Colorectal Cancer Molecular Diagnostics Market Size
Healthcare Services

Top 5 Insights From The Colorectal Cancer Molecular Diagnostics Market Report 2024

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Colorectal Cancer Molecular Diagnostics Global Market Report 2024, the colorectal cancer molecular diagnostics market is expected to show promising growth in the forecast period.

Exploring the Market Dynamics

  • Steady Growth Trajectory: The colorectal cancer molecular diagnostics market has witnessed robust expansion in recent years, with notable growth from $2.35 billion in 2023 to $2.56 billion in 2024, boasting a compound annual growth rate (CAGR) of 9.2%.
  • Contributing Factors: This growth surge can be attributed to various factors including the increasing incidence of colorectal cancer, heightened awareness and screening initiatives, the rise of personalized medicine, and governmental endeavors in cancer control.

Riding the Wave of Expansion

  • Promising Projections: Projections indicate continued robust growth, with the market expected to reach $3.48 billion by 2028, at a CAGR of 8.0%.
  • Drivers of Growth: Factors fueling this anticipated expansion include the aging population, heightened risk factors, integration of genomic data in clinical practice, the surge in precision medicine approaches, and global collaborative efforts in cancer research.

Rising Incidence of Inflammatory Bowel Diseases (IBD) Sparks Growth

  • IBD Impact: The escalating incidence of inflammatory bowel diseases (IBD) is set to be a significant driver in the growth of the colorectal cancer molecular diagnostic market.
  • Demand for Precision: As IBD cases rise, there’s an increasing need for accurate and advanced diagnostic solutions, crucial for determining systemic therapy for colorectal cancer.

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Budget Constraints: A Roadblock to Adoption

  • Hesitancy to Embrace Innovation: Despite the benefits of advanced diagnostic technologies, reluctance among healthcare professionals persists due to budget constraints and pricing pressures.
  • Market Restraint: This hesitancy poses a challenge, potentially hindering the market’s growth trajectory in the forecast period.

Industry Insight: New Day Diagnostics’ Strategic Expansion

  • Strategic Acquisition: In July 2023, New Day Diagnostics LLC strategically expanded its cancer diagnostic portfolio through the acquisition of Epigenomics AG assets.
  • Portfolio Diversification: This move broadens New Day Diagnostics’ offerings within cancer diagnostics, including Epigenomics AG’s innovative screening technology for colorectal cancer.

Segmentation and Regional Trends

  • Market Segmentation: The colorectal cancer molecular diagnostics market is segmented by type (instruments, reagents and kits, services), technology (PCR, sequencing, mass spectrometry, etc.), and end-users (hospitals, diagnostic laboratories, etc.).
  • Regional Dynamics: North America dominated the market in 2023, while Asia Pacific is poised to emerge as the fastest-growing region in the forecast period.

In conclusion, the colorectal cancer molecular diagnostics market is on a trajectory of steady growth, fueled by a convergence of factors including technological advancements, rising disease incidence, and strategic industry maneuvers. While budget constraints may pose challenges, the market remains resilient, driven by a relentless pursuit of precision medicine and innovative diagnostic solutions. As we navigate the evolving landscape of cancer diagnostics, collaborations, and advancements in technology will continue to shape the future, offering hope in the fight against colorectal cancer and beyond.

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