The size of the colorectal cancer market in Latin America was worth USD 2.26 billion in 2022 and is estimated to be growing at a CAGR of 2.10%, to reach USD 2.50 billion by 2027.
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. 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.
The major factors driving the growth of the Latin America colorectal cancer market are the increasing prevalence of colorectal cancer, early diagnosis for the disease attributed to the rapid innovation in personalized medicine, and the discovery of newer biosimilars for the treatment of colorectal cancer. The disease is considered to be one of the most common cancer-causing deaths in the region. Among all cancer cases, the number of prostate, breast, and colorectal cancers is high in Latin America.
Factors such as unhealthy diets and genetic predilection are key factors that have led to the growth of the Latin American colorectal cancer market in this region. According to the recent American Cancer Society report, there were approximately 1.41 million new cancer cases and 666,500 cancer deaths in Latin America. A 65% increase in cancer cases in the region is expected by 2030 based on aging and population growth. Each new cancer case is estimated to rise each year, with significant differences between Latin American countries. According to a recent study, the prevalence of developing colorectal cancer is approximately 1 in 23 for men and 1 in 25 for women. Numerous treatment modalities are currently adopted to treat colorectal cancer, multidisciplinary action involving early diagnosis, surgical excision of tumor tissue, and coordinated with chemotherapy or radiotherapy. All these above-mentioned factors are expected to drive the LATAM colorectal cancer market.
Increased government support for the development of procedures and drugs with lesser side effects are used for treating colorectal cancer. New technological advancements, FDA approval of new drugs and launching and approving new devices for the treatment of cancer, development of healthcare infrastructure is also supporting the growth of the market. Further, the availability of diagnostics kits for early detection and stem assay to study familial history by major players operating in the market is expected to drive the growth of the Latin American colorectal cancer market during the forecast period.
However, the high cost of colorectal cancer surgeries and manufacturing and distribution drugs will create a negative impact on the Latin American colorectal cancer market. Additionally, stringent rules for drug approval is expected to challenge the market growth rate during the forecast period.
This research report on the Latin America colorectal cancer market has been segmented and sub-segmented into the following categories:
Geographically, the Latin American colorectal cancer market is expected to experience steady growth owing to the increasing prevalence of cancer in the region. Colorectal cancer is also misdiagnosed for stomach cancer, fibrous sarcoma, adenomas, etc. Health awareness campaigns will have a big change to eradicate or reduce the cancer mortality rate in the region.
Among the regions, the Brazilian colorectal cancer market is expected to show significant growth in the Latin America colorectal cancer market during the forecast period due to the increasing incidence of cancer, presence of a large aging population, and availability of various treatment options due to technological innovations. For instance, according to the World Health Organization report, in Brazil, around 5,60,000 cancer cases were observed in 2019, which showed more men had cancer than women in the region. Following more healthcare regulations and increasing healthcare spending, market growth is driven by the increasing prevalence of colorectal cancer.
Various factors such as population healthcare education about preventive health measures and early diagnosis for better prognosis will aid the growth of other prominent regional markets in Peru, Colombia, and Puerto Rico. Healthcare awareness campaigns by local medical authorities will help the growth of the LATAM colorectal cancer market and promote a healthier society with a lasting impact on society. The other main drivers for colorectal cancer are the rise in surgical procedures and radiation/chemotherapies relying mostly on good reimbursement policies and expansion of the medical tourism industry.
KEY PLAYERS IN THIS MARKET:
Some of the notable companies playing a dominating role in the Latin American 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.
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