Sellbyville, DE -- (SBWIRE) -- 10/10/2018 -- In-Vitro Colorectal Cancer Screening Tests Market size is set to exceed USD 1 billion by 2024; according to a new research report by Global Market Insights.

Increasing prevalence of colon and rectal cancer coupled with growing awareness levels regarding genetic testing and advents in technology for development in cancer screening propels in-vitro colorectal cancer screening tests market growth. Approvals and launch of various instruments along with timely introduction of novel next-generation systems are determinants of significant business growth.

The colorectal cancer screening has revealed to be effective technique in order to detect early colorectal cancer (CRC) as well as precancerous lesions. Numerous types of non-invasive tests are developed for the CRC screening thereby, upsurges the demand for CRC screening. In addition to enhancements in non-invasive tests for CRC screening are factors further propelling industry size growth.

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Chronic conditions such as inflammatory bowel disease, and Type 2 diabetes along with sedentary lifestyle, heavy alcohol consumption is on escalation and are related to colorectal cancer. Improved diagnostics tests and high occurrence of colorectal cancer will augment industry growth.

Inadequate reimbursement coverage coupled with lack of trained staff in the developing regions and dearth of uniform cancer screening guidelines in the Asia Pacific region will hamper business growth.

Fecal occult blood test (FOBT) test type segment dominated the market in 2016, on an account of widely preferred test due to FOBT being inexpensive and non-invasive as compared to sigmoidoscopy and colonoscopy. FOBT is also the foremost well-researched test for screening.

CRC DNA screening test segment is anticipated to grow at a highest CAGR. The growth is attributable to factors such as, increasing prevalence of colon and rectal cancer coupled with availability of affordable technique. Screening for the CRC plays a significant role in the reduction of CRC related mortality. Moreover, coverage of health insurance for CRC screening fuels demand. The Medical Insurance (Medicare Part B) covers numerous types of CRC screening tests. Tests assist in finding the precancerous growths when treatment is effective. Additionally, one or more tests can be covered including, screening barium enema, multi-target stool DNA test, and screening colonoscopy.

Germany in-vitro colorectal cancer screening tests market is projected to witness robust business growth in foreseeable future. Escalating incidence of bowel cancer and increasing colonoscopy participation rates are factors propelling business growth in Germany. Surging use of screening tests as an aid to prevent bowel cancer along with lifestyle changes will boost industry growth.

Italy in-vitro CRC screening tests market is anticipated to exhibit highest CAGR due to increasing risk factors of cancer, coupled with growing elderly population base. Developments in diagnostic treatment and procedures along with increasing awareness levels among individuals regarding colon and rectal cancer are aspects stimulating business growth.

China's in-vitro colorectal cancer screening tests market will grow significantly as a result of escalating incidences of colorectal cancer and growing initiatives by government for establishing targeted prevention and prior detection programs. Furthermore, increasing risk factors of colorectal cancer and surging demand for safe endoscopy facilities are factors propelling business growth in India.

Some of the prominent business players operational in global in-vitro CRC screening tests market are Alere, Abbott Molecular, Eiken Chemical, Beckman Coulter, Epigenomics, Siemens Healthcare, Sysmex, Quest Diagnostics, Exact Sciences, OncoCyte Corporation-Bio time, EMD Millipore, GeneNews, BioMarCare Technologies, Immunostics, Qiagen, Kyowa Medex, Novigenix, Randox Laboratories, and R-Biopharm.

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The industry players emphasize on development of cost-effective tests as well as tools for competent decision making and opting for effective treatment possibilities for colorectal cancer. For instance, in August 2016, Abbott Molecular, introduced Alinity, family of next-generation systems across clinical chemistry, immunoassay, hematology, plasma and blood screening, molecular diagnostics. These systems enable the company to cater towards its healthcare patient's diagnostic requirements and provide advance care.