The global colorectal cancer market is expected to grow at a favorable rate from 2021 to 2031 (forecast period). Critical and life-threatening diseases are becoming more common in today's world. Colorectal cancer is one of these critical diseases, with constant growth in prevalence worldwide. As per the World Health Organization (WHO), a rise of around 70% in colorectal cancer cases worldwide is projected by 2030. As a result, high prevalence rates are the major factors expected to drive the global colorectal cancer market.
Moreover, the growing geriatric population base and the increasing number of clinical studies to bring new therapies to market are expected to boost the global colorectal cancer market during the forecast period.
Key players active in the global colorectal cancer market are Amgen Inc., Pfizer Inc., Taiho Oncology Inc., Eli Lilly and Company, Roche Holding AG, Bristol Myers Squibb Company, Sanofi SA, Clinical Genomics Technologies Pty Ltd., Bayer Inc., and Merck Group.
Some of the most recent trends identified in the global colorectal cancer market include mergers and acquisitions, new product releases, and collaborations and partnerships.
Taiho Pharmaceutical Co., Ltd. launched LONSURF, an anticancer drug, in July 2020 to treat colorectal cancer patients in China. The company projected that Lonsurf would contribute to patients and medical facilities as a pharmaceutical alternative for individuals with colorectal cancer.
The growing prevalence of colorectal cancer worldwide is anticipated to propel the global colorectal cancer market. According to Cancer.org, men have a 1 in 23 (4.4%) lifetime risk of having colorectal cancer, while women have a 1 in 25 (4.1%). Women are at a slightly lower risk than men. Colorectal cancer is the third most frequent cancer in men and the second most common cancer in women. Over 1.8 million new cases were reported in 2018. People with localized stage colorectal cancer have a 90% chance of surviving after five years. Approximately 39% of cases are diagnosed at this early stage. The 5-year survival rate is 71% if cancer spreads to neighboring tissues, organs, or regional lymph nodes. Surgery, immunotherapy, chemotherapy, radiation therapy, and targeted therapy are the most common kinds of treatment for colorectal cancer. Depending on the stage of cancer, two or more of these methods of treatment can be administered concurrently or sequentially.
Moreover, the rising awareness of colorectal cancer and the corresponding increase in product introductions are projected to boost the global colorectal cancer market during the forecast period. Colorectal cancer treatment with therapeutics requires a multifaceted strategy, which may need the use of a combination treatment including several drugs. Several important market leaders have released numerous innovative medications to address the diverse therapeutic needs of colorectal cancer.
The colorectal cancer market in North America is projected to expand during the forecast period. According to the American Cancer Society, 95,520 new colon cancer cases and 39,910 new rectal cancer cases were reported in the United States in 2017. Due to such rising cases, colorectal cancer is becoming more common in the United States, which is fueling the market growth.
The Asia Pacific colorectal cancer market is anticipated to rise rapidly during the forecast period. China and India are expected to play a prominent role in the Asia Pacific colorectal cancer market. This is due to the enormous population base and a growing prevalence of colorectal cancer patients. Increased knowledge of the disease and growing healthcare infrastructure in these regions are some of the primary factors projected to drive the colorectal cancer market. Furthermore, government efforts and technological improvement in the sector are likely to generate growth opportunities in the colorectal cancer market.