Colorectal Cancer Market: Overview
The World Cancer Research Fund International establishes that colorectal cancer is the third most common cancer in the world and in 2012 alone, an estimated 1.4 mn new cases were diagnosed. Of these, 54% cases were reported in developed countries. This growing incidence is the primary factor fueling the global colorectal cancer market, especially in the field of diagnostics, therapeutics, and treatment.
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While the number of new colorectal cancer cases has been increasing year by year, the death rate from the same has been on a decline among women as well as men. The American Cancer Society pegs increased awareness among people and the development of new screening methods and more effective treatments as the most likely reasons for this. With a greater sense of awareness about colorectal cancer comes growing willingness toward early screening and diagnosis. This has had a positive impact on the overall colorectal cancer market.
The report is a comprehensive database of information pertaining to the drivers, restraints, and opportunities defining the global colorectal cancer market. A detailed analysis of the current market dynamics, the latest innovations, business strategies of leading players, and recent events in the industry has been provided in the report for the period 2016 to 2024.
Colorectal Cancer Market: Trends and Opportunities
The global colorectal cancer market is fueled by a number of factors, the primary one being high incidence of this disorder across emerging as well as developed regions. Apart from this, a massive aging population, the introduction of new and improved therapies and drugs, the rising uptake of higher-priced branded therapies, and several initiatives by governments and private organizations around the world to improve the level of awareness among patients and develop more efficacious therapeutics. A high unmet need in several emerging economies and a lack of adjuvant and neoadjuvant pipeline agents to treat high-risk patients with resectable colorectal cancer represents a lucrative avenue for players in this market.
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In contrast, however, factors such as the reluctance toward colorectal cancer medications on the part of patients and a certain lack of awareness in many parts of the world will pose a threat to the growth of the overall market.
Colorectal Cancer Market: Regional Outlook
Geographically segmenting the global colorectal cancer market, the report covers four main segments: Asia Pacific, North America, Europe, and Rest of the World. North America is a key region in the market and accounts for a considerable share in terms of demand and revenue. This market is fueled by a number of factors, the primary one being greater prevalence of colorectal cancer. Based on estimates by the American Cancer Society, in 2017, 39,910 new rectal cancer cases and 95,520 new colon cancer cases will be reported in the U.S. In addition, an approximate 50,260 deaths resulting from colorectal cancer will be report this year. The North America colorectal cancer market is also driven by improved awareness about early detection, diagnosis, and screening, greater investments in research and development, the presence of leading drug and therapeutic companies, sophisticated healthcare infrastructure, and favorable reimbursement policies.
Developing countries are fast emerging as major markets for colorectal cancer thanks to improving healthcare facilities and rising expenditure of preventive healthcare. Asia Pacific, as a result, is poised for strong growth in the coming years, with China and India making rapid progress.
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Companies mentioned in the research report
F. Hoffmann-La Roche Ltd., Merck KGaA, Bayer HealthCare Pharmaceuticals, Boehringer Ingelheim, Taiho Pharmaceutical, Eli Lilly and Company, and Pfizer, Inc. are presently the most promising companies operating in the global colorectal cancer market. The nature of the vendor landscape is immensely competitive with multinational companies establishing a strong hold over the rest. These players have been focused on devising successful strategies, such as competent marketing, expansion of geographical reach, prudent pricing, high investment in R&D, and offering clinical laboratory services. Product innovation is also viewed as one of the major growth strategies adopted by companies to gain a stronger foothold in the colorectal cancer market.