Global Colorectal Cancer Therapeutics Market Key Insights
During the forecast period of 2023-2033, the global colorectal cancer therapeutics market is expected to reach an estimated value of ~USD 58 billion by 2033, by expanding at a CAGR of ~10%. The market further generated a revenue of ~USD 18 billion in the year 2022. Major key factors propelling the growth of the colorectal cancer therapeutics market worldwide are the increasing occurrence of colorectal cancer and the rising cases of cardiovascular diseases, along with the surge in diagnostic methods.
Market Definition of Colorectal Cancer Therapeutics
Colorectal cancer therapy is a medical procedure, which is used to treat colon and rectal cancer. Colon or colorectal cancer is a form of cancer that develops in the large intestine (colon). Colorectal cancer most commonly affects elderly people, although it can affect anyone at any age. Small, benign (noncancerous) cell patterns called polyps commonly grow on the lining of the colon as the first signs of this disorder. Some of these polyps eventually develop into colorectal cancer. To manage colorectal cancer, several treatments are available, comprising surgery, radiation therapy, and pharmacological treatments such as chemotherapy, targeted therapy, and immunotherapy.
Global Colorectal Cancer Therapeutics Market: Growth Drivers
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The growth of the global colorectal cancer therapeutics market can majorly be attributed to the globally increasing cases of cancer, which can impact any part of a person’s body at any age, and has been proven as a major cause of mortality throughout the world. According to World Health Organization (WHO) statistics, approximately 10 million people died from cancer worldwide in 2020. On the other hand, the market growth can also be attributed to the several emerging therapies for the effective treatment of cancer. For instance, CRISPR is a breakthrough CAR T-cell therapy in which T-cells (a kind of white blood cell) are genetically engineered to combat cancer. This method takes months rather than a year or two to modify T cells. As a result, patients are expected to benefit from considerably faster treatment.
The global colorectal cancer therapeutics market is also estimated to grow majorly on account of the following:
• Major Research on Novel drugs for the Effective Treatment of Cancer
• Worldwide Increase in Aged Population
• Growing healthcare expenditure
• An Escalating Cognizance in People Regarding the Serious Effects of Colorectal Cancer
• Rising Prevalence of Unhealthy Eating Habits Among the People
Global Colorectal Cancer Therapeutics Market: Restraining Factor
The cost of drugs to treat cancer is usually higher, as cancer drugs require a fresh range of APIs. Additionally, there is law awareness among people in low and middle-income countries. Hence, this factor is expected to be the major hindrance for the growth of the global colorectal cancer therapeutics market during the forecast period.
Global Colorectal Cancer Therapeutics Market Segmentation
• By Therapy (Targeted Therapy, Immunotherapy, Chemotherapy, Radiation Therapy, Embolization, Surgery, and Others)
The targeted therapy segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to its high effectiveness to treat the cancer and provide the much better output instead of any other method of treatment. For instance, chemotherapy sessions have around 25% success rate, whereas targeted therapy has nearly 75% success rate.
• By Cancer Type (Colorectal Adenocarcinoma, Gastrointestinal Carcinoid Tumors, and Others)
• By Application (Hospitals, Clinics, and Research institutions)
• By End-User (Hospitals, Ambulatory Surgical Centers, Clinics, Diagnostic Imaging Centers, and Others)
• By Region
The North America colorectal cancer therapeutics market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions owing to the increasing stances of colorectal cancer in the region, along with growing concern in individuals for the diagnosis of colorectal cancer. For instance, colorectal cancer is the third most common cancer in the United States and in 2022, around 105,280 new cases reported of colon cancer and 45,760 new cases of rectal cancer were detected. Moreover, the surge in government led initiatives, as well as escalating health spending are some other factors which are anticipated to push the market growth further throughout the forecast period in the region.
The market research report on global colorectal cancer therapeutics also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Colorectal Cancer Therapeutics Market
Some of the key players of the global colorectal cancer therapeutics market are Pfizer Inc., F. Hoffmann-La Roche Ltd, Novartis AG, Eli Lilly and Company, Bristol-Myers Squibb Company, Ipsen Biopharmaceuticals, Inc., Bayer AG, Genentech, Inc., Amgen Inc., Teva Pharmaceuticals Industries Ltd., and others.
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