At 8.9% CAGR, the North America Colorectal Cancer Diagnostic Market is projected to be worth US$ 6,621.26 million by 2028, says Business Market Insights

According to Business Market Insights research, the North America colorectal cancer diagnostic market was valued at US$ 4,315.86 million in 2023 and is expected to reach US$ 6,621.26 million by 2028, registering a CAGR of 8.9% from 2023 to 2028. Increasing prevalence of colorectal cancer and launches of new products are the critical factors attributed to the North America colorectal cancer diagnostic market expansion.

Colorectal cancer is a malignant tumor that develops in colonic or rectal tissues. It is the third most common type of cancer (excluding skin cancer) diagnosed yearly in the US. In 2021, 149,500 adults were diagnosed with colorectal cancer in the country. These numbers include 104,270 new colon cancer cases (52,590 men and 51,680 women) and 45,230 new rectal cancer cases (26,930 men and 18,300 women). During 2012–2016, the incidence of colorectal cancer rose by 2% in adults below 50 and 1% in adults of age 50–64 annually. It is estimated to be the fourth most diagnosed cancer among men and women of age 30–39 in the US. The disease caused 52,980 deaths (28,520 men and 24,460 women) in 2021. Surgery is the most common treatment for all stages of colon cancer. In ideal situations, if the cancer is diagnosed in the early stages, doctors can remove the tumor via surgical procedures. A colonoscopy is an important screening test for colorectal cancer diagnostics, and it has become a part of routine cancer screening. Thus, the rising incidence of colorectal cancer drives the growth of the North America colorectal cancer diagnostics market.  

On the contrary, low accuracy of screening based on faecal immunochemical tests (FITs) hurdles the growth of North America colorectal cancer diagnostic market.

Based on modality, the North America colorectal cancer diagnostics market is bifurcated into imaging tests and stool based tests. The imaging tests segment held 94.0% share of North America colorectal cancer diagnostic market in 2023, amassing US$ 4,058.98 million. It is projected to garner US$ 6,248.43 million by 2028 to expand at 9.0% CAGR during 2023–2028. The market for the imaging tests segment is further segmented into colonoscopy, CT colonography, flexible sigmoidoscopy, capsule endoscopy, and others. The market for the stool based tests segment is subsegmented into faecal immunochemical test (fit), guaiac-based faecal occult blood test (gFOBT), and stool DNA test.

Based on end user, the North America colorectal cancer diagnostics market is segmented into hospitals, diagnostic laboratories, cancer research institutes, and others. The hospitals segment held 42.2% share of North America colorectal cancer diagnostic market in 2023, amassing US$ 1,820.01 million. It is projected to garner US$ 2,863.06 million by 2028 to expand at 9.5% CAGR during 2023–2028.  

Based on country, the North America colorectal cancer diagnostic market is segmented into the U.S., Canada, and Mexico. Our regional analysis states that the US captured 78.6% share of North America colorectal cancer diagnostic market in 2023. It was assessed at US$ 3,392.22 million in 2023 and is likely to hit US$ 5,238.06 million by 2028, exhibiting a CAGR of 12.9% during the forecast period.  

Key players profiles in the North America colorectal cancer diagnostic market report 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; and Eiken Chemical Co., Ltd., among others.

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