As per the report titled ‘In-Vitro Colorectal Cancer Screening Tests Market Size, By Test Type, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024’, available with Market Study Report, global in-vitro colorectal cancer screening tests market is projected to cross USD 1 billion by the year 2024.
 

Increasing incidences of colorectal cancer across the globe, in tandem with rising geriatric population who is highly susceptible to colorectal cancer is driving the growth of worldwide in-vitro colorectal cancer screening tests market. Shifting inclination towards non-invasive cancer screening tests is further enhancing the market growth. Sedentary lifestyle and poor dietary habits alongside increased tobacco smoking and alcohol consumption are resulting in inflammatory intestinal conditions leading to colorectal cancers, hence propelling the demand for these screening tests.
 

Initiatives undertaken by public & private players, promoting awareness about pre-diagnosis and treatments for colon cancer is rendering a positive market outlook. Technological advancements in screening tests with an emphasis on delivering higher precision and accuracy in shorter period, coupled with favorable reimbursement scenario in developed countries will augment the industry growth. However, lack of proper procedural guidelines and weak reimbursement scenario in developing nations of Asia Pacific will restrain the growth of in-vitro colorectal screening tests market.
 

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Based on the test type, fecal occult blood tests segment is presumed to gain decent traction during the study period as these tests are cost-effective and involve non-invasive diagnostic procedure, unlike colonoscopy and sigmoidoscopy.
 

Considering the geographical landscape, U.S. market is anticipated to record substantial growth during the forecast duration on account of high prevalence of colorectal cancer patients, coupled with favorable reimbursement policies in the region. Increasing number of patients suffering from obesity and other chronic conditions due to unhealthy diet and physical inactivity is likely to boost the regional market growth. In addition, statistics reveal that non-Hispanic blacks and Alaskan citizens residing in U.S. are at a high risk of suffering from colorectal cancer, indicating a surge in demand for in-vitro colorectal cancer screening tests in the region.
 

Germany in-vitro colorectal cancer screening tests market holds a significant global position, owing to large patient base and rising efforts towards prevention of bowel cancer in the country. Favorable reimbursement schemes for cancer screening is also supporting the growth of Germany market.
 

Parallelly, China in-vitro colorectal cancer screening tests market is driven by various initiatives undertaken by Chinese government to promote awareness about colorectal cancer, along with rising number of baby boomers in the nation.
 

Major industry participants are Abbott Molecular Inc., Beckman Coulter Inc., Alere Inc., Epigenomics AG Corp., Eiken Chemical, Sysmex Corp., Quest Diagnostics Inc., Siemens Healthcare, CompanianDx, Merck Millipore, OncoCyte Corporation-Biotime, BioMarCare Technologies Ltd., GeneNews Ltd., and Immunostics Inc. among others.