Market Trends of North America Colorectal Cancer Screening Industry
Guaiac Fecal Occult Blood Test (gFOBT) is Expected to be Hold a Significant Market Share Over the Forecast Period
- The guaiac fecal occult blood test (gFOBT) is one of the tests used to detect colorectal cancer (CRC). It involves detecting hidden blood in the feces and identifying the presence of cancer cells or tumors in the colon or rectum. The presence of blood in the stool may be a sign of colorectal cancer or other problems, such as polyps, ulcers, or hemorrhoids. The guaiac fecal occult blood test is often preferred over other screening tests due to its high efficacy in detecting colorectal cancer, and thus it is expected to hold a significant market share. Other factors, such as the rising prevalence of colorectal cancer and the increasing usage of guaiac fecal occult blood tests (gFOBT), are expected to boost segment growth.
- For instance, according to an article published by Multidisciplinary Digital Publishing Institute (MDPI) in April 2022, CRC was considered 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 the usage of guaiac fecal occult blood tests (gFOBT).
- Moreover, the developments by market players are also increasing the usage of the products in the studied segment. For instance, in June 2022, W.H.P.M., Inc received 510(k) marketing approval from the United States FDA for their Hemosure Accu-Reader A100, a guaiac-based Fecal Occult Blood Test (gFOBT). Thus, the aforementioned factors, such as the rising prevalence of colorectal cancer, are expected to boost the market growth.
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United States is Expected to be Hold a Significant Market Share Over the Forecast Period
- The United States is expected to hold a significant share in the colorectal cancer screening market in the North American region due to the robust healthcare infrastructure for cancer screening and the rising burden of colorectal cancer. Also, the awareness programs and launch of new products are further expected to augment the market's growth in the United States over the forecast period.
- For instance, 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. Moreover, according to the same source, around 151,030 colon and rectum cancer cases were detected in 2022, and 149,500 cases were detected in 2021. Thus, the high prevalence of colon and rectum cancers in the country is expected to boost market growth.
- Furthermore, 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, increasing access to technologically advanced products. For instance, in July 2021, Food and Drug Administration (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.
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