Colorectal Cancer Screening Market Size

Colorectal Cancer Screening Market Analysis

The Colorectal Cancer Screening Market size is estimated at USD 15.48 billion in 2024, and is expected to reach USD 19.91 billion by 2029, growing at a CAGR of 5.16% during the forecast period (2024-2029).

The COVID-19 pandemic significantly impacted the studied market, as there was less number of colorectal cancer screenings taking place during the pandemic. For instance, according to an article published by MDPI in May 2022, a study was conducted in Canada which showed that there was a reduction in the number of colorectal cancer diagnoses during the pandemic when compared to the pre-pandemic period. Thus, the COVID-19 pandemic significantly impacted the market initially, however as the pandemic has currently subsided, colorectal cancer screening procedures are taking place normally, hence the studied market is expected to have stable growth during the forecast period of the study.

The major factors for the growth of the colorectal cancer screening market include the advent of efficacious genetic tests, an increase in the prevalence of colorectal cancer, and increasing cancer prevention initiatives.

The rising prevalence of colorectal cancer is one of the major factors driving the market growth. For instance, as per the report published by the Chinese Medical Journal in March 2022, China is experiencing a greater incidence of cancers. In 2022, there were approximately 4,820,000 new cancer cases in China, in which 592,232 were colorectal cancer cases. Thus, the greater incidence of colorectal cancers has increased the demand for screening tests for the treatment of cancers.

Furthermore, according to an article published by MDPI in April 2022, colorectal cancer is considered to be one of the most common cancers in Canada with approximately 24,800 cases projected to have been diagnosed in 2021. Although the incidence of CRC among adults under the age of 50 represents approximately 8% of CRC cases in Canada, recent studies have shown that the incidence of colorectal cancer in younger people is rising rapidly in Canada. Thus, the rising prevalence of colorectal cancer is expected to boost market growth.

Moreover, colorectal cancer prevention initiatives are also expected to boost market growth. For instance, The Ohio Colorectal Cancer Prevention Initiative (OCCPI), is a statewide initiative in Ohio, United States to screen newly diagnosed colorectal cancer (CRC) patients and their biological relatives for Lynch syndrome, a cancer-causing condition that occurs when a person inherits a mutation in one of four genes.

Additionally, the developments by various organizations and market players are also expected to boost the market growth. For instance, in April 2021, the US Food and Drug Administration announced the approval of GI Genius, a device using artificial intelligence based on machine learning to help clinicians detect lesions like polyps or suspected tumors in the colon during a colonoscopy.

Thus, the aforementioned factors such as the rising prevalence of colorectal cancer and cancer prevention initiatives are expected to boost the market growth. However, high screening tests costs and inadequate healthcare access in developing countries are expected to impede the market growth.