Colorectal cancer (CRC) defines both colon & rectal cancers that affect the large intestine. Over the years, the number of people suffering from CRC has shown a swift escalation owing principally to the changing lifestyles & rising aging population and is estimated to continue elevating in the coming years.
As a result, governments of different countries worldwide are showing keen interest & support through massive investments in the healthcare sector for the research & development of better diagnosis & treatment to reduce its prevalence. In addition, prominent companies involved in the biotechnology sector are exploring the potential of existing therapies & drugs to advance their effects and offer improved results to CRC patients globally.
The Global Colorectal Cancer (CRC) Market is projected to grow at a CAGR of around 3.5% during the forecast period, i.e., 2022-27. The growth of the market would be driven primarily by the increasing government support in different countries through massive investments & allowance for conducting research & development activities on CRC medications & drugs and enhancing their respective healthcare sectors to address the rising influx of patients & attract medical tourists.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|Europe: Germany, The UK, Germany, France, Italy, Spain, Rest of Europe|
|Asia-Pacific: China, Japan, India, Australia, South East Asia, Rest of Asia-Pacific|
|South America: Brazil, Rest of Latin America|
|Middle East & Africa: South Africa, GCC, Rest of Middle East & Africa|
|Key Companies Profiled||
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, Pfizer Inc., Others
|Unit Denominations||USD Million/Billion|
Moreover, growing awareness among people through healthcare campaigns, digital marketing by clinics, & government associations about the severe impact of CRC on human health and the benefits of various available CRC treatments, medications, & diagnoses are also contributing to the expansion of the global market.
Furthermore, the active participation of the leading players & governments of different countries worldwide to provide more effective & affordable treatment to patients, coupled with favorable reimbursement policies, are the other factors projecting remunerative prospects for the Global Colorectal Cancer (CRC) Market through 2027.
Impact of Covid-19 on the Global Colorectal Cancer (CRC) Market
The advent of Covid-19 had a decelerating effect on most industries, and the entire healthcare sector was under massive pressure. Amidst the crisis, the leading players in the Global Colorectal Cancer (CRC) Market witnessed various challenges when healthcare priorities shifted to addressing Covid-19 cases.
Since the pandemic was severe and growing exponentially worldwide, governments of different countries imposed lockdowns and stringent movement restrictions. Across the healthcare sector, the doctors could only see critical patients at hospitals & address the non-critical ones remotely using digital platforms like video calls.
On the other hand, governments also put a temporary hold on various research & development activities associated with the CRC and made a paradigm shift in developing cures & vaccines for coronavirus. However, with the gradual decline in Covid-19 cases, restrictions were uplifted, which, in turn, led to the resumption of R&D activities associated with developing advanced drugs for CRC treatment, along with an increasing number of CRC patients visiting hospitals.