Colorectal Cancer Molecular Diagnostics Global Market Opportunities and Strategies to 2034

This report describes and explains the colorectal cancer molecular diagnostics market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global colorectal cancer molecular diagnostics market reached a value of nearly $2.56 billion in 2024, having grown at a compound annual growth rate (CAGR) of 6.54% since 2019. The market is expected to grow from $2.56 billion in 2024 to $3.82 billion in 2029 at a rate of 8.37%. The market is then expected to grow at a CAGR of 7.85% from 2029 and reach $5.58 billion in 2034.

Growth in the historic period resulted from the shift towards personalized medicine, rising incidence of cancer cases, government screening programs and public-health initiatives and shift toward early detection and preventive screening. Factors that negatively affected growth in the historic period were high cost of molecular diagnostic tests and instruments and financial and reimbursement restraints.

Going forward, the growing aging population, increasing healthcare expenditure, growing investments and funding in cancer diagnostics startups and rising demand for non-invasive and home-based testing will drive the growth. Factors that could hinder the growth of the colorectal cancer molecular diagnostics market in the future include stringent and evolving regulatory frameworks, lack of standardized protocols across laboratories and impact of trade war and tariff.

North America was the largest region in the colorectal cancer molecular diagnostics market, accounting for 49.21% or $1.26 billion of the total in 2024. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the colorectal cancer molecular diagnostics market will be Asia Pacific and Africa where growth will be at CAGRs of 9.84% and 9.54% respectively. These will be followed by South America and Western Europe where the markets are expected to grow at CAGRs of 9.09% and 8.77% respectively.

The global colorectal cancer molecular diagnostics market is concentrated, with large players operating the market. The top ten competitors in the market made up to 49.36% of the total market in 2024. F-Hoffmann-La Roche was the largest competitor with a 7.05% share of the market, followed by Exact Sciences Corporation with 6.39%, Illumina Inc. with 5.71%, Qiagen N.V. with 5.05%, Guardant Health with 4.84%, Thermo Fisher Scientific with 4.52%, Danaher Corporation with 4.20%, Hologic Inc with 3.98%, Agilent Technologies with 3.87% and Quest Diagnostics Incorporated with 3.75%.

The colorectal cancer molecular diagnostics market is segmented by type into instruments, reagents and kits and services. The reagents and kits market was the largest segment of the colorectal cancer molecular diagnostics market segmented by type, accounting for 52.69% or $1.34 billion of the total in 2024. Going forward, the reagents and kits segment is expected to be the fastest growing segment in the colorectal cancer molecular diagnostics market segmented by type, at a CAGR of 9.59% during 2024-2029.

The colorectal cancer molecular diagnostics market is segmented by technology into polymerase chain reaction (PCR), sequencing, mass spectrometry, transcription mediated amplification, chips and microarrays, isothermal nucleic acid amplification technology (INAAT), in situ hybridization (FISH/ISH) and Immunohistochemistry (IHC). The polymerase chain reaction (PCR) market was the largest segment of the colorectal cancer molecular diagnostics market segmented by technology, accounting for 48.69% or $1.24 billion of the total in 2024. Going forward, the sequencing segment is expected to be the fastest growing segment in the colorectal cancer molecular diagnostics market segmented by technology, at a CAGR of 10.76% during 2024-2029.

The colorectal cancer molecular diagnostics market is segmented by end users into hospitals, ambulatory surgical centers, diagnostic laboratories, homecare settings and other end users. The hospitals market was the largest segment of the colorectal cancer molecular diagnostics market segmented by end users, accounting for 58.70% or $1.5 billion of the total in 2024. Going forward, the diagnostic laboratories segment is expected to be the fastest growing segment in the colorectal cancer molecular diagnostics market segmented by end users, at a CAGR of 10.43% during 2024-2029.

The top opportunities in the colorectal cancer molecular diagnostics markets segmented by type will arise in the reagents and kits segment, which will gain $783.92 million of global annual sales by 2029. The top opportunities in the colorectal cancer molecular diagnostics markets segmented by technology will arise in the polymerase chain reaction (PCR) segment, which will gain $634.59 million of global annual sales by 2029. The top opportunities in the colorectal cancer molecular diagnostics markets segmented by end users will arise in the hospitals segment, which will gain $682.77 million of global annual sales by 2029. The colorectal cancer molecular diagnostics market size will gain the most in the USA at $503.38 million.

Market-trend-based strategies for the colorectal cancer molecular diagnostics market include expansion of blood-based screening tests designed to improve early cancer detection, launch and expansion of at-home screening kits and fully automated PCR instruments to streamline workflows and reduce turnaround times.

Player-adopted strategies in the colorectal cancer molecular diagnostics market include focus on enhancing its operational capabilities through strategic partnerships, focus on improving its portfolio and strengthening its business through new launches and focus on enhancing its business operations and enhancing its geographical footprint across the globe through drug approvals.

To take advantage of the opportunities, the analyst recommends the colorectal cancer molecular diagnostics market companies to focus on expanding blood-based colorectal cancer screening, focus on at-home colorectal cancer screening solutions, focus on implementing fully automated pcr platforms, focus on reagents and kits for rapid growth, focus on sequencing for rapid growth in molecular diagnostics, expand in emerging markets, focus on expanding strategic distribution channels, focus on value-based and tiered pricing strategies, focus on evidence-based awareness campaigns, focus on multi-channel targeted communication, focus on diagnostic laboratories for market expansion.