The global fecal occult testing market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released its new market research report titled global fecal occult testing market 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global fecal occult testing market size is the rising geriatric population. The incidence of various diseases, such as glaucoma, diabetes, cardiovascular disease, Alzheimer’s disease, and certain cancers, is much higher in the elderly population. Cancer of the colon and rectum (CRC) is one of the most common cancers affecting the elderly population. Therefore, many governments and organizations across the world are implementing various screening programs to reduce CRC mortality rate. Furthermore, the availability of reimbursement policies is also increasing the number of CRC screening tests. Therefore, the large geriatric population is expected to stimulate the fecal occult testing market during the forecast period.
As per Technavio, the growing demand for POC testing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global fecal occult testing market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Fecal Occult Testing Market: Growing Demand for POC Testing
Early diagnosis and accurate screening of individuals who are at risk of CRC is the key to reduce mortality rates of CRC. POC testing has emerged as an efficient assay that has improved the way diagnostics and clinical procedures are performed. POC testing has become very essential for CRC treatment as it offers several advantages such as ease of use and minimal maintenance. Moreover, the test can be performed even in the absence of a skilled laboratory professional. Thus, the demand for POC testing is increasing, which encourages several manufacturers in the market to focus on product innovation. This is expected to positively influence the fecal occult testing market during the forecast period.
“Apart from the growing demand for POC testing, other factors such as the technological advances in fecal occult testing for CRC screening, and the availability of a broad range of CRC screening products will have a significant impact on the fecal occult testing market growth during the forecast period,” says a senior analyst at Technavio.
Global Fecal Occult Testing Market: Segmentation Analysis
This market research report segments the global fecal occult testing market by end-user (hospitals, physicians’ office laboratories, and clinical diagnostic laboratories), and geographic regions (North America, Europe, Asia, and ROW).
The North American region led the fecal occult testing market in 2018, followed by Europe, Asia, and ROW respectively. The growth of the fecal occult testing market in North America can be attributed to factors such as presence of several vendors and initiatives of healthcare providers to increase preventative testing.
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Market segmentation analysis
Market size and forecast
Five Forces Analysis
Key leading countries
Market positioning of vendors
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