PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1417601
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1417601
Global colorectal cancer market size was valued at USD 15.06 billion in 2023, and is expected to reach USD 20.72 billion in 2031, with a CAGR of 4.07% for the forecast period between 2024 and 2031F. The market for colorectal cancer therapies and diagnostics has witnessed substantial growth in recent years, driven by a combination of factors such as the increasing prevalence of colorectal cancer, advancements in medical technology, and growing awareness. According to WHO, colorectal cancer is the third most common cancer, covering about 10% of all cancer cases. Increasing research and development in the field of colorectal cancer is driving the market through new and advanced products. Additionally, a strong pipeline of new drugs and government initiatives to eradicate cancer are anticipated to drive the global colorectal cancer market. The surge in the prevalence of colorectal cancer can be attributed to inherited mutations in genes, inflammatory bowel diseases, hormonal and lifestyle changes, and alcohol and tobacco consumption. Technological advancements that result in early detection and treatment of colorectal cancer are contributing to the growth of the global colorectal cancer market. However, the high cost associated with biologics used for colorectal cancer treatment and the lack of awareness about colorectal cancer among the general population is the challenges for market players to tackle.
One of the primary factors propelling the growth of global colorectal cancer market is the increase in the incidence of colorectal cancer cases across the globe. This rise can be attributed to various factors, including sedentary lifestyles, unhealthy dietary habits, increasing pollution levels, and the growing geriatric population. As more people lead increasingly urban and desk-bound lives, the prevalence of colorectal cancer continues to climb, necessitating enhanced screening, diagnosis, and treatment solutions. Healthcare providers and pharmaceutical companies invest heavily in research and development to develop more effective diagnostic tools and treatments to address growing health concerns.
As per WHO, colon cancer is the second leading cause of cancer-related deaths worldwide. According to data published by American Society of Clinical Oncology, in 2023, an estimated 153,020 adults in the United States will be diagnosed with colorectal cancer. These numbers include 106,970 new cases of colon cancer (54,420 men and 52,550 women) and 46,050 new cases of rectal cancer (27,440 men and 18,610 women). Worldwide, colorectal cancer is the third most diagnosed cancer.
The continuous advancements of medical technology in the field of oncology have been instrumental in driving the global colorectal cancer market. In-vitro diagnostic methods like PCR, In-situ hybridization, and next-generation sequencing are utilized and optimized for cancer diagnostics, allowing for more effective treatment planning and personalized therapy options. Moreover, breakthroughs in diagnostic methods, such as immunohistochemistry, microarray technique, and flow cytometry are significantly improving patient outcomes and reducing the errors associated with conventional diagnostics techniques.
These advancements are enhancing the quality of care for colorectal cancer patients and driving substantial growth in the market as pharmaceutical companies are launching new and innovative treatments. In March 2023, BGI Genomics announced that COLOTECTTM 1.0 would be introduced in Slovakia in collaboration with the regional business Zentya. One of the country's first fecal DNA tests for colorectal cancer has now been made available. Fecal DNA is used by COLOTECTTM 1.0, a non-invasive screening test, to detect precancerous abnormalities as well as colorectal cancer. It uses multiplex methylation-specific PCR (MSP) technology to detect colorectal cancer biomarkers in fecal samples of patients.
Government organizations, associations, and agencies are actively promoting the screening and treatment of colorectal cancer through awareness initiatives, thereby fostering market growth. Increased research grants have enabled more extensive research into the causes of colorectal cancer, development of new treatments, and improvement of existing therapies. Extensive research and development can lead to breakthroughs in early detection methods and more effective treatment options, ultimately saving lives.
The government is consistently providing research grants each year for development of novel colorectal cancer therapies. In 2021, National Cancer Institute (United States) invested USD 248 million for colorectal cancer research. As per fact sheet published by The White House, American government invested USD 394.5 million during the 2022-2023, in CDC's cancer initiatives that includes Colorectal Cancer Control Program to increase colorectal cancer screening rates among people aged 45 to 75 years.
The COVID-19 pandemic had a significant impact on the colorectal cancer market, affecting various aspects of research, diagnosis, treatment, and patient care. During the pandemic, many non-urgent medical procedures, including colorectal cancer screenings, were postponed, or canceled to prioritize COVID-19 patients and reduce the risk of virus transmission. The delay in screenings led to lower identification of cancer cases at more advanced stages, potentially reducing the chances of successful treatment. Many individuals with colorectal cancer or symptoms that could be an indication of the disease were postponed or avoided due to concerns about COVID-19 transmission in healthcare settings. Conclusively, the COVID-19 pandemic had a multifaceted impact on the colorectal cancer market, affecting screening, diagnosis, treatment, and patient care.
The landscape of key players in the colorectal cancer market includes a mix of pharmaceutical companies, medical device manufacturers, and diagnostic service providers. These organizations are actively involved in various aspects of colorectal cancer, including research, drug development, diagnostics, and treatment. The colorectal cancer market is highly dynamic, with ongoing research, drug development, and advancements in diagnostic and treatment modalities. These key players are at the forefront of efforts to combat colorectal cancer and improve patient outcomes.
For instance, Takeda and Hutchmed (China) Limited announced in May 2023 about the New Drug Application (NDA) for fruquintinib, a highly selective and potent inhibitor of vascular endothelial growth factor receptors (VEGFR) -1, -2, and -3, has been granted priority review by the United States Food and Drug Administration (FDA) for the treatment of adult patients with metastatic colorectal cancer that has already received prior treatment.
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Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.