Colorectal cancer screening includes various diagnostic tests and procedures used for early detection of colorectal cancer. Colorectal cancer is a prevalent type of cancer that arises from the lining of the large intestine or rectum. Advancing age, unhealthy lifestyle, obesity, and family history play a major role in increasing the risk of colorectal cancer. Common screening tests involve stool-based tests such as guaiac-based fecal occult blood test (gFOBT) and fecal immunochemical test (FIT), endoscopic examinations like flexible sigmoidoscopy and colonoscopy.

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 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics: The colorectal cancer screening market is primarily driven by the rising global incidence of colorectal cancer. According to the National Cancer Institute, colorectal cancer is the third most commonly occurring cancer in both men and women in the United States. Changing lifestyle habits such as excessive alcohol consumption, lack of physical exercise, and smoking are risk factors leading to increasing cases of colorectal cancer across the world. The introduction of non-invasive screening techniques such as stool-based testing has gained significant popularity over the years. FIT screening has emerged as an effective and preferred option for early detection of colorectal cancer owing to its ease of use, high accuracy, and pain-free procedure. However, lack of awareness about the benefits of timely screening among populations and lack of proper diagnosis and treatment facilities in underdeveloped regions limit the market growth.

SWOT Analysis
Strength: Colorectal cancer screening helps with early detection of cancer cells through various screening tests like Fecal immunochemical tests (FIT), Flexible sigmoidoscopy, Colonoscopy and Stool DNA (sDNA) test. Early detection increases survival rates and improves treatment outcomes. Regular screening through different modalities can help identify abnormal polyps before they become cancerous.
Weakness: Some screening tests are invasive in nature and require bowel prep which people tends to avoid. Lower screening rates in developing nations and lack of awareness in rural areas regarding screening benefits. Lack of universal screening guidelines results in variability across geographies.
Opportunity: Rising awareness initiatives by government and medical associations regarding colorectal cancer prevention through screening. Growing focus on direct-to-consumer screening tests to overcome barriers of conventional tests. Untapped markets in developing nations presents huge growth prospects. Technological advancements leading to development of non-invasive screening tools using artificial intelligence widens the addressable population base.
Threats: High cost associated with regular screening and diagnostic procedures restricts access in low income countries. Shortage of skilled professionals and limited healthcare infrastructure in emerging markets. Alternative non-invasive early detection tests pose competition.

Key Takeaways
The global Colorectal Cancer Screening Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The market is growing at a CAGR of 5.8% and estimated to reach a value of US$ 14716.31 Mn by 2023.

Regional analysis
North America currently dominates the global market benefiting from favourable reimbursement policies and increased awareness regarding regular screening. However, Asia-Pacific is expected to emerge as the fastest growing region during the forecast period backed by rising incidences, improving healthcare infrastructure and focus of key players towards developing nations. China, India and Japan are anticipated to contribute significantly to regional growth owing to large population bases.

Key players
Key players operating in the colorectal cancer screening market are Daikin Industries, Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Panasonic Corporation, Johnson Controls International plc, Carrier Global Corporation, Trane Technologies plc, Fujitsu General Limited, Midea Group Co., Ltd., Gree Electric Appliances Inc. of Zhuhai, Samsung Electronics Co., Ltd., Hitachi, Ltd., Toshiba Carrier Corporation, Haier Group Corporation, Rheem Manufacturing Company. These players are focusing on new product launches, collaborations and geographic expansions to strengthen their market presence.

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