About this market
Growing importance of promotional activities to drive demand in the market. Among laboratory equipment and solutions, in-vitro colorectal cancer screening tests are not as frequently marketed. Emphasis is laid on improving the distribution network and increasing the availability of products to end-users rather than focusing on product and brand visibility. Online media and search engines are the primary sources to advertise these tests due to the low return on investment and limited visibility of other media. To increase sales, product functionality, accuracy, and vendors after sales services are highlighted and marketing communication is not prioritized. analysts have predicted that the in-vitro colorectal cancer screening tests market will register a CAGR of almost 6% by 2023.
Market Overview
Presence of innovative products
Vendors are offering products with improved features and specific manufacturing standards to establish their brand in the market. These improved product features will allow the retention of the existing consumers and seek prospective consumers.
Lack of healthcare services in developing regions
Significant population in developing regions including APAC and MEA do not have the required knowledge and healthcare facilities because of the lack of financial and human resources in these regions, which is an obstacle to promote public health awareness. This lack of awareness further increased rates of colorectal cancer, which is becoming a serious public health concern.
For the detailed list of factors that will drive and challenge the growth of the in-vitro colorectal cancer screening tests market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Quest Diagnostics and Siemens the competitive environment is quite intense. Factors such as the presence of innovative products and the growing importance of promotional activities, will provide considerable growth opportunities to in-vitro colorectal cancer screening tests manufactures. Abbott, Danaher, QIAGEN, Quest Diagnostics, and Siemens are some of the major companies covered in this report.