What are the Historical Developments and Current Growth Metrics of the Colorectal Cancer Molecular Diagnostics Market?
The colorectal cancer molecular diagnostics market has seen considerable growth due to a variety of factors.
• The market size of molecular diagnostics for colorectal cancer has significantly increased in the recent past. The market is projected to expand from $2.56 billion in 2024 to $2.77 billion in 2025, with a compound annual growth rate (CAGR) of 8.1%.
This growth during the historical period can be associated with the rising occurrence of colorectal cancer, increased awareness, screening initiatives, a growing focus on personalized medicine, and government-led cancer control initiatives.
What is the Forecasted Market Size and CAGR for the Colorectal Cancer Molecular Diagnostics Market?
The colorectal cancer molecular diagnostics market is expected to maintain its strong growth trajectory in upcoming years.
• The market for colorectal cancer molecular diagnostics is projected to witness robust growth in the ensuing years, ballooning to $3.79 billion by 2029 with a compound annual growth rate (CAGR) of 8.1%.
Factors contributing to this growth over the projection time span include the aging population and the associated increase in risk factors, the merging of genomic data into mainstream clinical treatments, the rise of precision medicine modalities, and worldwide collaborative efforts in cancer research. The forthcoming period is expected to see trends including a bolstering focus on early detection biomarkers, implementation of artificial intelligence (AI) in data interpretation, a surge in circulating tumor DNA (CTDNA) analysis, the broadening scope of companion diagnostics for targeted therapies, and a heightened emphasis on immunotherapy biomarkers.
What Key Factors and Trends Are Driving The Growth Colorectal Cancer Molecular Diagnostics Market?
The surge in cases of inflammatory bowel diseases (IBD) is projected to boost the colorectal cancer molecular diagnostic market. IBDs are chronic ailments of the digestive system characterized by inflammation in the digestive tract, particularly in the colon and rectum, and are associated with symptoms such as abdominal pain, diarrhea, and weight loss. These conditions can be managed through medication, lifestyle alterations, and in some cases, surgery. These increased IBD cases are catalyzing a need for precise, cutting-edge diagnostic tools that play a crucial role, given that systemic therapy for colorectal cancer (CRC) chiefly depends on the findings from the molecular analysis of the tumor. For example, in April 2024, the UK Parliament revealed that research conducted by Crohn’s & Colitis UK in 2022 showed that the number of people in the UK living with IBD is close to double the previous estimates, at 500,000. Therefore, the increasing IBD incidences are set to fuel the growth of the colorectal cancer molecular diagnostic market. The escalating rate of colorectal cancer is likely to stimulate expansion in the colorectal cancer molecular diagnostics market. Colorectal cancer is a condition that affects the colon or rectum, both key parts of the digestive system. The disease manifests when cells in the colon or rectum grow abnormally and form a tumor. The rise in such cancer cases necessitates an increased demand for molecular diagnostics used for detecting and treating cancer. For instance, in March 2023, the American Cancer Society, a US-based nationwide health organization, anticipated that around 153,020 individuals would be diagnosed with CRC, and approximately 52,550 would lose their lives to the disease. This prediction included an estimation of 19,550 cases and 3,750 deaths in individuals under the age of 50. Hence, the growing prevalence of colorectal cancer is propelling the growth of the colorectal cancer molecular diagnostics market.
What Are The Market Segments In The Colorectal Cancer Molecular Diagnostics Market?
The colorectal cancer molecular diagnostics market covered in this report is segmented –
1) By Type: Instruments, Reagents And Kits, Services
2) By Technology: Polymerase Chain Reaction (PCR), Sequencing, Mass Spectrometry, Transcription Mediated Amplification, Chips And Microarrays, Isothermal Nucleic Acid Amplification Technology (INAAT)
3) By End Users: Hospitals, Ambulatory Surgical Centers, Diagnostic Laboratories, Homecare Settings
Subsegments:
1) By Instruments: PCR Machines, Sequencers, Microarrays
2) By Reagents And Kits: DNA Or RNA Extraction Kits, Assay Kits, Reagent Packs
3) By Services: Diagnostic Testing Services, Genetic Testing Services, Consultation Services
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What Trends Are Shaping The Colorectal Cancer Molecular Diagnostics Market?
Leading players in the colorectal cancer molecular diagnostic market are putting efforts into creating advanced molecular diagnostics and personalized medical solutions, such as the Shield Blood Test approach, to detect colorectal cancer at an initial, more controllable stage. Shield Blood Test is a preliminary blood test developed to spot early-stage Colorectal Cancer (CRC). For example, Guardant Health, a biotechnology company based in the US that provides molecular diagnostic products for oncology, rolled out its Shield Blood Test in May 2022. The highly sensitive shield test offers an easy screening method, which simply requires drawing blood, to tackle issues regarding patients' preparedness for screening. The test demonstrated a detection rate of 91% for colorectal cancer and 20% for advanced adenomas, and a 92% specificity rate. The Shield test is designed to detect early signals of colorectal cancer in the blood, by using data gathered from a variety of cohorts consisting of over 2,000 colorectal cancer patients, 357 advanced adenoma patients, and 3,757 healthy subjects.
Who Are the Key Players In The Colorectal Cancer Molecular Diagnostics Market?
Major companies operating in the colorectal cancer molecular diagnostics market report are:
• Johnson & Johnson
• Bayer AG
• Abbott Laboratories
• Danaher Corporation
• Becton Dickinson and Company
• Biocartis Group NV
• Agilent Technologies Inc.
• Grifols S.A
• Hologic Inc.
• Biomérieux SA
• Quidel Corporation
• Bio-Rad Laboratories Inc.
• Qiagen N.V.
• Exact Sciences Corporation
• Illumina Inc.
• Cepheid
• Myriad Genetics Inc.
• Guardant Health
• Luminex Corporation
• GenMark Diagnostics
• Amoy Diagnostics Co. Ltd.
• MDxHealth Inc.
• HTG Molecular Diagnostics Inc.
• GenPath Diagnostics
• geneOmbio Technologies Pvt.
What Are The Regional Insights Into The Colorectal Cancer Molecular Diagnostics Market?
North America was the largest region in the colorectal cancer molecular diagnostics market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the colorectal cancer molecular diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
