(MENAFN- IMARC Group) IMARC Group's latest report, titled“ Fecal Occult Testing Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032 ”,
the global fecal occult testing market size reached US$ 1,367.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 2,031.8 Million by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032.
Fecal occult testing, also known as fecal occult blood testing (FOBT), is a diagnostic method used to detect hidden blood in the stool, which can be indicative of various gastrointestinal conditions, including colorectal cancer, polyps, or other sources of bleeding in the digestive tract. The importance of FOBT lies in its role as a non-invasive screening tool for early detection of colorectal cancer and other gastrointestinal disorders, allowing for timely intervention and improved patient outcomes. Its benefits include cost-effectiveness, simplicity, and the ability to be performed at home, making it accessible to a wider population. FOBT is recommended for individuals over a certain age, typically starting at 50 years old, and should be performed periodically as part of routine health screenings, especially for those at higher risk due to family history or other predisposing factors.
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Competitive Landscape with key Players:
Abbott Laboratories Beckman Coulter Inc. (Danaher Corporation) Biohit Oyj EDP Biotech Corporation Eiken Chemical Co. Ltd Epigenomics AG Quest Diagnostics Incorporated Quidel Corporation Randox Laboratories Ltd
Fecal Occult Testing Market Trends:
The global market is primarily driven by the growing emphasis on preventive healthcare, with healthcare providers and governments worldwide encouraging regular screenings for colorectal cancer and other gastrointestinal disorders. Additionally, continual advancements in technology have led to the development of more sensitive and accurate fecal occult testing methods, further fueling market growth. Moreover, with the aging population and rising incidences of colorectal cancer globally, there is a growing need for effective screening tools like fecal occult testing is impelling market growth.
Furthermore, the increasing number of markets is witnessing the introduction of innovative fecal occult testing products, including user-friendly test kits and digital solutions, catering to the evolving needs of healthcare providers and patients is further expanding market growth. In line with this, strategic collaborations and partnerships between healthcare organizations, diagnostic laboratories, and medical device manufacturers are promoting innovation and the development of advanced fecal occult testing solutions, driving market growth further.
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Key Market Segmentation:
Breakup by Test Type:
Guaiac FOB Stool Test Immuno-FOB Agglutination Test Lateral Flow Immuno-FOB Test Immuno-FOB ELISA Test
Breakup by End User:
Hospitals Clinical Diagnostic Laboratories Physician Office Laboratories
Breakup by Region:
North America (United States, Canada) Europe (Germany, France, United Kingdom, Italy, Spain, Others) Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
Market Performance (2018-2023) Market Outlook (2024-2032) Porter's Five Forces Analysis Market Drivers and Success Factors SWOT Analysis Value Chain Comprehensive Mapping of the Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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