The colorectal cancer diagnostics and therapeutics market is expected to register a CAGR of nearly 4.6% during the forecast period.
- Colorectal cancer has one of the largest incidence and prevalence rates, worldwide. Primary causes of colorectal cancer are said to be lifestyle disorders, ageing, and diet.
- According to the World Health Organization (WHO), an increase of around 70% is expected in the colorectal cancer cases across the world, by 2030.
- Therefore, high incidence and prevalence rates are the primary factors, driving the market studied.
- According to a research article published in 2016, "Colorectal cancer is a leading cause of cancer incidence and mortality among adults younger than 50 years in the United States".
- Colorectal cancer (CRC) is estimated to account for over 9% of all cancer incidences and is a major cause of morbidity and mortality throughout the world. CRC is the second-most-common cause of cancer-related deaths in the United States.
Key Market Trends
Immunotherapy Expected to Remain a Significant Revenue Source For Leading Players Due to Label Expansions Despite Approaching Patent Expiry.
- Immunotherapy refers to the fighting cancer cells by taking advantage of the human immune system. There are several immunotherapy drugs available for colorectal cancer worldwide. These therapeutics include targeted antibodies and checkpoint inhibitors.
- s.Furthermore, growing R&D on combination therapy coupled with rising awareness on cancer therapeutics and advantages of immunotherapy anticipated fueling the segment growth over the forecast period.
- For instance, In August 2018, United States Food and Drug Administration approved combination of immunotherapeutic drugs ipilimumab (Yervoy) and nivolumab (Opdivo) for the treatment of some patients with metastatic colorectal cancer who have been treated previously with standard chemotherapy drugs.
- Moreover, the expansion of therapeutic applications of immunotherapeutic agents to colorectal cancer is projected to further fuel the market growth.
United States is Expected to Retain Largest Market Share During the Forecast Period
- Geographically, the North Americacolorectal cancer diagnostics and therapeutics market projected to have significant market share with respect to demand and revenue.
- In 2017, 39,910 new rectal cancer cases and 95,520 new colon cancer cases were reported in the United States based on the estimates by the American Cancer Society. These estimates indicate that colorectal cancer is increasing its prevalence in the United States, which is in turn, leading to the growth of the market.
- Moreover, the Asia-Pacific colorectal cancer diagnostics and therapeutics market is also expected to witness a strong growth pattern in the coming years, with China and India showing rapid progress.
- For instance, Chi-Med's Fruquintinob ha got approved for the treatment of colorectal cancer in China. This is expected to increase access to colorectal cancer therapeutics in China.
Several large drug and equipment manufacturers exist within the global colorectal cancer diagnostic and therapeutics market. Moreover, several new biotech firms are also active in the therapeutics by launching new products participating in collaborations and acquisitions. Key players in the market include Abbott Laboratories, Epigenomics AG, F. Hoffmann-La Roche AG, Novigenix, and Siemens Healthineers among others.
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