COLORECTAL CANCER SCREENING MARKET ANALYSIS

Colorectal Cancer Screening Market Size and Trends

Global colorectal cancer screening market is estimated to be valued at USD 15.44 Bn in 2024 and is expected to reach USD 24.95 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.

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Global colorectal cancer screening market is expected to witness considerable growth due to increasing prevalence of colorectal cancer worldwide. Rising awareness about periodic screening and improvements in screening technology are also expected to drive the market growth. Moreover, favourable government initiatives and reimbursement policies boosts the adoption of colorectal cancer screening, and thus, driving the market growth. Thus, increasing focus on early detection of colorectal cancer can boost demand for screening tests.

Increasing Prevalence of Colorectal Cancer

Increasing prevalence of colorectal cancer across the globe is expected to drive the global colorectal cancer screening market growth over the forecast period. For instance, in the U.S., colorectal cancer is the third leading cause of cancer-related deaths in men and in women.

 According to the American Cancer Society, in 2022, there will be around 106,180 new cancer cases diagnosed and 52,580 cancer deaths in the U.S. Thus, increasing prevalence of colorectal cancer boosts demand for colorectal cancer screening in this region.

Increasing demand for colorectal cancer screening tests is expected to drive the global colorectal cancer screening market growth over the forecast period. For instance, in May 2022, Guardant Health, Inc., a healthcare company, announced the availability of Shield, the company’s first blood-based test for the detection of early-stage colorectal cancer. The test is intended for adults aged 45 years and older and those who are not up to date with recommended screening guidelines, show no symptoms, and are at average risk for colorectal cancer.