Colorectal Cancer Molecular Diagnostics Market

Colorectal Cancer Molecular Diagnostics Market Snapshot 2022 to 2032

The global colorectal cancer molecular diagnostics market garnered a market value of USD 2.35 Billion in 2022 and is expected to accumulate a market value of USD 5.07 Billion by registering a CAGR of 8% in the assessment period 2022 to 2032. Growth of the market can be attributed to increasing cases of cancer along with development in diagnostic laboratories.

Report Attribute	Details
Estimated Base Year Value (2021)	USD 2.17 Billion
Expected Market Value (2022)	USD 2.35 Billion
Anticipated Forecast Value (2032)	USD 5.07 Billion
Projected Growth Rate (2022 to 2032)	8% CAGR

Approximately 1.4 million new cases of colorectal cancer are diagnosed each year. Obtaining an early diagnosis is critical as it is currently one of the deadliest cancers, totalling more than 600,000 deaths each year.

Colorectal cancer molecular diagnostics can speed up the identification of colorectal cancer to provide patients with more treatment options. Individualized and targeted treatments are reshaping the colorectal molecular diagnostics market. Molecular pathology is a key factor in personalized medicine. This, in turn, is increasing the dependency on colorectal cancer molecular diagnostics.

Increasing adoption of high throughput sequencing technologies and identification of therapeutic targets has led to the development of many colorectal molecular diagnostic tests, which are superior to the conventional colorectal cancer molecular diagnostics tests.

Positive market trends and increasing investor confidence in several key players are helping mergers and acquisition activities in the colorectal cancer molecular diagnostics market. The disruption in the global healthcare market due to political factors such as the Obama Care Act, and regulatory framework changes, and other trade barriers, are anticipated to trigger merger and acquisition activities to drive the colorectal cancer molecular diagnostics market consolidation and further intensify the market competition.

Which are Some Prominent Drivers Accelerating the Growth of Colorectal Cancer Molecular Diagnostics?

Increase in research in the pharmaceutical and biotechnology industry is contributing to the growth of the colorectal cancer molecular diagnostics market significantly. In addition, growing automation in laboratories is another factor supporting the growth of the colorectal cancer molecular diagnostics market.

Moreover, the ease of use of colorectal cancer molecular diagnostics, as well as accurate results is supporting the growth of the colorectal cancer molecular diagnostics market. All these factors are increasing the use of colorectal cancer molecular diagnostics.

What are the Challenges Faced by the Colorectal Cancer Molecular Diagnostics Market?

Despite colorectal cancer being common across the globe, many people do not get themselves tested at an early stage. This is owing to the lack of knowledge regarding the problem and its lasting effects on health. In addition, the availability of low-cost alternatives and the high cost of instruments may hinder the growth of the market during the forecast period.

Limited specificity to some diagnostics tests that are unable to distinguish between inflammation and actual symptoms or cancer is another issue being faced by the colorectal cancer molecular diagnostics market.

Increasing Cases of Colorectal Cancer Augmenting Growth of Colorectal Cancer Molecular Diagnostics Market in North America?

American Cancer Society states that 52,580 deaths are expected to occur due to colorectal cancer in 2022 in USA the number of people being diagnosed with colorectal cancer is increasing owing to habits such as smoking, drastic diet changes and stress. Moreover, people suffering from hereditary cancer diseases are likely to suffer from cancer in the region. As the awareness regarding getting diagnosed is increasing, more people have shown an inclination to undergo tests. Furthermore, owing to the increasing automation of labs in the region is positively Inflcuening the growth of the market.

Thus, North America is expected to hold the maximum market share and is expected to register a CAGR of 9% for the global colorectal cancer molecular diagnostics market.

Government Initiatives Contributing to the Growth of Colorectal Cancer Molecular Diagnostics Market in Asia Pacific?

The strong and evolving government support towards research in biotechnology and pharmaceutical industry in Asia Pacific especially in countries like India and China are contributing to the growth of colorectal cancer molecular diagnostics. Reports state that the number of people suffering from colorectal cancer are expected to increase by 2035, especially in India.

Thus, the government of the country is taking measures to spread awareness amongst people to get tested at an early stage. The Asia Pacific colorectal cancer molecular diagnostics market is anticipated to grow at a rapid pace with a maximum CAGR of more than 8% over the forecast period.

Market Competition

Some of the key players in the global Colorectal Cancer Molecular Diagnostics market are Dako, Gen Probe (Hologic), Cepheid, Qiagen, Roche Diagnostics, Bayer Healthcare, Abbott Laboratories, Grifols, Guardant Health, Danaher Corporation, Siemens, Beckton Dickinson, Biomérieux Sa, and Sysmex Corporation. Attributed to the presence of such high number of participants, the market is highly competitive.

• In May 2022, Guardant Health launched a shield test that simply draws blood to detect the presence of cancer. This test does not require sedation, dietary changes and is less painful. The shield test detects early signs of colorectal cancer signals in the bloodstream.

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 8% from 2022 to 2032
Market Value in 2022	USD 2.35 Billion
Market Value in 2032	USD 5.07 Billion
Base Year for Estimation	2021
Historical Data	2017 to 2021
Forecast Period	2022 to 2032
Quantitative Units	Revenue in USD Million and CAGR from 2022 to 2032
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Product Type, Technology, End User, Region
Regions Covered	North America; Latin America; Europe; Asia Pacific; Middle East and Africa
Key Countries Profiled	USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa
Key Companies Profiled	Dako; Gen Probe (Hologic); Cepheid Qiagen; Roche Diagnostics; Bayer Healthcare; Abbott Laboratories; Grifols, Danaher Corporation; Siemens; Beckton Dickinson; Biomérieux Sa ; Guardant Health; Sysmex Corporation
Customization	Available Upon Request

Key Segments Profiled in the Colorectal Cancer Molecular Diagnostics Industry Survey

Colorectal Cancer Molecular Diagnostics Market by Product Type:

• Colorectal Cancer Molecular Diagnostic Instruments
• Colorectal Cancer Molecular Diagnostic Reagents & Kits
• Colorectal Cancer Molecular Diagnostic Services

Colorectal Cancer Molecular Diagnostics Market by Technology:

• PCR-based Colorectal Cancer Molecular Diagnostics
• Sequencing-based Colorectal Cancer Molecular Diagnostics
• Mass Spectrometry-based Colorectal Cancer Molecular Diagnostics
• Transcription Mediated Amplification-based Colorectal Cancer Molecular Diagnostics
• Chips and Microarrays-based Colorectal Cancer Molecular Diagnostics
• Isothermal Nucleic Acid Amplification Technology (INAAT) -based Colorectal Cancer Molecular Diagnostics

Colorectal Cancer Molecular Diagnostics Market by End User:

• Colorectal Cancer Molecular Diagnostics in Hospitals
• Colorectal Cancer Molecular Diagnostics in Ambulatory Surgical Centers
• Colorectal Cancer Molecular Diagnostics in Diagnostic Laboratories
• Colorectal Cancer Molecular Diagnostics in Homecare Settings

Colorectal Cancer Molecular Diagnostics Market by Region:

• North America Colorectal Cancer Molecular Diagnostics Market
• Latin America Colorectal Cancer Molecular Diagnostics Market
• Europe Colorectal Cancer Molecular Diagnostics Market
• Asia Pacific Colorectal Cancer Molecular Diagnostics Market
• Middle East & Africa Colorectal Cancer Molecular Diagnostics Market

Frequently Asked Questions

What is the anticipated growth of the colorectal cancer molecular diagnostics market until 2032?

FMI projects the global colorectal cancer molecular diagnostics market to expand at an 8% value CAGR by 2032

Which region is forecast to be the most lucrative for colorectal cancer molecular diagnostics market growth?

North America is expected to be the most opportunistic colorectal cancer molecular diagnostics market, expanding at a 9% CAGR

Which are some prominent colorectal cancer molecular diagnostics manufacturers?

Dako, Gen Probe (Hologic), Cepheid, Qiagen, Roche Diagnostics, Bayer Healthcare, Abbott Laboratories, Grifols, Danaher Corporation, Siemens, Beckton Dickinson, Biomérieux Sa, and Sysmex Corporation are some prominent colorectal cancer molecular diagnostics market.