TMCnet News
Global Fecal Occult Testing Market to Witness Growth Through 2020, as a Result of Government Initiatives: TechnavioTechnavio analysts forecast the global fecal occult testing market 2016-2020 to grow at a CAGR of close to 5% during the forecast period, according to their latest report. The research study covers the present scenario and growth prospects of the global fecal occult testing market for 2016-2020. To calculate the market size, the revenue generated from the sales of fecal occult testing products used to perform colorectal cancer screening were taken into consideration. The report describes the market by the following tests which include guaiac test, fecal immunochemical test (FIT), and stool deoxyribonucleic acid (DNA) test. In its Cancer Report 2014, WHO reported that cancer caused 8.2 million deaths worldwide in 2012, of which colorectal cancer accounted for 694,000 deaths. Request a sample report: http://www.technavio.com/request-a-sample?report=53090 Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more. Technavio healthcare and life sciences analysts highlight the following three factors that are contributing to the growth of the global fecal occult testing market:
Ask an analyst: http://www.technavio.com/content/ask-analyst?report=53090 Ask Technavio's lead analysts a question about this market and they will have your answer within 24 hours. Rise in geriatric population In 2015, the UN reported that the global geriatric population is on the rise. In 2015, Asia had 15% population aged 80 years and above, Africa had 12%, and South Americahad 9%. With growing age, the immune system of the body deteriorates, which makes people aged 60 years and above more susceptible to chronic diseases, such as cancer and cardiovascular diseases. In 2014, various research studies reported colorectal cancer to be the second leading cause of cancer-related deaths in the Americas. "Public awareness about this cancer is limited, which is increasing its risks among people, particularly the geriatric population," says Srinivas Sashidhar, a lead analyst at Technavio for medical devices research. In February 2016, the CDC reported that to minimize the risks of colorectal cancer among this population, people can opt for fecal occult testing to check the occult blood count on a yearly basis. This will increase the demand and sales of fecal occult testing products in both hospital and home settings. Government initiatives and pilot programs worldwide The governments of various countries are adopting different initiatives to encourage people to opt for fecal occult testing. Various government and non-government initiatives have helped increase awareness and research data about colorectal cancer. This presents significant opportunities for improving cancer management. Countries such as Australia, the UK, and the US are among the few developed countries that have mandated colorectal cancer check-ups in medical facilities. Governments worldwide, are supporting fecal occult testing for colorectal cancer screening. For instance, Exact Sciences' Cologuard, a non-invasive DNA screening test, received FDA approval in August 2014. It is the first product to be reviewed through the joint CMS-FDA pilot program. The FDA is likely to provide more flexible regulatory norms and simple validation procedures for biomarkers, which will reduce the effort of detecting colorectal cancer. These types of favorable government initiatives will help in the demand and sales of fecal occult testing products in the market. Shift toward patient-centered model (POC FITs) for home use Devices used for testing at or near the site of the patient are known as point-of-care (POC) devices. These devices can be used at home settings, however, people need to consult their physicians for further disease diagnosis and treatment. The average cost of FITs for home setting is about USD 26, however, a colonoscopy test can cost about USD 5,800. People are adopting immunochemical tests for screening colorectal cancer because these tests are easily manageable and user-friendly. Colorectal cancer is the third most common disease in the UK. "The availability of POC testing in European countries has made it easier for many people in the age group 40 years and above to self-check for signs of colorectal cancer. This has led to the increased sale of these devices in Europe," says Srinivas. Browse Related Reports:
Do you need a report on a market in a specific geographical cluster or country but can't find what you're looking for? Don't worry, Technavio also takes client requests. Please contact [email protected] with your requirements and our analysts will be happy to create a customized report just for you. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected]. View source version on businesswire.com: http://www.businesswire.com/news/home/20160914005019/en/ |
