Colorectal Cancer Market

Market Overview

The colorectal cancer market is expected to grow from US$ 18,619.3 million in 2023 to US$ 24,078.5 million by 2030; it  is expected to grow at a CAGR of 3.3% from 2023 to 2030.

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

Colorectal cancer is a malignant tumor of the inner lining of the large intestine. This is due to abnormal cell growth that can invade or spread to other parts of the body. Colorectal cancer is usually caused by inflammatory bowel disease and genetic inheritance. Fatigue, diarrhea or constipation, shortness of breath, weakness, change in bowel habits, red or dark blood in stools, weight loss, abdominal pain and bloating are some common symptoms. Colorectal cancer is classified into four stages: stage 0, stage I cancer in the inner layers of the colon, stage II cancer spreading through the muscle wall of the colon, stage III cancer spreading to the lymph nodes, and stage IV spreads to other organs. Colorectal cancer can be treated with chemotherapy, radiation therapy and surgery.

Market Dynamics
Rise in Incidence of Colorectal Cancer

Colorectal cancer is one of the most common and lethal conditions that people may experience due to the interplay of genetic and environmental factors. According to the World Health Organisation (WHO), there will be 1.93 million new cases of colorectal cancer worldwide in 2020, making it the third most frequent kind of cancer. By 2030, there is a predicted 70% increase in the incidence. Additionally, according to the National Institutes of Health, colorectal cancer (CRC) will represent 9% of all cancer cases and be a substantial cause of morbidity and death globally in 2020. In addition, colorectal cancer caused 916 000 deaths in 2020, with mortality and incidence rates differing internationally. It ranks second among cancers in women and third among cancers in males. About 1 in 23 men and 1 in 25 women will acquire colorectal cancer in their lifetime. The second most prevalent disease to cause mortality and the third most common cancer overall is colorectal cancer.     

Colorectal cancer is increasingly affecting populations in Asian countries. For example, according to the International Agency for Research on Cancer and GLOBOCAN, the estimated incidence of colorectal cancer in Asia reported approximately 1,009,400 new cases in 2020. Japan, China, Malaysia, Singapore, Korea and Turkey have recorded high prevalence rates compared to other Asia-Pacific countries.

People with localized colorectal cancer have a 90% chance of surviving after five years. The 5-year survival rate is 71% if the cancer spreads to nearby tissues, organs or regional lymph nodes. Surgery, immunotherapy, chemotherapy, radiation therapy, and targeted therapy are the most common treatments for colorectal cancer. Depending on the stage of the cancer, two or more of these treatment methods may be administered simultaneously or sequentially.

Thus, the growing number of patients suffering from the disease has increased the demand for colorectal cancer solutions, thereby driving the growth of the global colorectal cancer market.

Modality Insights

Based on modality, The global colorectal cancer market is segmented into diagnosis type, treatment type and imaging type. In 2023, the diagnostic type segment holds the largest market share and is expected to register the highest CAGR during the forecast period. Moreover, the diagnostic type segment is further categorized into immunohistochemistry, stool test, flexible sigmoidoscopy, colonoscopy, CEA test and others. The stool testing segment is expected to register the highest CAGR in the market over the forecast period, owing to the growing number of diagnostic tests performed by patients.

End User Insights

Based on end user, the global colorectal cancer market is divided into hospitals and diagnostic and research laboratories. In 2023, the hospital segment holds a larger market share and is expected to register a higher CAGR in the market during the forecast period. Hospitals are the largest entities that have all the facilities. The hospital provides extensive health care and medical services to patients suffering from various diseases and disorders. Hospitals nowadays provide better services to their patients. Huge patients are admitted for the procedure while several patients come in for the diagnosis. Among the patients admitted, most already suffer from some ailments. Thus, hospitals contribute a major market share to the global colorectal cancer market and are expected to continue the trend during the forecast period.

The evaluation of the body's organs, tissues, and functions is frequently required in emergency and treatment facilities. CT, X-ray, and magnetic resonance imaging are all precise ways to do this. The majority of treatments are presently performed in hospitals due to ongoing patient care and monitoring. In the upcoming years, it is projected that hospitals, which house the bulk of people's healthcare facilities, would propel the end user segment's rise. As a result of all the aforementioned factors, the hospital segment of the global colorectal cancer market is anticipated to expand over the approaching years.    

Post COVID Impact

The COVID-19 pandemic has had a significant impact on the Colorectal Cancer market. With healthcare systems overwhelmed and resources redirected towards combating the virus, routine screenings and diagnostic procedures for colorectal cancer were delayed or canceled, leading to a decline in early detection rates. This delay in diagnosis has resulted in more advanced stage presentations and poorer prognoses for many patients.

Moreover, disruptions in the global supply chain and manufacturing processes have led to shortages in essential drugs and treatments for colorectal cancer, causing difficulties in patient management. Clinical trials and research initiatives were also hampered, delaying the development of new therapies and treatment modalities.

However, amidst these challenges, the pandemic has also accelerated the adoption of telemedicine and digital health solutions in the field of oncology. Remote consultations, virtual tumor boards, and telemonitoring have become vital tools for managing colorectal cancer patients, ensuring continued care and reducing the risk of exposure.

As the world recovers from the pandemic, it is crucial to prioritize catching up on missed screenings, enhancing healthcare infrastructure, and resuming research efforts to mitigate the long-term impact of COVID-19 on the Colorectal Cancer market.

Market Barriers

Some of the barriers in the colorectal cancer market include:

  • Lack of early detection: Colorectal cancer often goes undiagnosed until later stages when treatment options are limited, highlighting the need for improved screening and early detection methods.
  • Limited awareness: There is a lack of public awareness about colorectal cancer and its symptoms, leading to delayed diagnosis and treatment.
  • High treatment costs: The cost of treatment for colorectal cancer, including surgery, chemotherapy, and targeted therapies, can be substantial, making it difficult for some patients to access adequate care.
  • Resistance to existing therapies: Some colorectal cancers develop resistance to standard treatments, reducing their effectiveness and necessitating the development of new therapeutic options.
  • Regulatory challenges: The approval process for new drugs and therapies can be time-consuming and complex, posing barriers to the introduction of innovative treatments in the market.

Market challanges

The colorectal cancer market faces several challenges:

  • Treatment advancements: Developing new and effective treatments for colorectal cancer remains a significant challenge, as the disease can be heterogeneous, with varying genetic mutations and resistance mechanisms.
  • Access to care: Disparities in access to high-quality care, especially in underserved areas or low-income populations, limit timely diagnosis, treatment, and follow-up care for colorectal cancer patients.
  • Screening compliance: Encouraging individuals to undergo regular screening tests, such as colonoscopies or stool-based tests, is challenging due to factors like fear, discomfort, and lack of awareness.
  • Biomarker identification: Identifying reliable biomarkers for early detection, disease monitoring, and personalized treatment selection is an ongoing challenge in colorectal cancer research.
  • Clinical trial recruitment: Recruiting a diverse patient population for clinical trials to evaluate new treatments and therapies can be difficult, potentially limiting the generalizability of study findings.

Regional Insights

North America is expected to dominate the colorectal cancer market over the forecast period due to increasing incidence of colorectal cancer, better healthcare infrastructure, supportive government policies, 'large base of multinational companies and high people's awareness of diagnostic tests and healthcare devices. Additionally, the United States held the largest share of the North American market in 2023, and the country is expected to dominate the regional market over the forecast period. According to the American Cancer Society, colorectal cancer is the third most commonly diagnosed cancer in men and women in the United States, and approximately 104,270 new cases of colon cancer and 45,230 new cases of rectal cancer have been reported. in the country in 2021. The lifetime risk of being diagnosed with colorectal cancer is about 1 in 22 for men, which is about 5%. Similarly, for women, it is about 1 in 24, which is about 4.5%. This increasing number of cancer cases increases the demand for colorectal cancer treatment and diagnosis across the country.

The global colorectal cancer market is segmented into modality, end-user, and geography. By geography, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and South & Central America. The Global Colorectal Cancer Market report offers in-depth market insights and analysis, with emphasis on parameters such as market trends, technological advancements, market dynamics, and competitive analysis of key players of the world market.

Competitive Landscape

Product launches and alliances are commonly used by the top players in the colorectal cancer industry throughout the world to increase their geographic reach and product offerings. The players also focus on the collaboration strategy to expand their clientele in order to protect their brand reputation abroad. By making innovative products, they want to get a larger market share. A list of recent key market developments is provided below:   

  • In May 2023, Bruker launched an innovative 7 Tesla and 9.4 Tesla conduction-cooled Maxwell magnets for its market-leading preclinical magnetic resonance imaging (MRI) systems portfolio. Following the success of its BioSpec Maxwell 3 Tesla model, the new range of Maxwell 7 Tesla and 9.4 Tesla magnets eliminates the need for liquid Helium or Nitrogen refills while offering high-field sensitivity and resolution for advanced preclinical MRI and PET/MR research.
  • In January 2023, Amgen and Generate Biomedicines entered a research collaboration agreement to discover and develop protein therapeutics for five clinical targets across multiple therapeutic areas and modalities. The collaboration will increase drug discovery efforts, generating novel protein sequences with optimal therapeutic properties.

F. Hoffmann-La Roche AG, Epigenomics AG, Novigenix SA, Abbott Laboratories, Amgen Inc., Volitionrx, EDP Biotech, Clinical Genomics Technologies Pvt Ltd, Bruker, and Quest Diagnostics Incorporated are offering products and services in the market.

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