Colorectal Cancer Market Forecast Development Trends & Competitive Analysis by Leading Industry Players
According to The Insight Partners’ research, the global colorectal cancer market is anticipated to gather US$ 22,953.8 million by 2027 from US$ 16,339.9 million in 2018, growing at 4.0% CAGR from 2019 to 2027. Growing prevalence of colorectal cancer, launch of new products, and benefits offered by generic drugs are the vital factors contributing to market expansion.
The market for colorectal cancer drugs is driven by frequent diagnostic tests and drug launches. Most of the major market players are involved in the manufacturing wide range of drugs and diagnostic tests that help in reducing the burden of colorectal cancer. For instance, in June 2019, Pfizer, Inc. launched ZIRABEV, a biosimilar to Avastin that helps in the treatment of five cancers, including colorectal cancer.
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Colorectal cancer is one of the commonly found and lethal cancers which is developed in an individual with the combined influence of genetic and environmental factors. Additionally, according to the World Health Organization (WHO), colorectal cancer was the third most prevalent form of cancers, with approximately 1.80 million cases around the world in 2018, excluding skin cancer. The rates of colorectal cancer mortality and incidence vary across the globe as per the reports by WHO’s cancer database GLOBOCAN. The GLOBOCAN reports approximately 861,000 deaths in 2018 due to colorectal cancer.
Moreover, in September 2019, Lupin, an Indian pharmaceutical company, partnered with German-based Boehringer Ingelheim pharmaceutical company for the development of cancer drugs. The companies came together to develop and commercialize a drug based on the MEK inhibitor. This molecule is likely to target specific cancer cells and treat patients suffering from stomach and skin cancer. These drug launches will drive market expansion over the forecast timeframe. On the other hand, pricing pressure on drug manufacturers will likely hinder market proliferation over the analysis timeframe.
Based on modality, the global colorectal cancer market is divided into diagnosis, therapy, and imaging types. Among these, the diagnosis-type segment held 38.2% of the market share in 2018. The segment was assessed at US$ 6,247.0 million in 2018 and is anticipated to reach US$ 9,219.3 million by 2027, growing at 4.5% CAGR during the forecast period.
From the regional frame of reference, North America held a significant share in the global colorectal cancer market in 2018. The region was evaluated at US$ 7,452.6 million in 2018 and is estimated to accrue US$ 10,655.1 million by 2027, growing at 4.2% CAGR between 2019 and 2027. Meanwhile, APAC is predicted to record a stellar growth rate of 4.5% CAGR over the analysis timeframe and gather US$ 4900.6 million by 2027.
As per end user spectrum, the market is split into hospitals and diagnostic & research laboratories. Among these, the hospitals segment captured 58.6% of the market share in 2018. The segment was evaluated at US$ 9,576.3 million in 2018 and is estimated to expand at a CAGR of 4.3% during 2019–2027 to amass US$ 13,859.0 million by 2027.
From the regional perspective, Asia Pacific dominated the market by capturing 29.7% in 2020,...
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