At 7.7% CAGR, the South & Central America Colorectal Cancer Diagnostic Market is projected to be worth US$ 1,087.86 million by 2028, says Business Market Insights

According to Business Market Insights research, the South & Central America colorectal cancer diagnostic market was valued at US$ 749.13 million in 2023 and is expected to reach US$ 1,087.86 million by 2028, registering a CAGR of 7.7% from 2023 to 2028. Increasing prevalence of colorectal cancer and artificial intelligence in colonoscopy are the critical factors attributed to the South & Central America colorectal cancer diagnostic market expansion.    

Colorectal cancer is a malignant tumor that develops in colonic or rectal tissues. Surgery is the most common treatment for all stages of colon cancer. In ideal situations, if the cancer is diagnosed in the early stages, doctors can remove the tumor via surgical procedures. A colonoscopy is an important screening test for colorectal cancer diagnostics, and it has become a part of routine cancer screening. Thus, the rising incidence of colorectal cancer drives the growth of the South & Central America colorectal cancer diagnostics market.  

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

Based on modality, the South & Central America colorectal cancer diagnostics market is bifurcated into imaging tests and stool-based tests. The imaging tests segment held 95.8% share of South & Central America colorectal cancer diagnostic market in 2023, amassing US$ 717.68 million. It is projected to garner US$ 1,045.83 million by 2028 to expand at 7.8% 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 South & Central America colorectal cancer diagnostics market is segmented into hospitals, diagnostic laboratories, cancer research institutes, and others. The hospitals segment held 42.2% share of South & Central America colorectal cancer diagnostic market in 2023, amassing US$ 315.93 million. It is projected to garner US$ 470.42 million by 2028 to expand at 8.3% CAGR during 2023–2028.  

Based on country, the South & Central America colorectal cancer diagnostics market is segmented into Brazil, Argentina, and Rest of South & Central America. Our regional analysis states that Brazil captured 59.0% share of South & Central America colorectal cancer diagnostic market in 2023. It was assessed at US$ 441.98 million in 2023 and is likely to hit US$ 653.98 million by 2028, exhibiting a CAGR of 8.2% during the forecast period.  

Key players profiles in the South & Central America colorectal cancer diagnostic market report Medtronic Plc, Illumina Inc, F. Hoffmann-La Roche Ltd, Quest Diagnostics Inc, Siemens Healthineers AG, Bruker Corp.; and Eiken Chemical Co., Ltd., among others.

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