North America Colorectal Cancer Diagnostics Market Overview
- According to Business Market Insights, the North America colorectal cancer diagnostics market was valued at US$ 4,315.86 million in 2023 and is projected to reach US$ 6,621.26 million by 2028, growing at a CAGR of 8.9% during the forecast period. The rising prevalence of colorectal cancer and the introduction of advanced diagnostic products are key drivers fueling market growth.
North America Colorectal Cancer Diagnostics Market Report
| Report Attribute | Details |
| Market Size (2023) | US$ 4,315.86 Million |
| Market Size (2028) | US$ 6,621.26 Million |
| CAGR (2023 – 2028) | 8.9% |
| Historical Data | 2021-2022 |
| Forecast Period | 2024-2028 |
| Segments Covered | By Modality: Imaging Tests, Stool-Based Tests By End User: Hospitals, Diagnostic Laboratories, Cancer Research Institutes |
| Regions & Countries Covered | North America (US, Canada, Mexico) |
| Market Leaders & Key Companies | Bruker Corp, Clinical Genomics Technologies Pty Ltd, EDP Biotech Corp, Eiken Chemical Co., Ltd., Epigenomics AG, F. Hoffmann-La Roche Ltd, Illumina Inc, Medtronic Plc, Quest Diagnostics Inc, Siemens Healthineers AG |
Market Drivers and Challenges
Rising Colorectal Cancer Cases
Colorectal cancer, a malignancy affecting the colon or rectum, is the third most commonly diagnosed cancer (excluding skin cancer) in the United States. In 2021, approximately 149,500 adults were diagnosed with colorectal cancer in the U.S., comprising 104,270 colon cancer cases and 45,230 rectal cancer cases. The disease has shown an increasing incidence among younger populations, with a 2% annual rise among adults under 50 and a 1% annual increase in those aged 50–64 between 2012 and 2016. Given these trends, early detection through diagnostics has become a critical focus area, boosting demand for colorectal cancer screening methods.
Importance of Diagnostic Screening
Colonoscopy remains the gold standard for colorectal cancer diagnosis and is widely incorporated into routine cancer screenings. The availability of multiple diagnostic modalities, including imaging and stool-based tests, is contributing to market expansion. However, the low accuracy of faecal immunochemical tests (FITs) remains a challenge, potentially limiting market growth.
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Market Segmentation
By Modality
The market is categorized into imaging tests and stool-based tests:
- Imaging Tests: Dominating the market with a 94.0% share in 2023, the segment was valued at US$ 4,058.98 million and is expected to reach US$ 6,248.43 million by 2028, growing at a 9.0% CAGR. Imaging methods include colonoscopy, CT colonography, flexible sigmoidoscopy, and capsule endoscopy.
- Stool-Based Tests: This segment includes faecal immunochemical tests (FIT), guaiac-based faecal occult blood tests (gFOBT), and stool DNA tests.
By End User
The market is segmented into hospitals, diagnostic laboratories, cancer research institutes, and others:
- Hospitals held a 42.2% share in 2023, valued at US$ 1,820.01 million, and is projected to reach US$ 2,863.06 million by 2028 with a 9.5% CAGR.
Regional Analysis
The market is segmented into the United States, Canada, and Mexico:
- The United States dominated the market, accounting for 78.6% of the regional share in 2023, with a valuation of US$ 3,392.22 million. The country is expected to reach US$ 5,238.06 million by 2028, exhibiting a CAGR of 12.9%.
Key Market Players
Prominent companies operating in the North America colorectal cancer diagnostics market include:
- Medtronic Plc
- Illumina Inc.
- Clinical Genomics Technologies Pty Ltd
- EDP Biotech Corp
- Epigenomics AG
- F. Hoffmann-La Roche Ltd
- Quest Diagnostics Inc.
- Siemens Healthineers AG
- Bruker Corp
- Eiken Chemical Co., Ltd.
Conclusion
The North America colorectal cancer diagnostics market is poised for steady growth due to the rising incidence of colorectal cancer and the increasing adoption of diagnostic technologies. While challenges such as the accuracy limitations of certain tests persist, the continuous development of advanced screening solutions is expected to propel the market forward.
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Author’s Bio:
Akshay
Senior Market Research Expert at Business Market Insights
