The Fecal Immunochemical Diagnostic Test (FIT) Market Size was valued at USD 1.36 Bn in 2023 and is predicted to reach USD 2.03 Bn by 2031 at a 5.29% CAGR during the forecast period for 2024-2031.
The fecal immunochemical diagnostic test (FIT) is a non-invasive screening tool that can detect hidden blood in feces, which can be an early sign of colon cancer or other gastrointestinal disorders. There are numerous main drivers behind the market for fecal immunochemical tests (FIT). Demand for frequent screening examinations is greatly raised by the expanding elderly population, which increases colorectal cancer risk. This demographic trend emphasizes the need for early diagnosis and preventative medical actions. Furthermore, the development of diagnostic tools and healthcare infrastructure improves access to sophisticated testing techniques, therefore promoting a more general acceptance of FIT. By encouraging frequent colorectal cancer testing, raising public awareness, and funding and support for screening campaigns, government initiatives and screening programs significantly help. These elements are driving FIT’s expansion around the world.
However, market expansion is hindered by high costs, restrictive reimbursement rules, and ignorance of the need for colorectal cancer screening. The fecal immunochemical diagnostic test (FIT) industry suffered a hit during the COVID-19 pandemic because fewer patients visited healthcare institutions, and regular examinations were postponed. However, the pandemic brought attention to the significance of non-invasive home testing kits, which sparked a new wave of interest and drove expansion in the FIT market. Additionally, fecal immunochemical diagnostic test (FIT) further propelled market expansion and are in great demand because developments in testing technology, rising research funding, and technological improvements are boosting the fecal immunochemical diagnostic test (FIT) market by improving detection accuracy and efficiency, which in turn ensures compliance with security criteria and safeguarding public health.
Competitive Landscape
Some of the Major Key Players in the Fecal Immunochemical Diagnostic Test (FIT) Market are
- Quest Diagnostics Incorporated
- Sentinel CH. SPA
- FUJIFILM Corporation
- Quidel Corporation
- Danaher (Beckman Coulter, Inc.)
- Eiken Chemical Co., Ltd.
- Freenome Holdings, Inc.
- Immunostics, Inc.
- BTNX, Inc.
- Biohit Oyj
- Other Prominent Players
Market Segmentation:
The global fecal immunochemical diagnostic test (FIT) market is segmented based on product and end-user. By product, the market is divided into kits and reagents, analyzers, and others. By end-user, it is divided into hospitals and diagnostics laboratories, specialty clinics, home care settings, and research institutes.
Based on the Product, the Kits & Reagents Market Segment is Accounted as a Major Contributor to the Fecal Immunochemical Diagnostic Test (Fit) Market
The kits & reagents in the fecal immunochemical diagnostic test (FIT) market are expected to hold a major global market share in 2023 because of their vital part in test dependability and correctness. Their appeal stems from the growing need for early colorectal cancer screening as well as from home testing kit ease. Furthermore, supporting their market growth are continuous developments in reagent technology, which improve test sensitivity and specificity.
Hospitals & Diagnostics Laboratories Segment to Witness Growth at a Rapid Rate
The hospitals and diagnostic laboratories segment in the fecal immunochemical diagnostic test (FIT) market is growing due to the growing focus on early identification and consistent colorectal cancer screening. These facilities provide accurate and dependable test findings by means of access to sophisticated diagnostic tools and qualified personnel. Furthermore, aiding their development in the market are the increasing frequency of gastrointestinal diseases and the growing healthcare infrastructure in many areas, which stimulate demand for FIT testing in hospitals and diagnostic laboratories.
In the Region, the North American Fecal Immunochemical Diagnostic Test (FIT) Market Holds a Significant Revenue Share
The North American global fecal immunochemical diagnostic test (FIT) market is expected to register the highest market share in revenue in the near future. This is because friendly government policies endorsing consistent screening, leading diagnostic corporations, and the acceptance of cutting-edge technologies help to strengthen the market even more. Furthermore, driving the rising demand for fecal immunochemical diagnostic tests in America are aging populations and the rising frequency of gastrointestinal problems. In addition, the Asia Pacific is anticipated to grow rapidly in the global fecal immunochemical diagnostic test (FIT) market because of the presence of important participants in the industry, and continuous R&D initiatives support the growth of the market. Moreover, the well-developed healthcare systems, strong government programs encouraging early diagnosis, and heightened public awareness of the need for colorectal cancer screening are helping to propel the market forward.
Recent Developments:
- In July 2024, Quest Diagnostics, a frontrunner in the diagnostic information services industry, announced that it had reached an official agreement to acquire LifeLabs, a respected Canadian provider of community laboratory tests used by millions of Canadians, for a total consideration of around CAN $1.35 billion (approximately USD 985 million), including net debt.
- In April 2024, QuidelOrtho, a worldwide leader in in vitro diagnostic technologies for point-of-care, clinical labs, and transfusion medicine, announced a software development partnership with BYG4lab®, a market leader in laboratory data management and middleware. The partnership will help QuidelOrtho speed up its efforts to enhance and broaden its informatics offerings across all of its diagnostics platforms.
Fecal Immunochemical Diagnostic Test (FIT) Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1.36 Bn |
|
Revenue Forecast In 2031 |
USD 2.03 Bn |
|
Growth Rate CAGR |
CAGR of 5.29% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Product, By End-user and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Quest Diagnostics Incorporated and Sentinel CH. SpA, FUJIFILM Corporation, Quidel Corporation, Danaher (Beckman Coulter, Inc.), Eiken Chemical Co., Ltd., Freenome Holdings, Inc., Immunostics, Inc., BTNX, Inc., and Biohit Oyj. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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