Colorectal Cancer Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Modality (Diagnosis Type, Therapy Type, and Imaging Type) and End User (Hospitals and Diagnostic & Research Laboratories)

Colorectal Cancer Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Modality (Diagnosis Type, Therapy Type, and Imaging Type) and End User (Hospitals and Diagnostic & Research Laboratories)

The global colorectal cancer market is expected to grow from US$ 18,619.3 million in 2022 to US$ 24,078.5 million by 2028; it is expected to grow at a CAGR of 3.3% from 2022 to 2028.

Factors such as the increasing prevalence of colorectal cancer, product launches, and benefits offered by generic drugs are driving the growth of the global colorectal cancer market. However, pricing pressure on drug manufacturers is hampering the global colorectal cancer market growth.

Colorectal cancer, also known as bowel cancer, colon cancer, or rectal cancer, is any form of cancer that affects the colon and the rectum. Colon and rectal cancer are often grouped together as many features are common in them. The majority of colorectal cancers generally develop over time from adenomatous (precancerous) polyps. Colorectal cancer may be benign, or non-cancerous, or malignant. Some of the risk factors for colorectal cancer involve a family history of colon or rectal cancer, diet, alcohol intake, smoking and inflammatory bowel disease. The symptoms shown by the patients who have colon cancer include changes in bowel habits, diarrhea or constipation, blood in stools that make it look black. Colorectal cancer can be treated with chemotherapy, radiotherapy, and surgery.

The increasing medical tourism and the growing pharmaceutical industry in emerging countries are expected to boost the global colorectal cancer market growth. According to India Brand Equity Foundation (IBEF) statistics in April 2019, India is the largest provider of generic drugs worldwide. The Indian pharmaceutical industry supplies ~40% of generic demand in the US, with ~50% of the global demand for multiple vaccines and 25% of all medicines in the UK. The pharmaceutical sector in India is expected to grow from US$ 42 billion in 2021 to US$ 55 billion by 2025; it is estimated to register at a CAGR of 37% from 2020 to 2025. Moreover, India has a huge pool of scientists and engineers having the potential to grow the healthcare industry remarkably.

Major market players focus on emerging markets such as Singapore and China as they have many colorectal cancer patients and growing medical tourism. As per the Australian Institute of Health and Welfare, over ~15,540 new cases of colorectal cancer were diagnosed in 2021. Moreover, as per the Malaysia Healthcare Travel Council, in 2019, over 1.22 million healthcare travelers visited Malaysia for healthcare purposes. The low cost of treatment and incorporation of advanced technologies to provide less waiting time for procedures in Asia Pacific are likely to boost the number of surgeries. This ultimately increases the demand for colorectal cancer diagnostics and treatment.

Many key market players are involved in manufacturing a wide range of drugs and diagnostic tests that help in reducing the burden of colorectal cancer. For instance, in June 2021, Bristol Myers Squibb announced the approval of Opdivo plus Yervoy by the European Commission (EC) for the treatment of adult patients with microsatellite instability-high (MSI-H) metastatic colorectal cancer. In July 2020, Taiho Pharmaceutical Co., Ltd. launched LONSURF, its anticancer agent, for the treatment of patients with metastatic colorectal cancer. With the launch of this product in China, the company expected that Lonsurf would offer a broader contribution to patients and medical institutions as a new treatment option for patients with colorectal cancer. Furthermore, inorganic developments by the key players of the global colorectal cancer market will also help the market to grow. For instance, Epigenomics AG announced its Next Generation Liquid Biopsy Test for colorectal cancer screening and planned to appeal the National Coverage Determination (NCD) decision in 2021. Thus, the constant developments and new product launches in colorectal cancer diagnostics and therapeutics are driving the global colorectal cancer market growth.

The global colorectal cancer market is bifurcated into modality and end user. Based on modality, the global colorectal cancer market is segmented into diagnosis type, therapy type, and imaging type. The diagnosis type segment is estimated to account for the largest market share and is expected to register the highest CAGR during the forecast period. Colorectal cancer or CRC is the most frequent human malignant neoplasms. The diagnostics emphasize the need for early recognition of neoplasms in the asymptomatic or precancerous stage. Therefore, early recognition is essential in patients with acute symptoms and adverse course of the disease. The diagnosis type segment holds the largest share of the global colorectal cancer market in 2022. The diagnosis type is further segmented into immunohistochemistry, stool test, flexible sigmoidoscopy, colonoscopy, CEA test, and others. Moreover, the stool test segment is anticipated to register the highest CAGR in the market during the forecast period. Stool-based tests are noninvasive for colorectal cancer screening options. For this test, no special diet or bowel preparation is required. Stool-based tests are recommended for patients with an average risk for colorectal cancer or no personal history. Further, guaiac-based fecal occult blood test (gFOBT) and fecal immunochemical test (FIT) are the noninvasive tests practiced to find blood in the stool that may be a symptom of cancer or large polyps. These tests can be taken at home with a kit after following instructions. Another type of noninvasive test is Stool DNA testing, which looks for certain DNA or gene changes that often get into the stool, which can be a sign of cancer if a stool DNA test results in abnormal. Fecal occult blood testing (FOBT) is the most widely prescribed screening test for CRC as it is simple, noninvasive, and has been demonstrated to reduce the chances of death due to CRC. For instance, Clinical Genomics Technologies Pty Ltd offers InSure ONE (Fecal Immunochemical testing) for detecting blood in the stool, which helps to diagnose CRC.

The World Health Organization (WHO), American Cancer Society, Centers for Disease Control and Prevention (CDC), and GLOBOCAN: Global Cancer Observatory are among the primary and secondary sources referred to while preparing the report on the global colorectal cancer market.

Reason to buys

A brief idea about the current competition in the Colorectal Cancer Market.
Highlights key business priorities and focus in order to assist companies to realign their business strategies.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
The key findings and recommendations highlight crucial progressive industry trends in the global Colorectal Cancer market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Provide strong and enough study of Colorectal Cancer market that help in understanding the market.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Colorectal Cancer market.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.