Colorectal Cancer Therapeutics Market Size Set to Cross USD 20.1 billion by 2028
Colorectal cancer therapeutics market is expanding due to increasing incidences of the disease across the world, growing awareness about the disease, and launch of novel therapeutics.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Colorectal Cancer Therapeutics Market size at USD 12.38 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects global colorectal cancer therapeutics market size to grow at a CAGR of 7.4% reaching a value of USD 20.16 billion by 2028. Increased awareness of colorectal cancer and corresponding product introductions are among the major market drivers for worldwide colorectal cancer drugs. Increasing incidences of colorectal cancer, its contribution to high death rates, and the growing desire for more effective therapies worldwide are other main driving factors for the growth of global colorectal cancer therapeutics market.
Colorectal Cancer Therapeutics – Overview
A malignant tumor on the inner wall of the large intestine is known as colorectal cancer. This is caused by aberrant cell proliferation with the ability to infiltrate or spread to other sections of the body. Inflammatory bowel illness and genetic inheritance are the most common causes of colorectal cancer. The use and administration of chemotherapy and oncology medications to treat cancer is known as cancer therapies. Colorectal cancer therapy with therapeutics requires a multifaceted strategy, which may need the use of a combination treatment including several drugs. Several major market players have introduced sophisticated medications to satisfy the wide range of colorectal cancer treatment needs. Since they were first made available to the public, colorectal cancer drugs have undergone significant research and developments. Since then, several innovative therapies have been introduced, with encouraging results.
The dangerous nature of colorectal cancer necessitates the development of innovative therapies, and the disease's expanding prevalence necessitates even better treatment options for patients. In addition, emerging programs targeted at providing appropriate care to colorectal cancer patients are expected to contribute to global growth. Dana-Farber Cancer Institute, a leading cancer treatment and research institute in the United States, established the Young-Onset Colorectal Cancer Center in April 2019.
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Global Colorectal Cancer Therapeutics Market – Segmentation
Global colorectal cancer therapeutics market is segmented by target therapy, cancer type, distribution channel, and region. The target therapy segment is further categorized into immunotherapy, chemotherapy, and others. The global colorectal cancer therapeutics market by cancer type is sub-segmented into colorectal adenocarcinoma, gastrointestinal carcinoid tumors, and others. By distribution channel, the market is further segmented into hospital pharmacies, retail pharmacies, online pharmacies, and others. There are five major regions, namely North America, Europe, Asia Pacific, Latin America, and Middle East and Africa, in the global colorectal cancer therapeutics market. Each regional market is further categorized by its major countries.
Due to better increasing prevalence of colorectal cancer, healthcare infrastructure, effective government policies, a large base of multinational companies, and high awareness among people about diagnostic testing and devices in healthcare, the North American colorectal cancer therapeutics market is projected to have a significant market share in terms of demand and revenue. According to the American Cancer Society, colorectal cancer is the third most prevalent cancer diagnosed in both men and women in the United States, with an estimated 104,270 new cases of colon cancer and 45,230 new cases of rectal cancer in 2021. As a result, demand for colorectal cancer therapies is expected to rise in North America, and the regional market is expected to expand. Due to increased investments in R&D and growing awareness about the diseases, the Asia-Pacific (APAC) colorectal cancer therapeutics market is expected to grow significantly during the period in analysis.
Impact of COVID-19 on Colorectal Cancer Therapeutics Market
The COVID-19 pandemic had an influence on the colorectal cancer therapies market because of the lockdown limitations imposed during the pandemic, which disrupted diagnostic and therapeutic operations all around the world. Colorectal cancer treatment was severely reduced, interrupted, or discontinued during the pandemic. All treatments, including surgery, chemotherapy, and long-term radiation therapy, have shown reduction and delay during that period. During the Covid-19 pandemic period, the number of colorectal cancer diagnoses and diagnostic procedures has decreased, but colorectal cancer detection delays have grown from 5.4% to 26%. It indicates that COVID-19 has a negative impact on the global colorectal cancer therapeutics market. However, with ongoing large-scale vaccination programs around the world, therapeutic procedures are expected to return to pre-COVID-19 levels, and the market is expected to reach its full potential over the forecast period.
The rising incidence of colorectal cancer is prompting key market participants to increase their research and development efforts, make new investments, and offer novel treatment solutions. As a result of the numerous participants in the industry, the colorectal cancer treatments market is competitive. Amgen, Inc., F. Hoffmann-La Roche, Bristol-Myers Squibb, Bayer AG, and Merck & Co. Inc. are among the market's leading participants.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Colorectal Cancer Therapeutics Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Colorectal Cancer Therapeutics Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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