As per the report published by Market Data Forecast, the global colorectal cancer market size was worth USD 15.7 billion in 2022. This value is forecasted to be growing at a CAGR of 2.63% to reach USD 17.88 billion by 2027.
Colorectal cancer is a consequence of 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. Some of the generally seen 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. Depending on the stage and how much cancer has expanded, most oncologists recommend a combination of radiation therapy, chemotherapy, and targeted therapy.
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 of cancer, is fast becoming a horrible reality for many.
Y-O-Y growth in the prevalence of colorectal cancer due to unhealthy food habits and odd food consumption timings of individuals is majorly driving the growth of the market.
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 the third most regular disease in men 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/or 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 stage of cancer, two or more of these types of treatment are set to combine at the same time or to 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 will be registering in 2021 in the United States. Colectomy is a kind of cancer surgery that deals with removing the cancer-affected portion of the colon. The number of colectomies performed in 2019 was 300,000, and this figure is estimated to be growing 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.
Increasing geriatric population base and a growing number of clinical trials to market new drugs are set further to enhance the overall market demand for Colorectal Cancer. 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 is likely to positively impact the market's growth in the coming years.
Increasing medical tourism in emerging countries and growing pharmaceuticals in the region is expected to boost the market and is anticipated to provide significant growth opportunities.
However, the cost of colon cancer per Medicare patient is estimated to be 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 under debate. 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 ban of flights, there were disruptions in the supply chain. As doctors are front-line warriors fighting against COVID 19, all the 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 not to get exposed to the virus. With the unlock guidelines in the last months of 2020, all the activities were resumed by taking preventive measures. The colorectal cancer market shares to have a substantial growth rate in 2021.
Market Size Available
2021 to 2027
2022 to 2027
By Treatment, Diagnosis, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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:
Based on the diagnosis, the digital rectal examination segment is expected to have the most lucrative future during the forecast period and was the market leader in 2019. Increasing prominence for the various treatment procedures by performing accurate diagnostic tests is a major factor for the segment to grow. The fecal occult blood test segment is holding with the dominant shares of the market following the digital rectal examination segment.
Colorectal Cancer Market - By Treatment:
Contingent upon the therapy alternative, the colorectal disease is characterized into a medical procedure, radiation treatment, chemotherapy, and focused on treatment. Medical procedure stays the best therapy for colorectal disease.
Colorectal Cancer Market - By Region:
Geographically, North America accounted for the largest share in the global colorectal cancer market, followed by Asia-Pacific and Europe. The North American market had accounted for a market share of 37% in 2019 and is predicted to lead the global market throughout the forecast period. The United States had the largest share in the North American market in 2019. 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. 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.
However, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to the increasing participation of several private & public establishments to organize awareness programs on Colorectal Cancer.
KEY PLAYERS IN THIS MARKET:
Some of the notable companies playing a dominating role in 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:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Diagnosis
5.1.1 Digital Rectal Examination
5.1.2 Faecal Occult Blood Test
5.1.3 Flexible Sigmoidoscopy
5.1.5 Virtual Colonoscopy
5.2 By Treatment
5.2.1 Surgery and Radiation Therapy
5.2.3 Targeted Therapies
5.2.4 Resistance to Pharmacological Therapies
6. Geographical Analysis
6.1 North America
6.1.2 United States
6.3.5 South Korea
6.4 Latin America
6.4.5 Rest of Latin America
6.5 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Abbott Diagnostics
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.3 Beckman Coulter
8.4 Clinical Genomics
8.5 Companion Dx
8.6 Hoffmann La Roche
8.7 Debiopharm Group
8.8 Vaccinogen BD
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
a) List of Tables
b) List of Figures
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