Rising growth of the In-Vitro Colorectal Cancer Screening Tests Market over the forecast period

The global market for In-Vitro Colorectal Cancer Screening Tests is expected to reach USD 840.5 million by 2022, according to a new study by Grand View Research, Inc. Increasing incidences of colorectal cancer and the development of novel CRC screening tests employing methods of genetic screening are some primary factors expected to drive market growth over the forecast period. The implementation of government regulations introducing compulsory application of cancer screening tests, introduction of minimally invasive tests which screen for CRC using DNA and genomic biomarkers, and the presence of high unmet needs are expected to fuel the growth of the in-vitro colorectal cancer screening tests market over the forecast period.

Apart from the already present genetic tests for CRC screening in the market, this segment of the market is relatively new and still in its nascent stages. Many biomarker tests are still under investigational research and yet others in their development phase. The major market players have significant products related to colorectal cancer screening using biomarkers and DNA screening in their development and approval pipelines which are expected to be fully commercialized within the next seven years. The introduction of these novel genetic tests in the market is expected to enhance revenue generation in the market and positively influence penetration rates.

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Further key findings from the study suggest:

• The in-vitro colorectal cancer screening tests market was found to be dominated by fecal occult blood tests owing to their higher usage rates and easy applicability to large groups of population at once for cancer screening. The more conventional guaiac FOB stool test, even though still occupy a significant share of the market, are expected to lose market share to their counterpart FOB tests which involve immunological testing along with the conventional testing.
• The investigation and development of newer more accurate methods for colorectal cancer screening have led to the development of biomarker and DNA screening tests. Tumor M2-PK Stool test is currently the most widely used screening test among biomarker and DNA screening tests and is expected to gain revenue share over the forecast period.
• North America accounted for the largest share of the in-vitro colorectal cancer screening tests market in 2014 owing to high incidences of colorectal cancer and presence of a large base of geriatric population in the region.
• Europe accounted for a significant market share in 2014 owing to the presence of high cancer prevalence levels in the region. Colorectal cancer is the second most common cancer in both men and women after lung and breast cancer. Commission of the European Communities has estimated that 500 million screening examinations are expected to be conducted for colorectal and cervical cancer in the publicly mandated programmes in EU from 2010 to 2020.
• Key participants of the in-vitro colorectal cancer screening tests market include Randox Laboratories, Sysmex, Immunostics, Beckman Coulter, Abbott Molecular, Epigenomics, Alere, Siemens Healthcare, Eiken Chemical, Kyowa Medex, Quest Diagnostics, Oncocyte, Companion Dx, Merck Millipore, ExiQon, Mode Diagnostics, and R-Biopharm.