Colorectal Cancer Market

Global Colorectal Cancer Market Size (2023 to 2028)

As per the report published by Market Data Forecast, the global colorectal cancer market size was worth USD 16.11 billion in 2023. This value is forecasted to grow at a CAGR of 2.63% to reach USD 18.34 billion by 2028.

Global Colorectal Cancer Market Share Insights:

• North America had the dominating share of the global market in 2022.
• The European region accounted for a substantial share of the worldwide market in 2022 and is expected to grow at a notable CAGR in the coming years.
• The Asia-Pacific region captured a considerable share of the global market in 2022 and is predicted to grow at the fastest CAGR during the forecast period.

Colorectal cancer results from unrestrained cell growth in the appendix, colon, and rectum region. Colorectal Cancer originates in the colon or the rectum. Due to the similar characteristics of colon cancer and rectum cancer, they are grouped. Colorectal cancer begins as a growth on the inner lining of the colon or rectum, called polyps. Only some polyps can potentially turn into cancer. Common symptoms of colorectal cancer are blood in the stool, weight loss, fatigue, and irregular bowel movements. Colorectal cancer is identified with a biopsy, followed by medical imaging to know its extent. Most oncologists recommend combining radiation therapy, chemotherapy and targeted therapy depending on the stage and how much cancer has expanded. Though there has been substantial development in science and technology to combat cancer, it continues to threaten lives worldwide. Colorectal cancer, the third most common type, is fast becoming a horrible reality for many.

MARKET DRIVERS:

The growing prevalence of colorectal cancer due to unhealthy food habits and odd food consumption timings of individuals is propelling the market growth.

According to Cancer.org, the lifetime risk of developing colorectal cancer is about 1 in 23 (4.4%) for men and 1 in 25 (4.1%) for women. This danger is somewhat lower in ladies than in men. Colorectal malignancy is men's third most regular disease and the second most basic disease in ladies. There were more than 1.8 million new cases in 2018. The 5-year perseverance rate for people with restricted stage colorectal harmful development is 90%. About 39% of patients are analyzed at this beginning phase. If the malignant growth has spread to encompassing tissues or organs and local lymph nodes, the 5-year endurance rate is 71%. The fundamental sorts of therapy for colon and malignant rectal growth are a medical procedure, radiation treatment, chemotherapy, immunotherapy, and focused on treatment. Depending on the cancer stage, two or more treatments are set to combine simultaneously or be used one after the other. As a result of more healthcare regulations and increased healthcare spending, market growth is driven by increasing prevalence.

Other than skin-related cancers, colorectal cancer is considered 3rd cancer in the United States. As per the estimation of the American Cancer Society, an estimated 104270 new colon cancer cases and 45230 new rectal cancer cases were registered in 2021 in the United States. Colectomy is a cancer surgery that removes the colon's cancer-affected portion. The number of colectomies performed in 2019 was 300,000 and is estimated to grow in the coming years.

Additionally, the growth of the global colorectal cancer market is mainly driven by factors such as a rise in pipeline colorectal cancer screening tests, an aging population, increasing awareness, and government policies to provide better care for colorectal cancer. Furthermore, an increasing geriatric population base and a growing number of clinical trials to market new drugs are set to enhance the overall market growth for colorectal cancer. Therefore, the market for colorectal cancer is expected to grow, owing to the increasing prevalence of colorectal cancer, new product launches, and the benefits of generic drugs. Moreover, the growing pharmaceutical industry in emerging economies will positively impact the market's growth in the coming years. In addition, the rising adoption of medical tourism in emerging countries and growing regional pharmaceuticals are expected to boost the market and provide significant growth opportunities.

MARKET RESTRAINTS:

However, the cost of colon cancer per Medicare patient is estimated at USD 29,196. The method can be applied to longitudinal data to estimate the long-term costs of cancer from baseline when incident patients are identified from a tumor registry. Screening can dramatically reduce mortality, although the most appropriate method is still debated. Observational studies have found that lifestyle measures are also believed to be beneficial in preventing colorectal cancer. Surgery remains the most effective treatment modality for colorectal cancer. The survival benefits of chemotherapy are only modest. Therefore, it generates confusion and doubts about the costs and the chances of survival.

Impact of COVID-19 on the global colorectal cancer market:

COVID-19 has disrupted every sector in various ways. The colorectal cancer market had declined growth rate during the COVID-19 outbreak, especially in the first half of 2020. Due to the lockdown and flight ban, there were disruptions in the supply chain. As doctors are front-line warriors fighting against COVID-19, all treatment procedures are postponed except the emergency cases. COVID-19 shows severe symptoms in people suffering from chronic diseases. Due to this factor, people did not visit the hospitals to avoid exposure to the virus. With the unlock guidelines in the last months of 2020, all the activities were resumed by taking preventive measures.

REPORT COVERAGE:

This market research report on the global colorectal cancer market has been segmented and sub-segmented based on the treatment, diagnosis, and region.

Colorectal Cancer Market - By Diagnosis:

• Digital Rectal Examination
• Fecal Occult Blood Test
• Flexible Sigmoidoscopy
• Colonoscopy
• Virtual Colonoscopy

Based on the diagnosis, the digital rectal examination segment is expected to have the most lucrative future during the forecast period and held the major share of the colorectal cancer market in 2022. Increasing prominence for the various treatment procedures by performing accurate diagnostic tests is a significant factor for the segment's growth. Inserting a lubricated, gloved finger into the rectum is involved in this procedure to check for abnormalities. Therefore, it is also called a Dr. Digital Rectal Examination.

The fecal occult blood test segment is holding with the dominant share of the market following the digital rectal examination segment. It is a laboratory test to check for Hidden blood in the stool specimens for occult can imply the presence of colon cancer or polyps and ulcers in the colon or rectum, which are generally some ingrowths on the lining of the colon and rectum.

The colonoscopy segment is anticipated to register a healthy CAGR during the forecast period. A colonoscopy is the most sensitive and best test for colon cancer detection. Biopsies of polyps and tissue samples can be performed using an endoscope, allowing the doctor to see the entire colon and rectum.

Colorectal Cancer Market - By Treatment:

• Surgery and Radiation Therapy
• Chemotherapy
• Targeted Therapies
• Resistance to Pharmacological Therapies

Contingent upon the therapy alternative, colorectal disease is characterized by a medical procedure, radiation treatment, chemotherapy, and treatment focused on treatment. Therefore, medical procedures are the best therapy for colorectal disease.

Chemotherapy is anticipated to play a notable in the global colorectal cancer market during the forecast period. Chemotherapy is the most commonly used method to treat colorectal cancer. It is generally a treatment with injectable cancer drugs into a vein or orally by mouth, which helps them directly reach body parts through the bloodstream travel. However, toxic side effects, lack of specificity, and development of resistance are likely to stifle its growth under this segment.

The targeted therapies segment is estimated to hold a substantial share, primarily due to the tremendous success rate of up to 80% against 30% by chemotherapy. It eliminates its target without collateral damage to healthy cells and is considered more similar to a sniper, performing essential life-saving functions. It is a sophisticated and effective way to treat cancer. However, it may include severe rare side effects of perforation in the colon, slow wound healing, blood clots, kidney problems, heavy bleeding, and heart problems.

Colorectal Cancer Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographically, the North American colorectal cancer market accounted for the most significant global market share, followed by Asia-Pacific and Europe. The North American market accounted for a market share of 37% in 2022 and is predicted to lead the global market throughout the forecast period. The United States had the largest share of the North American market in 2021. This is due to the growing awareness among consumers about the diagnosis and treatment of colorectal cancer. The disease is considered the second most common cause of death in the United States. In addition, increasing government support for developing colorectal cancer procedures and drugs has stimulated market growth in this region. New technological advancements, FDA approval of new drugs, and key players present in the market are also supporting market growth. One hundred four thousand two hundred seventy cases of colon cancer and 45,230 cases of rectal cancer were newly reported by the American Cancer Society in 2021, which led to the development of better healthcare infrastructure through supportive government policies through the existing broad base of multinational enterprises.

On the other hand, the European colorectal cancer market is expected to experience significant market growth over the forecast period due to the growing number of people who have colorectal cancer in this region, especially from countries such as France, the UK, and Spain.

However, the Asia-Pacific colorectal cancer market is projected to grow at the highest CAGR during the forecast period due to the increasing participation of several private & public establishments in organizing awareness programs on Colorectal Cancer. In addition, the increase in disposable income across the region, rising prevalence of colorectal cancer in critical countries, China and India, rising awareness of the disease, increasing status of colorectal diseases as the leading cause of death, huge population base, growing healthcare infrastructure, and technological improvement in the industry are further waited to create growth opportunities in the regional market.

The Latin American colorectal cancer market, Middle East, and African colorectal cancer market are expected to witness steady growth owing to the growing prevalence of colorectal cancer and increasing awareness of colorectal cancer.

KEY PLAYERS IN THIS MARKET:

Some notable companies dominating the global colorectal cancer market analyzed in this report are Abbott Diagnostics, Alere, Beckman Coulter, Clinical Genomics, Companion Dx, Hoffmann La Roche, Debiopharm Group, and Vaccinogen BD.

RECENT MARKET HAPPENINGS:

• In October 2022, specialists identified many drug targets, a mini protein known as OMO-103, for cancers by specific mutations in genes that code for proteins, leading to unregulated growth, due to a protein essential for cell division, Myc, as a result of researchers' of OmomycTrusted growing understanding of the genome.
• In October 2022, a team from the University of Geneva used an optimized combination of drugs to attack cancer cells compared to chemotherapy to overcome resistance to treatment in the laboratory.
• In October 2022, a new gene was identified by researchers at the Tisch Cancer Institute at Mount Sinai for colon cancer growth, along with the discovery of a complex area of super-enhancer, for the first time.
• In October 2022, a new study from a national insurer's claims database, the Journal of the American College of Surgeons, suggested the more cost-effective FIT than mt-DNA testing for the noninvasive detection of colorectal without compromising the quality of care.
• In 2021, Epigenomics AG (Frankfurt Prime Standard: ECX, OTCQX: EPGNY; the "Company") announced that management disagreed and is highly disappointed with the decision not to hedge Epi proColon under the NCD published Tuesday by CMS.
• In 2019, EDP Biotech Corporation, a designer of in vitro diagnostics, zeroed in on early infection location and declared today that it has gone into a non-selective concurrence with Luminex Corporation (NASDAQ: LMNX). Under the terms, EDP Biotech will reserve the options to create, market, and sell its ColoPlex ™ colorectal disease indicative blood test utilizing Luminex xMAP® innovation.
• In 2019, Novigenix SA, a leading Immuno transcriptomics company that develops and markets solutions for early cancer detection and precision medicine, today announced promising data from a study of a new immunotranscriptomic signature for the early detection of colorectal cancer (CRC) in the blood.