The size of the European Colorectal Cancer Market was worth USD 3.44 billion in 2023. It is further forecasted to be growing at a CAGR of 2.45% and worth USD 3.90 billion by 2028.
Colorectal cancer is a significant growth of the large intestine's inner wall due to abnormal cell proliferation, which can infiltrate or spread to other body sections. Colorectal cancer is commonly caused by inflammatory bowel illness and genetic inheritance. Colorectal cancer symptoms include fatigue, weakness, diarrhea or constipation, bowel changes, shortness of breath, red or black blood in stool, weight loss, narrow stools, cramps, abdominal discomfort, and bloating.
The European colorectal cancer market is expected to be driven by the factors such as the increasing incidence of colorectal cancer. Also, the growing awareness regarding the disease, early detection, and treatment is expected to boost the market growth. Initiatives taken by the government to create awareness among the people about the cancer prevalence and the Eradication programs across the region are positively influencing the market growth in the European region. In addition, the growing population and the associated sedentary lifestyles are influencing the market growth.
Other factors such as the growing geriatric population, rise in pipeline colorectal cancer screening tests, and technological advancements in healthcare sectors contribute to market growth.
Implementing new market strategies such as collaborations, acquisitions, mergers, and adopting new products enhances market growth. Therefore, the rising number of mergers and acquisitions in emerging countries is expected to provide lucrative growth opportunities and strengthen the regional market growth.
However, the high cost of colorectal cancer surgeries and the drugs are majorly limiting the growth of the colorectal cancer market in the European region. In addition, chemotherapy has minor survival advantages. As a result, it creates uncertainty and doubts regarding the costs and prospects of survival.
This research report on the European colorectal cancer market has been segmented and sub-segmented into the following categories:
Regionally, Europe is the third-largest market with a global share of 24%. The European regional market growth is driven owing to the factors such as the availability of advanced healthcare infrastructure, high healthcare expenditure, and favorable reimbursement policies. In addition, the presence of key market players, adoption of various market strategies, and approval for new drugs by the FDA are uplifting the market growth. As a result, the major contributors to the market are Germany, Italy, France, the UK, and Spain.
The German colorectal cancer market is expected to hold the largest share of the European market during the forecast period. It is anticipated to continue its growth in the coming years. Increasing healthcare spending, advancements in the field, growing awareness about the disease are fuelling the market growth.
The UK colorectal cancer market is more likely to witness a significant growth rate in the European region owing to the high prevalence of colorectal cancer, growing geriatric population, and technological advancements. Also, sedentary food habits, presence of local players are enhancing the market growth.
Furthermore, emerging countries such as Italy, France, and Spain are projected to record promising shares in the market. The government initiatives, increasing demand for advanced healthcare facilities, and rising research and development activities contribute to market growth.
KEY MARKET PLAYERS:
Companies playing a notable role in the European colorectal cancer market profiled in this report are Abbott Diagnostics, Alere, Beckman Coulter, Clinical Genomics, Companion Dx, Hoffmann La Roche, Debiopharm Group, and Vaccinogen BD.
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