A recent research report published by MarkNtel Advisors states that the Global Colorectal Cancer (CRC) Market is expecting around 3.5% CAGR during 2022-27. The increasing number of people suffering from severe health issues like CRC and various ongoing R&D activities on procuring advanced drugs & therapies for its treatment are driving the global market.
Besides, massive government investments in infrastructural developments related to the healthcare sector to attract medical tourism, i.e., promoting rigorous R&D in oncology, including CRC, is another prominent aspect driving the market.
Moreover, the growing awareness among people about the availability of various treatments, medications, and diagnoses for CRC through mediums like healthcare campaigns, marketing by clinics, and government associations are playing a prominent role in the market expansion globally, further states the research report, “Global Colorectal Cancer (CRC) Market Analysis, 2022.”
Hospitals to Remain a Prominent Procurer of Drugs & Equipment Required for CRC Treatment
Hospitals as the end-user are anticipated to dominate the Global Colorectal Cancer (CRC) Market with the largest share during 2022-27. Governments of different countries are taking various initiatives to strengthen the healthcare sector while investing substantially in procuring necessary equipment associated with CRC at hospitals.
Pharmacies & laboratories at hospitals are also instigating an additional demand for CRC drugs & equipment due to a constant need for refilling medications used for diagnosis, thereby augmenting the overall market growth.
With Rising Influx of CRC Patients in China, Asia-Pacific to Witness Rapid Market Growth through 2027
Geographically, Asia-Pacific is anticipated to demonstrate the fastest growth in the Global Colorectal Cancer (CRC) Market during 2022-27. It attributes principally to the massive number of patients suffering from CRC due to changing lifestyles, high intake of red meat & other fatty food, lack of screening, etc., especially across China.
Besides, growing government focus on research & development of medications & drugs for CRC, coupled with favorable policies for testing novel therapies, are also promoting the growth of the Colorectal Cancer (CRC) Market across Asia-Pacific.
The leading companies operating in the Global Colorectal Cancer (CRC) Market include Abbott Laboratories, Amgen Inc., Bayer AG, Bristol Myers Squibb, Eli Lilly and Company, GlaxoSmithKline PLC, F. Hoffmann-La Roche AG, Merck & Co., Inc., Novartis International AG, and Pfizer Inc.
Key Questions Answered in the Research Report