Albany - New York, Oct. 26, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "In-vitro Colorectal Cancer Screening Tests Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023", the global in-vitro colorectal cancer screening tests market was valued at US$494.1 mn in 2014 and is anticipated to reach US$980.6 mn by 2023, expanding at a CAGR of 7.5% during the forecast period from 2015 to 2023.
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Increase in the geriatric population, rise in prevalence of colorectal cancer, high prevalence of inflammatory bowel disease, and easy access to health care facilities contribute to the growth of the in-vitro colorectal cancer screening tests market. Geographically, the in-vitro colorectal cancer screening tests market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Rest of the World. North America accounted for the largest share of the in-vitro colorectal cancer screening tests market in 2014, followed by Europe.
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In terms of revenue, North America was the largest market for in-vitro colorectal cancer screening tests, and accounted for a share of over 35.0% of the global market in 2014. Dominance of North America has been attributed to rise in health awareness among the population, the scope of expansion of clinical laboratories, rapid introduction of advanced technological implementations, and increase in incidence of colorectal cancer. Additionally, rise in geriatric population and availability of various reimbursement policies from public and private health insurance firms fuel the growth of the in-vitro colorectal cancer screening tests market in North America. The U.S. dominated the in-vitro colorectal cancer screening tests market in North America. Positive initiatives by the U.S. Government are anticipated to boost market growth during the forecast period.
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Europe was the second largest market for in-vitro colorectal cancer screening tests in 2014. Major countries in Europe such as the U.K., Germany, France, Russia, Spain, Italy, Switzerland, the Netherlands, Portugal, and Belgium accounted for a majority share of the in-vitro colorectal cancer screening tests market in Europe in 2014. Key factors driving the growth of the market in Europe are rising demand for technologically advanced products, easy adoption of screening tests, increasing geriatric population, and growing health care awareness. Germany is considered to be a promising market for in-vitro colorectal cancer screening tests due to increase in acceptance of technologically advanced products, rise in geriatric population, growth in incidence of colorectal cancer, and cost-effective screening tests.
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Asia Pacific was the third largest market for in-vitro colorectal cancer screening tests in terms of revenue in 2014. However, the market in the region is expected to expand at a CAGR of 18.6% during the forecast period from 2015 to 2023. Factors attributed to the rapid growth of the in-vitro colorectal cancer screening tests market in Asia Pacific are constant rise in the geriatric population, increase in the prevalence of colorectal cancer and inherited syndrome, and surge in health care expenditure. Rest of Asia Pacific dominated the in-vitro colorectal cancer screening tests market in Asia Pacific due to developing health care infrastructure and rise in awareness related to colorectal cancer. Rest of Asia Pacific comprises South Korea, Malaysia, Singapore, Indonesia, Thailand, Vietnam, Taiwan, and the Philippines, among other countries. The in-vitro colorectal cancer screening tests market in Latin America and Rest of the World is expected to expand at moderate growth rate during the forecast period due to the gradually improving financial stability, high prevalence of colorectal cancer, and introduction of non-invasive screening tests in the region.
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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. are the major players operating in the global in-vitro colorectal cancer screening tests market. Quest Diagnostics and Beckman Coulter, Inc. are the market leaders.
The global in-vitro colorectal cancer screening tests market is segmented as follows:
Global In-vitro Colorectal Cancer Screening Market, by Tests
Fecal Occult Blood Tests
- Guaiac FOB Stool Test
- Immuno-FOB agglutination test
- Lateral Flow Immuno-FOB Test
- Immuno-FOB ELISA test
Stool Biomarkers Tests
- M2-PK Stool Test
Blood Biomarkers Market
- Epi proColon
Global In-vitro Colorectal Cancer Screening Market, by Pipeline
- PanC - Dx
- MeScore CRC
Global In-vitro Colorectal Cancer Screening Market, by Geography
- Rest of Europe
- Rest of Asia Pacific
Latin America (LATAM)
- Rest of LATAM
- Rest of the World
- Middle East and North Africa
- Rest of RoW
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Source:Transparency Market Research