The global in-vitro colorectal cancer screening tests market is expected to post a CAGR of nearly 6% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio predicts the global in-vitro colorectal cancer screening tests market is expected to post a CAGR of nearly 6% during the period 2019-2023. (Photo: Business Wire)
A key factor driving the growth of the market is the growing number of awareness programs and government initiatives. Compulsory education and economic development are crucial in creating awareness related to colorectal cancer screening. Early detection of colorectal cancer can reduce the growing prevalence. Mars Bleu was launched by NOVIGENIX as a national colorectal cancer awareness campaign and was dedicated to raising awareness about screening and preventing colorectal cancer in many countries. Moreover, in countries such as the US, government initiatives such as Colorectal Cancer Control Program and insurance policies like Medicaid and Medicare are working toward providing colorectal cancer screening tests to many patients.
As per Technavio, the increased rate of product approvals will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global in-vitro colorectal cancer screening tests market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global in-vitro colorectal cancer screening tests market: Increased rate of product approvals
The growing in-vitro colorectal cancer screening tests market is compelling regulatory bodies to increase their analysis on the production process of these products and examination of production capabilities by leading vendors. However, products undergo extensive tests for approvals from regulatory authorities before the approved products are launched by vendors in the market.
“The increased rate of product approvals results in elevating the market standing of vendors and help in seeking prospective consumers, which lead to increased sales and production of products in high volumes,” says an analyst at Technavio for research on life sciences tools & services.
Global in-vitro colorectal cancer screening tests market: Segmentation analysis
This market research report segments the global in-vitro colorectal cancer screening tests market by end-users (hospitals, clinical diagnostic laboratories, and others) and geographical regions (the Americas, APAC, and EMEA).
The hospitals segment held the largest market share in 2018, accounting for nearly 41% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of nearly 44%. This region is expected to dominate the market through 2023, however there will be a decrease in its market share.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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