At 8.4% CAGR, the Europe Colorectal Cancer Diagnostic Market is projected to be worth US$ 4,703.52 million by 2028, says Business Market Insights

According to Business Market Insights research, the Europe colorectal cancer diagnostic market was valued at US$ 3,145.81 million in 2023 and is expected to reach US$ 4,703.52 million by 2028, registering a CAGR of 8.4% from 2023 to 2028. Artificial intelligence in colonoscopy and increasing prevalence of colorectal cancer are the critical factors attributed to the Europe colorectal cancer diagnostic market expansion.               

The early detection of colorectal cancer (CRC) in gastroenterology offers patients the best opportunity for disease-free and overall survival. However, colonoscopy results show significant variations in lesion detection. The adenoma detection rate (ADR) is the gold standard for evaluating the quality of colonoscopy performed by endoscopists for colorectal cancer screening.

The use of AI technology in diagnosing and treating several types of cancer, especially colorectal cancer, is now gaining substantial attention. Various AI-supporting systems are available for personalized and novel strategies for managing colorectal cancer. In endoscopy, AI broadly relates to a computer vision technology, allowing computers to “see” and interpret visual content. Through machine learning processes and deep learning, AI systems can be trained to recognize “normal” characteristics by linking gold standards to suitable images. Using computer vision for lesion detection will be the first application of AI in gastroenterology. It would help improve the quality of endoscopy practices in finding and recognizing polyps on colonoscopy.

Although AI in colonoscopy is a new field with an extended scope, it can potentially improve the quality of endoscopic examinations and patient care. It can also transform the process of managing performance and quality betterment in colonoscopy, alongside improving several key performance measures. Medtronic has launched its AI-powered GI Genius module for colonoscopy in India. This transformative solution that leans on deep learning algorithms and real-time data empowers physicians to detect and treat colorectal cancer by offering enhanced visualization during colonoscopy. AI applications such as the GI Genius can lead to an improved ADR, facilitating the earlier detection of colorectal cancer, better clinical management of lesions, and detailed characterization of tissues. Thus, the adoption of AI for colorectal cancer imaging tests is likely to bring new trends in the Europe colorectal cancer diagnostics market in the coming years.  

On the contrary, low accuracy of screening based on faecal immunochemical tests (FITs) hurdles the growth of Europe colorectal cancer diagnostic market.

Based on modality, the Europe colorectal cancer diagnostics market is bifurcated into imaging tests and stool based tests. The imaging tests segment held 94.1% share of Europe colorectal cancer diagnostic market in 2023, amassing US$  2,959.81 million. It is projected to garner US$  4,440.38 million by 2028 to expand at 8.5% CAGR during 2023–2028. The market for the imaging tests segment is further segmented into colonoscopy, CT colonography, flexible sigmoidoscopy, capsule endoscopy, and others. The market for the stool based tests segment is subsegmented into faecal immunochemical test (fit), guaiac-based faecal occult blood test (gFOBT), and stool DNA test.

Based on end user, the Europe colorectal cancer diagnostics market is segmented into hospitals, diagnostic laboratories, cancer research institutes, and others. The hospitals segment held 42.1% share of Europe colorectal cancer diagnostic market in 2023, amassing US$ 1,324.08 million. It is projected to garner US$ 2,029.80 million by 2028 to expand at 8.9% CAGR during 2023–2028.  

Based on country, the Europe colorectal cancer diagnostics market is segmented into France, Germany, the UK, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 26.9% share of Europe colorectal cancer diagnostic market in 2023. It was assessed at US$ 846.79 million in 2023 and is likely to hit US$ 1,296.53 million by 2028, exhibiting a CAGR of 8.9% during the forecast period.  

Key players profiles in the Europe colorectal cancer diagnostic market report Medtronic Plc, Illumina Inc, Epigenomics AG, Novigenix SA, F. Hoffmann-La Roche Ltd, Quest Diagnostics Inc, Siemens Healthineers AG, Bruker Corp, and Eiken Chemical Co., Ltd., among others.

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