The size of the Colorectal Cancer Market in North America was worth USD 4.57 billion in 2022. It is estimated to be growing at a CAGR of 2.21% and worth USD 5.10 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.
The North American colorectal cancer market is primarily forecasted to be driven by factors such as a surge in the pipeline colorectal cancer screening tests, an aging population, rising awareness, and government policies to deliver improved colorectal cancer care. Also, an increase in the prevalence of colorectal cancer year over year due to individuals' bad eating habits and irregular food intake timings are influencing the market growth. In addition, the overall demand for the North American colorectal cancer market is expected to rise as the senior population grows and the number of clinical trials to bring new medications to market grows.
On the other hand, with the rising frequency of colorectal cancer, new product introductions, and the benefits of generic drugs, the market for colorectal cancer is likely to expand. In addition, the expanding pharmaceutical industry in emerging economies is expected to boost the market growth in the future years.
Growing research and development spending for cancer research and increasing healthcare spending is expected to boost the growth of the North American colorectal cancer market. In addition, medical tourism in emerging areas and the rise of pharmaceuticals in the region are projected to increase the market and present considerable potential prospects.
However, the primary reason impeding the market’s growth is the high cost of screening tests.
This research report on the North American colorectal cancer market has been segmented and sub-segmented into the following categories:
The North American colorectal cancer market held a share of 37% in the global market in 2020, and it is expected to continue to lead throughout the forecast period. The market in North America is relatively modern, with a focus on developing cost-effective procedures. In addition, companies are dedicated to research, sourcing, and quality, all of which are key to market success.
In the North American regional market, with about 85%, the United States colorectal cancer market dominates. This is attributed to increasing consumer awareness of colorectal cancer diagnosis and treatment options. The condition is the second most cause of colorectal cancer treatments and medications, which has boosted the market growth in this region. In addition, new technical advancements, FDA approval of new pharmaceuticals, and the presence of essential competitors in the market are further contributing to the market expansion. Colorectal cancer is the third most common cancer in the United States, after skin cancer and lung cancer. According to the American Cancer Society, 104270 new instances of colon cancer and 45230 new cases of rectal cancer are being documented in the United States in 2022.
On the other hand, the Canadian colorectal cancer market is expected to register a steady CAGR during the forecast period. According to the data given by the Canadian Cancer Society, approximately 1 in 14 Canadian men and 1 in 18 Canadian women will be diagnosed with colorectal cancer during their lifetime. As a result, the increased number of individuals with the disease is expected to fuel the growth of the North American colorectal cancer market during the forecast period.
KEY MARKET PLAYERS:
Companies playing a notable role in the North American 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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