Rising consumption of unhealthy diet, alcohol, and tobacco smoking is anticipated to boost the Colorectal Cancer Market during the forecast period 2020-2025. Colorectal Cancer Market size is forecast to reach $31,237m by 2025 from $26,269m in 2019, growing at a CAGR of 3.0% during the forecast period 2020-2025.
The Colorectal Cancer Market is growing at a significant rate as the individuals living in urban areas are more prone to the condition owing to their unhealthy dietary choices, consumption of soft drinks and alcohol, smoking habits and others. The lifetime risk of developing colorectal cancer is about 1 in 23 (4.4 percent) for men and 1 in 25 (4.1 percent) for women, according to Cancer.org. Colorectal cancer is the third most common cancer in men, and the second most prevalent cancer in women. 2018 saw more than 1.8 million colorectal cancer new cases.
The 5-year survival rate of people with localized stage colorectal cancer is 90%. About 39% of patients are diagnosed at the early stage. If the cancer has spread to surrounding tissues or organs and the regional lymph nodes, the 5-year survival rate is 71%. The growing awareness among public about cancer testing and diagnosis has resulted in more patients being able to defend cancer at its initial stage.
Recent advancements in colorectal cancer market includes, the FDA approval of Amgen’s Vectibix for the treatment of RAS Metastatic Colorectal Cancer in Japan. Pfizer Inc. received approval for Zirabev, biosimilar of Avastin for the treatment of CRC. These developments are set to support the growth of market as well as make colorectal cancer drugs affordable to the patients with the release of biosimilars which is usually priced cheaper than its generic type.
North America holds a major share of Colorectal Cancer Market due to an increase in diagnosed cases of colorectal cancer. Individuals in this region are prone to colorectal cancer diseases due to their unhealthy dietary habits, excess alcohol consumption, smoking habits and other unhealthy choices. U.S. held the major revenue share in North America region. This is owing to the rising awareness among consumers about diagnosis and treatment of colorectal cancer. The condition is considered as the second most common cause of death in the United States. As per the American Cancer Society the number of patients suffering from colorectal cancer is 147,950 in U.S. and 53,200 is estimated to die from this disease and is estimated to be rising every year. Thus with rise in number of these cancer further contributing the growth of colorectal cancer market. Rising government support for the development of colorectal cancer surgery procedures and drugs has boosted the growth of the market in this region. New advances in technology, approval for new drugs by the FDA and presence of key players that are in the market are also supporting the growth of the market. The growing approvals and sales of colorectal cancer drugs and biosimilars in the region is set to avail new growth opportunity to Colorectal Cancer Market during 2020-2025.
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Colorectal Cancer Market Growth Drivers:
- Growing Prevalence of Colorectal Cancer:
According to Cancer.org, the lifetime risk of developing colorectal cancer is about 1 in 23 (4.4%) for men and 1 in 25 (4.1%) for women. This risk is slightly lower in women than in men. Colorectal cancer is the third most commonly occurring cancer in men and the second most commonly occurring cancer in women. There were over 1.8 million new cases in 2018. The 5-year survival rate of people with localized stage colorectal cancer is 90%. About 39% of patients are diagnosed at this early stage. If the cancer has spread to surrounding tissues or organs and/or the regional lymph nodes, the 5-year survival rate is 71%. The main types of treatment for colon and rectal cancer are surgery, radiation therapy, chemotherapy, immunotherapy, and targeted therapy. Depending on the stage of the cancer, two or more of these types of treatment may be combined at the same time or used one after another. Following more regulations on healthcare and rising healthcare expenditure, the market growth is driven by growing prevalence.
- Collaboration of government and healthcare bodies:
At present, various government policies are being implemented for easier treatment of patients with colorectal cancer. This is primarily done keeping in mind the increasing affected and fatality cases of colorectal cancer. Cancer prevention, screening, early detection and referral to an appropriate level Institution for treatment is required, which are fulfilled by various schemes of the government. In addition, relaxation on the regulations by regulatory bodies and government bodies have given the chances of helping the colorectal cancer market to prosper and spread in various regions. The various bills of the government expand eligibility for restitution that is provided to certain individuals who were diagnosed with colorectal cancer. This is projected to increase in the colorectal market.
Freenome is a biotechnology company that has pioneered the most comprehensive multiomics platform for early cancer detection through a routine blood draw procedure. The company offers using machine learning and microbiology to detect colorectal cancer at early stage.
Exact Science a biotechnology company focused on delivering life-changing innovations in earlier cancer detection by using a multi-targeted stool DNA test called Cologuard this is developed using the principles of biology, chemistry and molecular biology. In March, 2020 Exact Sciences extended leadership in advanced cancer diagnostic with acquisition of Pardigm and Viomics, two privately held companies.
The Major Players in this Market Include
The major companies in the Colorectal Cancer Market include Amgen Inc., Roche Holding AG, Pfizer Inc., Eli Lilly and Company, Bristol Myers Squibb Company, Clinical Genomics Technologies Pty Ltd., Taiho Oncology Inc., Sanofi SA, Bayer Inc., Merck Group and others.
Over the years, pharmaceutical companies have mainly focused on marketing effective drugs and have been investing in developing various drug ingredients that would cater to the providing solutions for treatment of colorectal cancer. The continuous developments in the Colorectal Cancer industry such drugs approval, partnerships, collaboration and others are the major factors set to buoy the Colorectal Cancer market during the forecast period, 2020-2025.
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