01-11-2019 08:56 PM CET - Business, Economy, Finances, Banking & Insurance
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In-Vitro Colorectal Cancer Screening Tests Market Detail Analysis focusing on Key Players like Qiagen, Beckman Coulter, Siemens Healthcare, EMD Millipore, Alere, Abbott Molecular, Quest Diagnostics and Sysmex Corporation

Press release from: marketstudyreport
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In-Vitro Colorectal Cancer Screening Tests market will exceed USD 1 billion by 2024; as per a new research report by Global Market Insights, Inc.

Increasing incidences of colorectal cancer coupled with rising demand for non-invasive cancer screening tests will drive in-vitro colorectal cancer screening tests market over the forecast period. Growing geriatric population base, highly susceptible to suffer from colorectal cancer will further propel market growth.

Growing adoption of sedentary lifestyle, unhealthy dietary habits along with increased tobacco smoking and alcohol consumption has escalated number of people suffering from inflammatory intestinal conditions. Thus, leading to rise in colorectal cancer cases. Numerous initiatives undertaken by public as well as private players to create awareness about pre-diagnosis and treatment of colon and rectal cancer will favor industry growth.

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Technological advancements in cancer screening tests delivering higher precision, accuracy in less time coupled with favorable reimbursement policies for colorectal cancer screening in developed countries such as U.S. will stimulate industry growth. However, lack of colorectal cancer screening guidelines and reimbursement in developing countries of Asia Pacific will hamper in-vitro colorectal cancer screening tests market growth over the forecast period.

Fecal occult blood tests dominated the industry in 2016 owing to cost effectiveness and non-invasiveness as compared to colonoscopy and sigmoidoscopy. Immuno-FOB agglutination and Immuno-FOB ELISA tests are major revenue generating segments of fecal occult blood tests segment. Growing awareness along with rising demand for non-invasive cancer screening tests will further fuel business growth.

High prevalence of colorectal cancer in the U.S., favorable reimbursement policies and technological advancements in cancer screening will drive U.S. in-vitro colorectal cancer screening tests market over the coming years. High adoption of unhealthy diet along with physical inactivity has led to rise in number of people suffering from chronic conditions such as obesity will propel business growth. Non-Hispanic Blacks and Alaskan citizens living in U.S., are at substantial risk of suffering from colorectal cancer will stimulate demand for invitro colorectal cancer screening tests.

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Germany in-vitro colorectal cancer screening tests market was dominating the industry owing to large patient population and growing adoption of screening tests for preventing bowel cancer in the country. Changing lifestyle and food consumption pattern will positively impact market growth. Moreover, high technological adoption and favorable reimbursement policies for cancer screening will favor Germany in-vitro colorectal cancer screening tests market growth.

Several initiatives undertaken by Chinese government to create awareness about colorectal cancer to reduce disease burden coupled with rising number of baby boomers will drive China in-vitro colorectal cancer screening tests market. Growing disposable income and rendering unmet medical needs in the country will further stimulate business growth over the coming years.

Some of the notable industry players are Qiagen, Beckman Coulter, Siemens Healthcare, EMD Millipore, Alere, Abbott Molecular, Quest Diagnostics and Sysmex Corporation among others.

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Major industry players are focusing on developing superior non-invasive techniques for screening of colorectal cancer to gain significant market share as well as sustain its position in the market. Inorganic growth strategies such as merger and acquisition, along with strategic partnership and collaboration are undertaken by industry players to strengthen product portfolio and expand customer base.

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