LONDON--(BUSINESS WIRE)--Technavio projects the global fecal occult testing market to post a CAGR of close to 5% during the forecast period, 2018-2022. The rise in the number of elderly people is a key driver, which is expected to impact market growth.
The rise in elderly population has resulted in increased expenditure on healthcare for health checkups, disease diagnosis, and treatment. The most common health problems affecting older adults include Alzheimer's disease, digestive disorders, cardiovascular diseases, bone and joint diseases, diabetes, and different types of cancer. Older people require diagnostic testing on a regular basis owing to their low immunity and metabolism. These factors have increased the demand for fecal occult testing techniques for diagnosing diseases.
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In this report, Technavio highlights the increase in demand for POC testing as one of the key emerging trends in the global fecal occult testing market:
Increase in demand for POC testing
The diagnostics market is undergoing revolutionary changes with devices becoming smaller in size, customary focal research centers moving closer to patient locales, and growing test offerings due to the increasing adoption of multiparameter monitoring devices. Another significant change in this sector is the shift toward POC diagnostics or testing. Devices that are used for testing at or near the patient's residence are known as POC devices. These devices can be used in laboratories, hospitals, and clinics. Therefore, demand for fecal occult POC testing is also increasing as it needs leaner processes and fewer steps to produce the result and eliminates processing and aliquoting as well as the need to transport the specimen to the core laboratory and communicate results to the clinical staff.
“In addition, the average cost of POC is much less as compared to other diagnostic tests. For instance, a POC FIT is below USD 30 while a colonoscopy test can cost more than USD 1,000. Thus, people are adopting POC FITs to screen for colorectal cancer because these tests are easily accessible and more user-friendly. Hence, the growing significance of POC diagnostics will drive the growth of the global fecal occult testing market in the future,” says a senior analyst at Technavio for orthopedics and medical devices research.
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Market segmentation and analysis through 2022
This market research report segments the global fecal occult testing market by end-user (hospitals, physicians' office laboratories, and clinical diagnostic laboratories) and key regions (the Americas, APAC, and EMEA).
In 2017, the global fecal occult testing market was led by the Americas, which accounted for a close to 42% of the market share owing to the growing number of older people who need diagnostic procedures. The Americas was followed by EMEA and APAC. The growing incidence of diseases such as colorectal cancer and the shift towards preventive and personalized healthcare are factors leading to the growth of the market.
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