The growing number of rectal and colon cancer incidences is anticipated to boost market growth. Numerous companies' continuing clinical trial research for better diagnosis causes market expansion. Also, the market is influenced by the huge development of direct-to-consumer laboratory testing and the wide availability of fecal occult immunological test devices in online stores.
Data Bridge Market Research shows that the Global Fecal Occult Blood Tests Market is growing with a CAGR of 5.3% from 2023 to 2030 and is expected to reach USD 2,426.86 million by 2030.
" Direct-to-Consumer Laboratory Testing Surge the Market Growth"
Direct-to-consumer laboratory testing allows users to order their corresponding laboratory tests directly from a lab without any other healthcare providers. These days, the healthcare industry is drifting towards direct-to-consumer laboratory testing from physician-based lab testing, and thus the demand has increased significantly. Most patients primarily focus on direct-to-consumer-based laboratory tests without undergoing a lengthy in-clinic process, boosting the market's growth. Thus, this factor boosts market growth.
What restraints the growth of the Global Fecal Occult Blood Tests Market?
" Change In Consumer Preference Towards Cost-Effective Alternatives"
The fecal occult blood test products have a high cost and generally cannot be afforded by everyone. As technology gets more advanced daily, several test alternatives are widely available in the market. Therefore, people opt for cost-effective alternatives for fecal occult blood tests. Numerous screening programs often target people with health conditions, and the number of people using screening services is generally higher than the true number of patients. Thus, all these major factors impede the growth of the market.
Segmentation: Global Fecal Occult Blood Tests Market
The global fecal occult blood tests market is segmented on the basis of test type, application, end-user, and distribution channel.
- On the basis of test type, the global fecal occult blood tests market is segmented into lateral flow immuno-FOB test kits, immuno-FOB agglutination test kits, immuno-FOB ELISA test kits, guaiac FOB stool tests, flushable reagent pad or tissue, and others.
- On the basis of application, the global fecal occult blood tests market is segmented into Colorectal Cancer Screening, Concern for gastrointestinal bleeding, Polyps, Diverticulosis, Ulcers, Haemorrhoids, Colitis, Anemia, and others.
- On the basis of end-users, the global fecal occult blood tests market is segmented into diagnostic laboratories, hospitals, specialty clinics, and others.
- On the basis of distribution channels, the global fecal occult blood tests market is segmented into direct tender, retail sales, e-commerce, and others.
Regional Insights: North America is expected to dominate the Global Fecal Occult Blood Tests Market
North America dominates the market because of an increasing inclination towards point-of-care diagnostics. Also, an increase in demand for fecal occult blood test products and a rise in research and development activities in the industry are also anticipated to enhance the market in the forecast period 2023-2030.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-fecal-occult-blood-tests-market
The Prominent Key Players Operating in the Global Fecal Occult Blood Tests Market Include:
- Biopanda Reagents Ltd (Ireland)
- CTK Biotech, Inc.(U.S.)
- Biohit Oyj (Finland)
- CerTest Biotec S.L. (Spain)
- Alfa Scientific Designs, Inc. (U.S.)
- Cenogenics Corporation (U.S.)
- Epigenomics AG (Germany)
- Quest Diagnostics Incorporated (U.S.)
- Quidel Corporation (U.S.)
- LifeSign LLC. (U.S.)
- EKF DIAGNOSTICS HOLDINGS PLC (U.K.)
Above are the key players covered in the report, to know about more and exhaustive list of global fecal occult blood tests market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Fecal Occult Blood Tests Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
