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Albany, New York, Feb. 21, 2019 (GLOBE NEWSWIRE) -- The global in-vitro colorectal cancer screening tests market displays a consolidated vendor landscape. The top three players hold a key share in the market via long term contracts and merger. This restricts entry of new players in the global In-vitro colorectal cancer screening test market, notes Transparency Market Research. The high consolidation in the global in-vitro colorectal cancer screening test market is mainly due to the stringent rules and regulations of the European Medicines Agency (EMA) and the U.S. Food and Drug Administration (FDA). The major players of the global In-vitro colorectal cancer screening tests market are Beckman Coulter, Sysmex Corporation, and Quest Diagnostics, Inc.
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As per a recent report by Transparency Market Research (TMR) on the global in-vitro colorectal cancer screening tests market, analyst is estimated to reach a valuation of US$980.6 million by 2023 rising at an impressive CAGR of 7.5%. The global in-vitro colorectal cancer screening tests market was valued at US$602.3 million in 2016.
Geographically, North America holds a major portion of region share in the global in-vitro colorectal cancer screening tests market. This is mainly due to the increasing prevalence of cancer in the region. It has been expected to draw a king’s share of US$316.7 mn during the forecast period. On the basis of test type, fecal occult blood (FOB) testing has been the most commonly used diagnostic measure, owing to its long-term presence in the healthcare industry coupled with lower price.
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Surging Cases of Cancer across Globe Support Demand
Increasing cases of cancer across the globe is a vital factor fueling global in-vitro colorectal cancer screening tests market in the near future. This is mainly because of a rise in the geriatric population, and changing lifestyle and food habits of people across the globe. In the recent times, non-invasive diagnostic tools are in high demand among patients owing to the convenience of their application.
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Stringent Government Regulations for Tests and Tools Restricts New Entrants
Despite of growing demand of tests, the global in-vitro colorectal cancer screening tests market is likely to suffer from a few restraints. Increased cost of treatment, lack of awareness, and strict regulation by the governing body over the use of in-vitro colorectal cancer screening tests are some of them. New players find it difficult to overcome barriers unlike established players.
The established players of the global in-vitro colorectal cancer screening tests market are investing enormous wealth for advance research and development activity. This is expected to drive the global in-vitro colorectal cancer screening tests market in the coming years.
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