Colorectal Cancer Therapeutics Market Size, Share | Forecast 2031

Report Description

Colorectal Cancer Therapeutics Market Ouitlook 2031:

The global colorectal cancer therapeutics market size was valued at USD 11.50 Billion in 2022 and is projected to reach USD 17.39 Billion by 2031, expanding at a CAGR of 4.7% during the forecast period 2023 - 2031. size is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing cases of colon and rectal cancer.

Colorectal cancer (CRC) is the third most common type of cancer, after lung and breast cancer. Colorectal cancer also called as bowel cancer and colon cancer. It is a type of cancer which affects the colon and the rectum by uncontrolled and abnormal division of cells leading to the formation of a malignant tumor.

In-vitro colorectal cancer screening tests are done to check symptoms and presence of colorectal cancer. In this test prevalence of colorectal cancer in patients is confirmed by understanding the progression and nature of this cancer. Exact causes of CRC are unspecified. Though, various environmental and genetic factors are responsible for rising the risk of disease development.

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Based on the American Cancer Society, in the U.S., around 1 out of 21 men and 1 in 23 women are projected to progress colorectal cancer in their lifetime. However, prevalence of colorectal cancer is reducing over the last few years because of advanced diagnostics and screening along with improved treatment. Emergence of front-line therapies and increasing initiatives by government are projected to aid the market. Increasing adoption of unhealthy habits, inactive lifestyle habits, and rising consumption of alcohol and tobacco smoking are responsible for inflammatory intestinal conditions which leads rising cases of colorectal cancer.

Acceptance of advanced therapies is rising. Some of the advanced therapies includes Avastin (bevacizumab), Erbitux (cetuximab), and Stivarga (regorafenib), which helps the expansion of the market. Patent of major products such as Avastin, Vectibix, and Zaltrap are projected to lose over the forecast period. Hence, expiration of patent leads to increase in penetration of biosimilars. Amgen and Allergan’s Mvasi were first biosimilar to Avastin approved in U.S. and Europe. Due to which biosimilars mark the entry into oncology field. Other biosimilars such as bevacizumab and cetuximab are anticipated to impact branded sales after launch.

Colorectal Cancer Therapeutics Market Trends, Drivers, Restraints, and Opportunities

• Growing prevalence of colon and rectal cancer is one of the major factors responsible for the growth of the market over the forecast period.
• Rising awareness about disease among people and increasing aging population are projected to boost the colorectal cancer therapeutics market expansion in the coming years.
• Favorable government initiatives and free or low-cost treatment at government hospitals are anticipated to drive the colorectal cancer therapeutics market growth.
• Easy accessibility and availability of treatment options, and more targeted therapies are key factors responsible for the expansion of the market during the forecast period.
• Early detection and treatment, emergence of more front-line therapies and favorable reimbursement policies are estimated to fuel the colorectal cancer therapeutics market growth.
• Rising acceptance of advanced therapies and increasing launch of promising pipeline candidates are expected to propel the market growth over the forecast period.
• Lack of awareness about cancer among people and a smaller number of trained staff are anticipated to impede the colorectal cancer therapeutics market expansion in the coming years.
• No early detection and cultural difference, and reluctance in adoption of colorectal cancer medications are factors responsible for hampering the market growth.

Scope of Colorectal Cancer Therapeutics Market Report

The report on the global colorectal cancer therapeutics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Colorectal Cancer Therapeutics Market Segment Insights

Immunotherapy segment is projected to hold a major market share

Based on drug classes, the colorectal cancer therapeutics market share is divided into chemotherapy, immunotherapy, and others. The chemotherapy segment is further bifurcated into antimetabolites and alkylating agents. The immunotherapy segment is further subdivided into biologic response modifiers (BRF), colony stimulating factors (CSF), tumor vaccines, and monoclonal antibodies.

The immunotherapy segment is expected to hold a key share of the market during the forecast period. Immunotherapy segment has some adverse effects than chemotherapy segment. Chemotherapy has toxic side effects and non-specificity, because of which adoption of immunotherapeutic is increasing. Immunotherapy fights with cancer cells by using human immune system.

In this type many different drugs are present across the globe. The immunotherapy segment comprises of checkpoint inhibitors and targeted antibodies. Increasing research and development, rising awareness about cancer therapeutics among people, and advantages of immunotherapy are expected to drive the growth of the segment. Furthermore, growing therapeutic applications of immunotherapeutic agents to colorectal cancer is anticipated to propel the market expansion over the forecast period.
 

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North America is expected to dominate the market

On the basis of regions, the colorectal cancer therapeutics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to increase in incidences of colorectal cancer in the region, inflated medicine prices, and increase in treatment rates.

According to the American Cancer Society, in 2017, in the U.S., approximately 39,000 new rectal cancer cases and around 95,500 new colon cancer cases were reported. This shows that incidence of colorectal cancer is rising in the U.S. which is expected to boost the regional market growth in the coming years.

On the other hand, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years owing to availability and accessibility of effective treatment options, high unmet clinical needs of patients, and increasing disposable income.

Japan is slated to exhibit the highest CAGR among the seven major markets. This growth can be attributed to high unmet clinical needs of patients, rising disposable income, and availability of effective treatment options.
 

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