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.
Based on Treatment:
Of all treatments, immunotherapies & chemotherapies are the most extensively practiced treatments for patients suffering from CRC. These two therapies hold the maximum share in the Global Colorectal Cancer (CRC) Market, principally due to the increasing awareness among patients about their benefits like minimal adverse effects on human health. Besides, characteristics like non-specificity & non-toxic side effects are other factors stimulating the demand for immunotherapies & chemotherapies among patients globally.
Furthermore, the easy availability of a wide variety of immunotherapy drugs like monoclonal antibodies (Bevacizumab, Cetuximab, & Panitumumab) and chemotherapy regimens like FOLFOX, FOLFIRI, XELOX, etc., for the treatment of more and more CRC patients is another prominent factor behind the growing adoption of these therapies and the swift growth of the Global Colorectal Cancer (CRC) Market.
However, Nivolumab (Opdivo) in combination with Ipilimumab (Yervoy) is approved to treat patients with MSI-H or dMMR metastatic CRC, i.e., grown or spread post chemotherapies done using fluoropyrimidine, irinotecan, & oxaliplatin.
In addition, as the governments of different countries are investing substantially in the healthcare sector, several leading players in the market are conducting rigorous R&D on developing advanced immunotherapy drugs for CRC treatment, which would promote the overall market growth in the years to come.
Based on End-Users:
Here, Hospitals are anticipated to dominate the Global Colorectal Cancer (CRC) Market with the largest share during the forecast period. It owes principally to the growing influx of patients in hospitals across different countries worldwide, owing to the all-time availability of drugs & diagnosis equipment required for CRC treatment.
Besides, governments of several countries globally are focusing on strengthening the healthcare sector with massive investments in hospitals for procuring all necessities associated with CRC to cater to patient needs. In addition, pharmacies at hospitals are playing a prominent role in driving the demand for CRC drugs, owing to a constant demand for refilling the prescribed medications after diagnosis conducted at the same institution.
Moreover, since such critical health conditions require the assistance of professional oncologists only, hospitals are the primary place to find them to get the treatment. It, in turn, also enhances the value of each medication prescribed by the professional at hospitals. Similarly, as hospitals also exhibit various diagnostic labs for different cancers, including CRC, the demand for all kinds of equipment & medications is constantly high.
Furthermore, many hospitals also comprise research centers for cancers, which increases the influx of patients & upsurges the demand for all necessities in stock. Hence, these aspects portray the rapidly expanding oncology sector for CRC treatment, which would boost the overall market growth through 2027.
Based on Diagnosis:
Amongst them all, Colonoscopy is the most extensively practiced diagnosis and contributes significantly to the growth of the Global Colorectal Cancer (CRC) Market. It attributes principally to the growing public awareness about its benefits that help find precancerous polyps and remove them before they become critical.
Colonoscopy diagnosis involves examining the large bowel & distal part of the small bowel using a CCD (Charged Coupled Device) camera on a flexible tube inserted through the anus and does not require a major operation. With rapid advancements in the equipment, Colonoscopy is becoming prevalent among numerous adults worldwide.
Geographically, the Global Colorectal Cancer (CRC) Market expands across:
Among all regions globally, North America is anticipated to dominate the Colorectal Cancer Market (CRC) with the largest share during 2022-27. It owes principally to the increasing patient pool of CRC due to improper lifestyles & eating habits, coupled with a rapid rise in the elderly population, i.e., soaring the need for more effective CRC diagnosis & treatments across the region.
Besides, massive support to the leading pharmaceutical & biotechnology companies from governments of different countries across North America for R&D and the introduction of new drugs & therapies for CRC are also playing a prominent role in stimulating the regional market growth.
On the other hand, Asia-Pacific registered the fastest market growth in previous years, and the same trend is projected over the forecast years. It owes principally to the increasing prevalence of CRC, especially in China, coupled with the growing affordability of people for its treatment and the easy availability of medications & drugs across the region.
Across China, the ratio of CRC patients is rising rapidly & is generating growth opportunities for the leading players to increase their production & distribution of drugs and other capacities to meet the burgeoning needs of patients.
The increasing government focus on strengthening the healthcare infrastructure is leading to more and more R&D activities for introducing novel medications & drugs for CRC treatment. Moreover, favorable policies for conducting trials on drugs & therapies are further boosting the regional market.
Recent Developments in the Global Colorectal Cancer (CRC) Market
In April 2019, leading player Bristol-Myers Squibb Company acquired Celgene Corporation to create a leading specialty company. The acquisition is principally to address the needs of patients with health conditions like cancer, inflammatory & immunologic disease, & cardiovascular disease with the help of high-value innovative medicines & scientific capabilities.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Colorectal Cancer (CRC) Market is projected to witness around 3.5% CAGR during 2022-27.
A. The active participation of leading players & governments of different countries in various R&D activities to bring advancements in the diagnosis & treatments of colorectal cancer and cater to the rising number of patients is driving the Global Colorectal Cancer (CRC) Market.
A. Immunotherapy is anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Colorectal Cancer (CRC) Market over the forecast years.