06 Apr 2020
Posted in Medical Devices
Colorectal cancer screening tests market to surpass $2bn by 2028, says GlobalData
National Colorectal Cancer (CRC) Awareness Month is an opportunity to raise awareness and prevent future cases of CRC. Currently, the global market value for in-vitro diagnostics (IVD) tests for CRC screening is estimated at $771.25m. This is expected to increase even more strongly than test volumes, reaching $2bn by 2028 at a compound annual growth rate (CAGR) of 10%, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Colorectal Cancer Screening Tests – In Vitro Diagnostics Market Analysis and Forecast Model’, reveals that worldwide over 155 million IVD tests for CRC screening are sold each year. This annual figure is expected to reach 182.40 million by 2028, growing at a CAGR of 1.62%.
Not only does this disease affect both men and women in almost equal measure, it is also the second leading cause of cancer death worldwide. So, with the implementation of new, national CRC screening programs – for example in many European countries – disease awareness will potentially increase, which is an incredibly important initiative because of the increasing aging population’s worldwide.
Dara Lo, Medical Devices Analyst at GlobalData, comments: “CRC screening programs are predicted to lead to a greater number of asymptomatic, average-risk individuals being screened for CRC. This will translate to the IVD market, which is expected to grow across all regions over the next decade.”.
There are major disparities in the devices used for CRC screening around the world. Invasive colonoscopy procedures are the predominant method used for CRC screening in North America. Conversely, many countries outside of North America instead use non-invasive tests for CRC screening, such as the guaiac fecal occult blood test (gFOBT) or immunochemical fecal occult blood test (iFOBT OR FIT) kits.
Lo continues: “Among non-invasive CRC screening tests, gFOBT kits were previously more common. Recently, however, gFOBT are being replaced with FIT devices, including in many national CRC screening programs.’’
The IVD tests market value is also being driven by the release of new and more expensive technology such as fecal DNA testing kits and blood-based assays for CRC screening. The majority of CRC screening tests are sold in the Asia Pacific and Europe regions, with colonoscopy still being the predominant method used for CRC screening in North America.
Lo adds: “Regionally, North America is predicted to have the highest CAGR for test volumes at 2.58% over the period following the adoption of the Cologuard fecal DNA test kit. Whereas the Asia Pacific has the highest increase in actual CRC screening test numbers. There is an increase of large-scale CRC screening initiatives being implemented on the target population of individuals between the ages of 50 – 75 years.”
Information based on the GlobalData report: ‘Colorectal Cancer Screening Tests – In Vitro Diagnostics Market Analysis and Forecast Model’,