Press release
In-vitro Colorectal Cancer Screening Tests in geriatric population globally and driving the major factors
Colorectal cancer (also known as bowel cancer, colorectal adenocarcinoma, or colon cancer) is a type of cancer that results from uncontrolled growth of the cells of rectum or colon. Increase in geriatric population, rise in prevalence of colorectal cancer, technological advancement, introduction of non-invasive screening tests drive the global in-vitro colorectal cancer screening tests market. The global in-vitro colorectal cancer screening tests market is highly fragmented and competitive, creating current market stagnation and future growth opportunities for existing players as well as new entrants.Based on type of test, the in-vitro colorectal cancer screening tests market has been segmented into fecal occult blood tests, stool biomarker tests, and blood biomarker tests. The fecal occult blood tests segment accounted for the largest share of the in-vitro colorectal cancer screening tests market in 2014. Increase in diabetic population, rise in incidence of inflammatory bowel disease, growing population with inherited syndrome, high obesity, introduction of non-invasive tests, and rise in geriatric population globally are the major factors driving the in-vitro colorectal cancer screening tests market.
Geographically, North America accounted for the largest share of the in-vitro colorectal cancer screening tests market in 2014. Factors attributed to the dominant position of North America were growth in the prevalence of colorectal cancer, increase in the geriatric population, introduction of non-invasive screening tests, increased access to health care, availability of various reimbursement policies from public and private health insurance firms, and rise in hospital costs.
Europe is anticipated to witness the highest growth during the forecast period. This is attributed to high prevalence of colorectal cancer, easy adoption of screening tests, large geriatric population, and improving health care infrastructure. The health care system in Europe primarily depends on government funding. In 2011, the health care expenditure in the U.K., Germany, France, and Italy accounted for 9.3%, 11.1%, 11.6% and 9.5% of the GDP, respectively.
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The global in-vitro colorectal cancer screening tests market is fragmented due to the presence of large number of established as well as emerging players. Prominent companies operating in the in-vitro colorectal cancer screening tests market include Abbott Molecular, Inc., Alere, Inc., Beckman Coulter, Inc., Epigenomics AG, Sysmex Corporation, Quest Diagnostics, Exact Sciences Corporation, Novigenix SA, CML Healthcare, Inc., and BioTime, Inc.
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