Fecal occult testing: Key market research findings
- The Americas dominate the market geographically
- Hospitals account for a majority of the market’s revenue
- Key vendors – Beckman Coulter, Eiken Chemical, Epigenomics, and Quidel
Technavio’s market research analysts predict the global fecal occult testing market to grow at a CAGR of around 5% between 2016 and 2020. The growth of this market is spurred by the considerable shift towards a patient-centric model (POC FITs) for home use. There are significant opportunities for cancer management owing to increased awareness about colorectal cancer. POC devices, used for testing patients, can be used at home settings with adequate consultation with physicians for further disease diagnosis and treatment. In 2015, the global fecal occult testing market was dominated by the Americas with a market share of around 47%. Factors such as high prevalence of colorectal cancer, advanced medical infrastructure, and favourable healthcare practices in the region will fuel the growth of the fecal occult testing market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the fecal occult testing segments based on the end-user.
“Vendors in the market are now leveraging social media and the Internet to improve the sales of fecal occult immunological test devices. Social media helps in increasing the awareness about various bowel complications and remedies. It also helps spread awareness about associated products for cancer screening and diagnostics that are available in the market. Besides, online shopping retailers like Amazon allow companies to maintain business relationships with end-users, such as hospitals and diagnostic labs,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
During 2015, the hospitals segment accounted for more than 48% of the overall market revenue to become the dominant shareholder in the global market. Large multispecialty hospitals and hospital groups that work under government sponsorship or through private entities account for a majority share of the revenue generated by this market segment. Such hospitals comprise over 500 beds and offer a large number of in and outpatient services. They also have advanced medical infrastructure to cater to the needs of the patients.
The key vendors in the global fecal occult testing market include Beckman Coulter, Eiken Chemical, Epigenomics, and Quidel. The global fecal occult testing market is highly fragmented due to the presence of large (Tier 1), medium (Tier 2), and small-sized (Tier 3) companies. Vendors in the market leverage advanced technologies to develop innovative products and elevate their existing portfolio, thereby intensifying the market competition.
A more detailed analysis is available in the Technavio report, Global Fecal Occult Testing Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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