Colorectal Cancer Molecular Diagnostics Market Size, Share, Trend Analysis, Segmentation And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Colorectal Cancer Molecular Diagnostics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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Market Drivers and Trends:

The increasing incidence of inflammatory bowel diseases (IBD) is expected to propel the growth of the colorectal cancer molecular diagnostic market going forward. Inflammatory bowel diseases (IBD) are chronic gastrointestinal disorders characterized by digestive tract inflammation, primarily affecting the colon and rectu*m, with symptoms like abdominal pain, diarrhea, and weight loss, managed through medications, lifestyle changes, and sometimes surgery. The increasing incidence of inflammatory bowel diseases fuels the demand for accurate, efficient, and advanced diagnostic solutions that play an essential role, as the determination of systemic therapy for colorectal cancer (CRC) predominantly relies on the result obtained from molecular assessment of the tumor. For instance, in May 2021, according to BioMed Central Ltd., a UK-based scientific open-access publisher, the number of inflammatory bowel disease (IBD) cases is projected to increase 2.5 times compared to 2020, with approximately 69,000 cases in Iran, 220,000 cases in the Middle East, 2.2 million cases in India, and a significant 4.5 million cases in East Asia during 2020-2035. Therefore, increasing incidences of inflammatory bowel diseases (IBD) will drive the growth of the colorectal cancer molecular diagnostic market.

Major companies operating in the colorectal cancer molecular diagnostic market focus on developing innovative molecular diagnostics and personalized medicine solutions, such as the shield blood test approach to identify colorectal cancer at an earlier, more treatable stage. Shield Blood Test, an initial blood test designed to identify early-stage colorectal cancer (CRC). For instance, in May 2022, Guardant Health, a US-based biotechnology company offering oncology molecular diagnostic products, launched its Shield Blood Test. The susceptible shield test provides a convenient screening option that involves a simple blood draw to address challenges related to patients' willingness to get screened. The test showed a sensitivity of 91% for detecting colorectal cancer and 20% for detecting advanced adenomas, and the specificity was measured at 92%. The Shield test identifies early colorectal cancer signals in the blood by utilizing data from diverse cohorts of over 2,000 subjects with colorectal cancer, 357 with advanced adenoma, and 3,757 normal subjects.

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Major Key Players of the Market:

Johnson & Johnson, Bayer AG, Abbott Laboratories, Danaher Corporation, Becton Dickinson and Company, Biocartis Group NV, Agilent Technologies Inc., Grifols S.A, Hologic Inc., Biomérieux SA, Quidel Corporation, Bio-Rad Laboratories Inc., Qiagen N.V., Exact Sciences Corporation, Illumina Inc., Cepheid, Myriad Genetics Inc., Guardant Health, Luminex Corporation, GenMark Diagnostics, Amoy Diagnostics Co. Ltd., MDxHealth Inc., HTG Molecular Diagnostics Inc., GenPath Diagnostics, geneOmbio Technologies Pvt.

Colorectal Cancer Molecular Diagnostics Market 2024 Key Insights:

• The colorectal cancer molecular diagnostics market is expected to grow to $3.48 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Rising Incidence Of Inflammatory Bowel Diseases (IBD) Sparks Growth In Colorectal Cancer Molecular Diagnostic Market
• Innovative Molecular Diagnostics And Personalized Medicine Solutions In Colorectal Cancer Guardant Health's Shield Blood Test
• North America was the largest region in the colorectal cancer molecular diagnostics market in 2023

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