AI Assisted Gastrointestinal Cancer Screening is fastest growing segment fueling the growth of Colorectal Cancer Screening Market
Colorectal Cancer Screening Market |
The global Colorectal Cancer
Screening Market is estimated to be valued at US$ 14716.31 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Colorectal cancer screening
involves the use of tests and exams to help detect colorectal cancer or related
abnormal growths in the colon or rectum of asymptomatic persons. The goal of
screening is to find and remove adenomatous polyps (which are growths in the
colon or rectum that could become cancer over time) or detect cancer at an
early stage. Early detection improves treatment options and reduces the risk of
dying from this disease.
Market key trends:
One of the key trends in the
colorectal cancer screening market is the rising adoption of AI-assisted
technologies. Companies are focusing on developing AI-based platforms that can
analyze medical images obtained from various screening procedures like
colonoscopy, sigmoidoscopy, etc. and detect early signs of cancer or polyps
more efficiently than humans. For instance, Anthropic developed an AI called
PBC (polyp detection challenge) that uses deep learning to detect polyps in
colonoscopy videos and images. Such AI technologies hold promise to make
screening procedures more effective by reducing chances of human errors and
ensuring accurate diagnosis. They also help address the shortage of GI
specialists, thus improving access to quality screening globally.
Segment Analysis
The global colorectal cancer
screening market is segmented based on screening type, end user, and region.
Based on screening type, the market is segmented into fecal occult blood test,
sigmoidoscopy, colonoscopy, and others. Among these, the colonoscopy segment
dominated the market in 2022 and is expected to continue its dominance during
the forecast period. This is owing to colonoscopy being the gold standard for
colorectal cancer screening as it allows direct visualization of the colon and
rectum, detection of precancerous polyps which can be removed during the same
procedure.
Key Takeaways
The Global
Colorectal Cancer Screening Market Share is expected to witness high
growth, exhibiting CAGR of 7.5% over
the forecast period, due to increasing awareness initiatives by governments and
NGOs regarding early detection and treatment of colorectal cancer.
The global colorectal cancer
screening market is expected to witness high growth, exhibiting CAGR of 7.5%
over the forecast period, due to increasing awareness initiatives by
governments and NGOs regarding early detection and treatment of colorectal
cancer. The market was valued at US$ 14716.31 Mn in 2023 and is projected to
reach US$ 26654.23 Mn by 2030.
Regional analysis:
North America dominated the
global colorectal cancer screening market in 2023 and is expected to continue
its dominance during the forecast period. This is attributed to presence of
advanced healthcare infrastructure and favorable reimbursement policies for
cancer screening in the region. Asia Pacific is expected to exhibit the highest
growth rate during the forecast period due to rapidly growing healthcare sector
and increasing awareness programs about colorectal cancer in developing
countries like India and China.
Key players:
Key players operating in the
colorectal cancer screening market include Polymedco Inc., Eiken Chemical Co.
Ltd., Sysmex Corporation, Siemens Healthineers AG, Quidel Corporation,
Novigenix SA, Hemosure Inc., Exact Sciences Corp., Epigenomics Inc., Olympus
Corporation, and Clinical Genomics Technologies Pty Ltd., among others. These
players are focusing on new product launches and strategic collaborations to
strengthen their market position.
Get More Insights
https://www.newsstatix.com/colorectal-cancer-screening-market-size-share-growth-outlook-2023/
Comments
Post a Comment