Colorectal Cancer Market Forecasts to 2030 - Global Analysis By Modility (Diagnosis Type, Therapy Type and Other Modilities), End User(Hospitals, Diagnostic and Research Laboratories and Other End Users) and By Geography

According to Stratistics MRC, the Global Colorectal Cancer Market is accounted for $19.60 billion in 2023 and is expected to reach $28.10 billion by 2030 growing at a CAGR of 5.30% during the forecast period. Colorectal cancer is a malignant tumor that develops in the colon or rectum, which are parts of the digestive system. It usually begins as small, noncancerous growths called polyps that can gradually transform into cancer over time. Symptoms may include changes in bowel habits, blood in the stool, abdominal discomfort, and unintended weight loss. Screening tests such as colonoscopies can help detect and remove polyps before they become cancerous, increasing the chances of early detection and successful treatment.

According to the World Health Organization (WHO), colorectal cancer is the third most prevalent form of cancer, with ~1.93 million global cases in 2020, and an increase of ~70% in colorectal cancer cases worldwide is expected by 2030. According to the International Agency for Research on Cancer & GLOBOCAN, the estimated incidence of colorectal cancer in Asia reported ~1,009,400 new cases in 2020.

Market Dynamics:

Driver:

Collaborative research efforts

Collaborative research efforts serve as a significant driver by fostering synergy among researchers, healthcare institutions, and pharmaceutical companies. These collaborations enable the pooling of resources, expertise, and data, expediting the discovery and development of innovative treatments and diagnostic tools. By sharing insights and best practices, researchers are uncovering novel biomarkers, therapeutic targets, and treatment modalities, ultimately enhancing patient outcomes. Furthermore, collaborative efforts promote the standardization of research methodologies and clinical trial protocols, ensuring robust and reliable data generation.

Restraint:

Limited efficacy of current treatments

The limited efficacy of current treatments in the colorectal cancer market arises due to several factors. While surgeries, chemotherapy, and targeted therapies exist, they often come with significant side effects and may not be effective for all patients, particularly those with advanced stages of the disease or certain genetic mutations. Drug resistance can develop over time, reducing the effectiveness of treatments. The complexity and heterogeneity of colorectal cancer also pose challenges in developing effective treatments tailored to individual patients. Additionally, the current landscape highlights the need for continued research and development of novel therapies to improve outcomes for colorectal cancer patients.

Opportunity:

Biomarker development

Biomarkers offer the potential for early detection, accurate diagnosis, prognosis prediction, and monitoring of treatment response in colorectal cancer patients. Biomarker-based assays could streamline clinical trials by identifying suitable patient populations, expediting drug development, and reducing costs. The integration of biomarkers into routine screening programs could enhance the efficiency of colorectal cancer detection, potentially reducing the burden on healthcare systems and improving resource allocation. Furthermore, biomarker development in colorectal cancer represents a promising avenue for advancing precision medicine and improving the management of this prevalent malignancy.

Threat:

Emergence of biosimilars

The emergence of biosimilars poses a significant threat due to their potential to offer comparable efficacy at lower costs. Biosimilars are highly similar versions of already-approved biologic drugs that can enter the market once the patents on the original drugs expire. As a result, they provide patients with more affordable treatment options. This threatens the market dominance of originator biologics, as biosimilars can offer similar benefits at reduced prices, potentially leading to market share erosion for established colorectal cancer treatments. This competition may drive down prices, forcing original drug manufacturers to adjust their pricing strategies or face decreased market share.

Covid-19 Impact:

The COVID-19 pandemic significantly impacted the colorectal cancer market on multiple fronts. Delayed screenings and diagnostic procedures due to lockdowns and healthcare resource reallocations led to a decline in early detections, potentially resulting in advanced-stage diagnoses. Treatment access and adherence were also affected, causing disruptions in therapy cycles and patient management. Supply chain interruptions and clinical trial delays hampered the development and availability of new therapies. Despite these challenges, telemedicine utilization and innovative care delivery models emerged to mitigate some of the impacts, emphasizing the need for resilient healthcare systems to manage cancer care during crises.

The therapy type segment is expected to be the largest during the forecast period

The therapy type segment has shown significant growth due to advancements in treatment modalities. This growth can be attributed to the increasing adoption of targeted therapies, immunotherapies, and combination treatments, which offer improved efficacy and reduced side effects compared to traditional chemotherapy. The development of precision medicine approaches, such as biomarker testing, has allowed for more personalized treatment strategies tailored to individual patients' genetic profiles. Additionally, ongoing research efforts and clinical trials exploring novel therapeutic agents and treatment combinations continue to drive innovation and expansion within this segment.

The diagnostic and research laboratories segment is expected to have the highest CAGR during the forecast period

The Diagnostic and Research Laboratories segment in has experienced substantial growth due to advancements in diagnostic technologies and an increased focus on early detection. These laboratories play a crucial role in the development and validation of innovative diagnostic tests, such as molecular assays and liquid biopsies, which offer higher sensitivity and specificity in detecting colorectal cancer biomarkers. Rising investments in research aimed at understanding the underlying mechanisms of colorectal cancer progression which have fuelled demand for laboratory services. Additionally, the integration of artificial intelligence and machine learning algorithms in data analysis has enhanced the accuracy and efficiency of diagnostic processes in these laboratories.

Region with largest share:

North American region has seen robust growth in the colorectal cancer market, driven by increasing awareness about the importance of early detection and screening programs, advancements in diagnostic technologies, and a growing aging population. Improved access to healthcare services and favorable reimbursement policies have contributed to the expansion of the market. Pharmaceutical companies have also been actively developing innovative treatments and therapies, further fueling growth. Overall, the North American region continues to be a key player, with sustained efforts towards improving patient outcomes and reducing mortality rates.

Region with highest CAGR:

The Asia-Pacific region has witnessed significant growth in the colorectal cancer market due to rising incidence rates of colorectal cancer, attributed to factors such as lifestyle changes, dietary habits, and an aging population. Increased awareness campaigns, improved screening programs, and advancements in diagnostic technologies have facilitated early detection and treatment. Expanding healthcare infrastructure and increasing healthcare expenditures across many countries in the region have fueled the demand for colorectal cancer treatments and therapies. Additionally, collaborations between governments, healthcare organizations, and pharmaceutical companies to address the burden of colorectal cancer have also played a pivotal role in driving market growth in the Asia-Pacific region.

Key players in the market

Some of the key players in Colorectal Cancer market include Abbott Diagnostics, Alaunos Therapeutics Inc, Alere, Beckman Coulter, Bristol-Myers Squibb Co, Clinical Genomics, Debiopharm Group, F-Hoffmann-La Roche Ltd, Immunovative Therapies Ltd, Iovance Biotherapeutics, Replimune Group, Transgene SA , Turnstone Biologics Inc. and Vaccinogen BD.

Key Developments:

In August 2023, Redcliffe Labs has partnered with Abbott India to launch Clinical Decision Support (CDS), also known as AlinIQ, which is powered by unique technologies such as Big Data Engines and Artificial Intelligence (AI). This game-changing advancement intends to revolutionise healthcare by providing potential solutions to improve patient care and ease.

In March 2023, Scailyte AG announced that it entered into collaboration with Turnstone Biologics to discover signature biomarkers predictive of clinical responses to tumor-infiltrating lymphocyte (TIL) therapy by applying ScaiVision, Scailyte's best-in-class single-cell sequencing analytical platform.

Modilities Covered:

• Diagnosis Type
• Therapy Type
• Imaging Type
• Other Modilities

End Users Covered:

• Hospitals
• Diagnostic and Research Laboratories
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances