One major growth driver for the in-vitro colorectal cancer screening tests market is the increasing prevalence of colorectal cancer worldwide. According to the World Cancer Research Fund, colorectal cancer is the third most common cancer globally, with over 1.8 million new cases diagnosed in 2018. As a result, there is a growing demand for reliable and accurate screening tests to detect colorectal cancer at an early stage, driving the market growth.
Another key growth driver for the in-vitro colorectal cancer screening tests market is the advancements in technology and innovation in diagnostic testing. The development of new and improved screening tests, such as stool-based tests and blood tests, has enabled healthcare providers to diagnose colorectal cancer more effectively and efficiently. These technological advancements have also led to the introduction of non-invasive and user-friendly screening tests, making them more accessible to a broader population.
Industry
Report Coverage | Details |
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Segments Covered | Test Type |
Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
Company Profiled | Abbott, Beckman Coulter, Epigenomics, Eiken Chemical, Sysmex, Siemens Healthcare, Quest Diagnostics Incorporated, OncocyteCorporation, Merck KGaA, ImmunosticsInc., Kyowa Kirin, Randox Laboratories. and R-Biopharm AG |
On the other hand, one major restraint for the in-vitro colorectal cancer screening tests market is the high cost associated with these tests. The expenses related to screening tests, including laboratory fees, equipment costs, and healthcare provider fees, can be a significant barrier for patients, especially in low- and middle-income countries. The high cost of screening tests may deter individuals from seeking colorectal cancer screening, thereby limiting market growth.
Additionally, the lack of awareness and education about the importance of colorectal cancer screening is another major restraint for the market. Despite the availability of effective screening tests, many individuals are unaware of the risk factors associated with colorectal cancer and the benefits of early detection. This lack of awareness can lead to low screening rates and delayed diagnosis of colorectal cancer, hindering the growth of the in-vitro colorectal cancer screening tests market.