Fecal Occult Testing Market is Expected to Expand at an Impressive Rate by 2026
Posted by Sachin Darakhe on August 12th, 2019
Fecal occult blood test (FOBT) is a diagnostic screening test used to analyze hidden (occult) blood in stool samples. Fecal occult blood test is also commonly known as Hemoccult, Stool Occult Blood, Guaiac Smear Test gFOBT, Immunoassay FOBT, Immunochemical FOB, and iFOBT. These tests are used to detect polyps in the colon or rectum or polyps bleed. Fecal occult blood test is majorly used for screening of colon cancer and analyzing possible causes of unexplained anemia. Colon cancer is large intestine (colon) cancer, which occurs in the lower part of the digestive system. Colon cancer generally arises with a small, benign cluster of cells, known as adenomatous polyps, which result in colon cancer.
Increasing incidence of colon cancer and rectal cancer, favorable initiatives by non-profit organizations and governments for colorectal cancer check-up programs, and rise in adoption of direct-to-consumer laboratory testing are the major factors driving the growth of the global Fecal Occult Testing Market. Also, increasing awareness regarding quick and accurate cancer diagnosis is boosting the demand for fecal occult blood tests. Colon cancer is a big concern for various developed and developing countries. Diagnosis of colon cancer at an early stage can help in controlling mortality.
Availability of fecal occult blood test products in online stores and improvement in direct-to-consumer laboratory testing are the trending factors expected to provide lucrative growth opportunities to the fecal occult testing market during the forecast period. However, high cost associated with fecal occult blood test products and low awareness regarding the test in undeveloped countries restrain the growth of the market. Low health care expenditure in underdeveloped countries and increase in awareness about health care diagnostic services have prompted patients toward cost-effective alternatives for diagnosis. This has been a major restraining force for the fecal occult testing market in developing as well as underdeveloped economies.
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The fecal occult testing market can be segmented based on product, end-user, and geography. In terms of product, the fecal occult blood test market can be categorized into Immuno-FOB agglutination test, guaiac FOB stool test, lateral flow immuno-FOB test, and immuno-FOB ELISA test. Based on end-user, the fecal occult testing market can be divided into hospitals, clinical diagnostic laboratories, and physicians’ office laboratories. Geographically, the fecal occult blood test market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
North America dominated the global fecal occult testing market due to well-spread awareness among people, along with rapidly increasing demand for technologically advanced fecal occult blood test products. The U.S. is the major contributor of the fecal occult testing market in North America, having the adoption rate of point-of-care testing products. North America occupies a substantially large market share of the global fecal occult blood test market, followed by Europe. Increase in demand for fecal occult blood test products from European countries such as U.K., Germany, and France. Increasing prevalence of colon cancer is the major factor of the growth of the fecal occult testing market.
In Asia Pacific, increasing demand for fecal occult blood test products from countries such as India, China, and Japan is expected to boost the fecal occult testing market. In addition, increase in incidences of colon cancer and rise in awareness regarding cancer screening tests are some of the key factors driving the fecal occult testing market in the region. However, affordability and lack of availability of innovative fecal occult blood test products have become a restraining factor for the market in developing and undeveloped regions, such as, Middle East & Africa and Latin America. Despite of this, the fecal occult testing market in these regions is expected to witness a slow growth with contribution from developing countries such as Brazil and South Africa. Latin American countries, such as, Mexico and Brazil, are expected to exhibit considerable potential for the fecal occult testing market.
Major players operating in the fecal occult blood test market include Abbott Laboratories, Biohit Oyj., Quidel Corporation, Randox Laboratories Ltd., Epigenomics AG, Beckman Coulter, Inc., Polymedco CDP, LLC, Quest Diagnostics Incorporated, EIKEN CHEMICAL CO., LTD., and EDP Biotech.
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About the AuthorSachin Darakhe
Joined: August 12th, 2019
Articles Posted: 296
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