Geographically, North America has been expected to draw a king’s share of US$316.7 mn by the final forecast year.
At a CAGR of 7.5% for the forecast timeframe 2015–2023, the global in-vitro colorectal cancer screening tests market has been predicted to earn an around US$980.6 mn by the concluding forecast year from a US$602.3 mn in 2016. By 2023, fecal occult blood (FOB) tests could showcase a higher share of approximately US$567.8 mn.
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Swelling Prevalence of Cancer and Required Diagnostics Support Demand
The rising count of cancer cases diagnosed across the globe has been forecasted to set the tone for a valuable growth in the world in-vitro colorectal cancer screening tests market.The application of non-invasive diagnostics in in-vitro colorectal cancer screening tests could rake in a strong demand in the market.
Most patients mainly experience discomfort due to the invasive nature of a majority of conventional methods. In the recent time, non-invasive diagnostics tools have been in high demand and made easily accessible on the back of technological advancement.
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In-vitro colorectal cancer screening tests conducted with the help of non-invasive diagnostics could facilitate medical professionals to achieve improved diagnostic accuracy as well as performance speed. On the part of patients, there could be no dietary restrictions imposed by the compliant process whereas the experience with non-invasive diagnostics could be much more comfortable.
Stringent Guidelines for Application of Tests and Tools Challenge New Entrants
Factors such as high price trend, lack of awareness about the significance of diagnostics, absence of adequate sensitivity, and strict regulatory guidelines have been projected to upset the demand in the international in-vitro colorectal cancer screening tests market. New entrants could find it challenging to overcome such barriers, unlike established firms with advanced research and development and strong financial backing.
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However, the expansion of the international in-vitro colorectal cancer screening tests market could be encouraged by several new assays in the pipeline prophesied to satisfy unmet medical needs and alleviate the pressure on diagnostic colonoscopy services due to false positive results. More prospects have been envisaged to take shape in the market, owing to the rising prevalence of inherited diseases.
As a result, there could be an elevating demand for in-vitro colorectal cancer screening tests and other similar procedures to cancel out or identify major diseases such as cancer.
The global in-vitro colorectal cancer screening tests market has been foreseen by Transparency Market Research (TMR) analysts to witness the lead secured by top three companies, viz. Sysmex Corporation, Quest Diagnostics, Inc., and Beckman Coulter, Inc.
In the recent past, these companies had attracted a significant share for in-vitro colorectal cancer screening tests. According to a TMR report, new entrants could pose a substantially low threat in the market on account of its extremely consolidated nature.
This has been anticipated to be in view of increasing regulatory pressure enforced by the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA).
Besides this, enormous shares exhibited by leading companies via long-term contracts and mergers and acquisitions could restrict the entry of new players.
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