Colorectal Cancer Market: Current Analysis and Forecast (2024-2032)

Colorectal cancer is a kind of cancer that refers to malignant neoplasms of the colon or the rectum where the colon is a major part of the large intestine. This cancer is noted to originate from polyps that are initiated on the inner lining of the colon or rectum and may develop into cancer. Signs and symptoms of colorectal cancer may include changes in bowel habits, presence of blood in stool, constipation and diarrhea, pain in the abdomen, continuous tiredness, and unintentional weight loss. This is one of the most frequently diagnosed forms of cancer in global society and is predominantly seen in the elderly. However, it can occur at any age, and it is common among young people, especially those with a history of the disease in the family.

The Colorectal Cancer Market is expected to grow with a significant CAGR of 4% during the forecast period (2024-2032). The increase in age as a factor also relates to the occurrence of colorectal cancer since this type of cancer is more prevalent in old people globally. According to the World Health Organization's projections, by the year 2023, colorectal cancer will be ranked third among the most prevailing cancers globally, with an incidence of nearly 10 percent; this form of cancer is ranked second globally in cancer-related deaths. Furthermore, progress in screening and diagnostic tools, as well as better colonoscopy practices and other noninvasive screening tests, make an early diagnosis and treatment possible and effective. Innovative targeted therapies and immunotherapies have been identified to have promise in treating patients.

Based on the type, the market has been divided into colon cancer and rectal cancer. Colon cancer held a dominant share of the market in 2023 because of the rising rate of incidence and the demand for appropriate management of the condition. As stated by the International Agency for Research on Cancer, in 2022, more than 1.9 million cases were diagnosed. Colorectal cancer is the second most common cause of cancer death, leading to more than 900,000 deaths per year. Furthermore, the aging population is also a factor that contributes to the incidence of colon cancer because as people get older, they are more likely to get colon cancer.

Based on the treatment modality, the market is segmented into surgery, chemotherapy, radiation therapy, targeted therapy, and immunotherapy. The targeted therapy is expected to grow with a significant CAGR in the forecast period (2024-2032). The development of targeted therapies, such as monoclonal antibodies and small molecule inhibitors, has been propelled by advances in molecular biology and genomics, which have identified significant pathways and genetic mutations in colorectal cancer. For instance, on April 8, 2024, Bristol Myers Squibb announced data from the cohorts of the Phase 1/ 2 KRYSTAL-1 study evaluating KRAZATI (adagrasib) in combination with cetuximab as a targeted treatment option for patients with previously treated KRASG12C-mutated locally advanced or metastatic colorectal cancer (CRC).

Based on the end user, the market is segmented into hospitals, diagnostic & research laboratories, and others. The hospitals held a dominant share of the market in 2023. The increasing number of such diseases as colorectal cancer indicates the need to develop and improve hospital services and create additional capacities for oncology departments and specialized wards. Also, they offer the physical facilities, professional support, and complete services required for accurate diagnosis and treatment.

For a better understanding of the market adoption of Colorectal Cancer, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, France, U.K., Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific is expected to grow with a significant CAGR in the forecast period (2024-2032) due to the region's rapidly evolving healthcare infrastructure and increasing adoption of Western lifestyles, contributing to the rising prevalence of colorectal cancer. As per the Global Cancer Observatory, in 2022, the incidence of colon cancer in Asia is 531,841 cases, which is 46.6% of the global, while the incidence of rectum cancer in Asia is 417,357 cases, which is 57.2% of the global. The Asia Pacific colorectal cancer market is witnessing growth due to advancements in medical technology, increasing awareness about cancer prevention and screening, and government initiatives to improve healthcare access. Pharmaceutical companies are also focusing on the Asia Pacific region for clinical trials and market expansion, further driving growth in the colorectal cancer market.

Some of the major players operating in the market include Pfizer Inc., Bristol Myers Squibb, F. Hoffmann-La Roche Ltd, Merck KGaA, Amgen Inc., Eli Lilly and Company, Bayer AG, TAIHO PHARMACEUTICAL CO., LTD., Sanofi, Takeda Pharmaceutical Company Limited.