 2021, FDA approved the ONCO/Reveal Dx Lung & Colon Cancer Assay (O/RDx-LCCA) for colorectal cancer by Pillar Biosciences, Inc.
Thus, the aforementioned factors such as the rising prevalence of colorectal cancer and the increasing product launches are expected to boost the market growth in the region.
