LONDON, Sept. 13, 2023 /PRNewswire/ -- According to a comprehensive research report by Brandessence Market Research (BMRC), "Colorectal Cancer Market Size, Share & Trends Analysis Report By Therapies & Drugs, By Testing & Diagnosis, By Procedures, By Products, By Applications, Based On Region, And Segment Forecasts, 2022 - 2028". The Colorectal Cancer Market was valued at USD 11.83 Billion in 2021 and expected to reach USD 16.21 Billion by 2028, amplifying with a CAGR of 5.40% over 2022-2028.
Colorectal cancer, also known as colon cancer generally occurs at the digestive tract's lower end, i.e., the colon or rectum. Initially, non-cancerous lumps known as polyps starts growing in the target area. If not identified and treated on time, these polyps turn cancerous. Proper screening tests helps healthcare professionals to spot the polyps and remove them before they turn into cancers. Colorectal cancers can be treated through surgeries, medications, and radiation therapies, among others. These treatment procedures are highly effective only when the disease is in its initial stage.
Brandessence Market Research has recently published a report on the Colorectal Cancer Market. This report has been specifically rendered with an aim to help businesses to get an in depth overview of the industry's crucial aspects. The growth drivers, opportunities, challenges, and restraints well elucidated in this study. Apart from that, the top segments and geographies are thoroughly evaluated with an aim to determine the scope and size of this business sphere. The study further sheds light on the competitive terrain of this market with proper focus on company profiles and other pivotal factors associated with each of the listed players.
Key Takeaways:
- The Colorectal Cancer Market is poised to amplify with a CAGR of 5.40% over 2022-2029.
- Growing prevalence of colorectal cancer, unhealthy dietary trends, and increased cancer awareness are aiding industry expansion.
- MEA is projected to account for a substantial revenue share due to the growing cancer awareness and increased healthcare expenditure.
Colorectal Cancer Market Report Scope:
Report Metric | Details |
Colorectal Cancer Market Revenue forecast in 2028 | USD 16.21 Billion |
Market Size in 2021 | USD 11.83 Billion |
Market Growth Rate | CAGR of 5.40% from over the forecast period. |
Base Year | 2021 |
Study Period | 2022-2029 |
Key Players/Companies | Beckman Coulter, Abbott Laboratories, Companion DX, Clinical Genomics, Epigenomics AG, EDP Biotech, Novigenix, F. Hoffmann-La Roche AG, Siemens Healthineers, Quest Diagnostics, VolitionRX, others |
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Elaborating the key trends and dynamics of this market:
Growing prevalence of colorectal cancer, unhealthy dietary trends, and increased cancer awareness worldwide are the primary factors aiding the expansion of this business vertical. Moreover, rising healthcare expenditure, surge in the geriatric population base, coupled with elevating demand for early disease diagnosis and treatment are creating lucrative opportunities for this market space to prosper. Alongside, increased instances of food adulteration and rapidly evolving healthcare infrastructure are adding momentum to the progression of this industry sphere.
Major growth drivers:
Rising pervasiveness of the target disease- Colorectal cancer is the most commonly occurring forms of cancer worldwide. Unhealthy dietary trends including the excessive consumption of processed food, adulterated fats, and alcohol, among others is the primary factor leading to the onset of this ailment. This has escalated the demand for efficient diagnosis and treatment of colorectal cancer, thereby bolstering industry expansion.
Surge in the elderly populace- With the increased geriatric population, the prevalence of this cancer has also surged. Majority of colorectal cancer cases are associated with individuals aged above 50. The body undergoes drastic physiological changes with age and many organs start weakening. Apart from that, the immune system also loses its strength and the capability to fight against diseases. The older individuals also have comorbidities like diabetes and obesity which in this increases their vulnerability of colon cancer. These factors together are stimulating the overall dynamics of this business vertical.
Challenges:
High treatment costs- Colorectal cancer is a complex disease and requires advanced medical intervention. Surgeries and therapies involve the use of high-end technologies, innovative equipment and require the assistance of highly skilled medical professionals. Even the medicines prescribed to treat this condition are rare and high expensive. This in turn is hindering the remuneration scope of this market space.
Competitive landscape of Colorectal Cancer Market:
The prominent players defining the competitive terrain of this business sphere are:
- Beckman Coulter
- Abbott Laboratories
- Companion DX
- Clinical Genomics
- Epigenomics AG
- EDP Biotech
- Novigenix
- F. Hoffmann-La Roche AG
- Siemens Healthineers
- Quest Diagnostics
- VolitionRX
- Others
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Segmental Assessment:
By therapies & drugs, the immunotherapy segment is poised to amass notable gains over 2022-2029 as they pose a lesser threat of side effects.
Based on applications, the hospitals & clinics segment is projected to generate significant returns over the stipulated timeframe. This is attributable to the establishment of highly equipped oncology departments across hospitals and clinics.
Geographical analysis & landscape:
Middle East & Africa Colorectal Cancer Market:
MEA is projected to account for a substantial revenue share over the assessment timeline. This is due to the growing cancer awareness, increased healthcare expenditure, and unhealthy lifestyle trends of the masses. Besides, surging R&D investments in the field along with escalating demand for targeted therapies for cancer.
Europe:
Europe is anticipated to amplify with the fastest CAGR over 2022-2029. This is credited to the surge in geriatric population base, widespread technological advancements, and rapidly evolving oncology infrastructure. Moreover, presence of prominent players, influx of advanced technologies in the healthcare sector are adding significant traction to the progression of this market space.
Opportunities in this industry:
Growing cancer awareness- Cancer is one of the most commonly occurring diseases worldwide. This has pushed the government bodies and healthcare organizations to raise awareness about cancer among the masses. With proper awareness, people can opt for early diagnosis if they experience any kind of cancer symptoms. This in turn is creating an upward trend in this business vertical.
Major developments in Colorectal Cancer Market
Acquisitions:
In April 2021, Guardant Health, a company specializing in liquid biopsy tests for cancer announced the acquisition of Bellwether Bio.
Porter's Five Forces Analysis:
Threat of New Entrants: The threat of new entrants to the colorectal cancer market is relatively low. Developing effective diagnostics, treatments, and therapies for colorectal cancer requires significant investments in research, clinical trials, and regulatory approvals. Established companies already have a strong foothold in the market with a wide range of products and services. Additionally, the stringent regulatory requirements and the need for specialized expertise act as barriers for new entrants.
Bargaining Power of Suppliers: In the colorectal cancer market, suppliers include pharmaceutical companies, biotechnology firms, medical equipment manufacturers, and providers of diagnostic tests. These suppliers often possess valuable intellectual property, patented drugs, and specialized technologies. However, due to the highly competitive nature of the healthcare industry, buyers (hospitals, clinics, etc.) may have some bargaining power to negotiate prices and terms, especially when dealing with bulk purchases.
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Bargaining Power of Buyers: The bargaining power of buyers in the colorectal cancer market can be moderate to high. Healthcare providers, government healthcare agencies, and insurance companies are major buyers in this market. With growing emphasis on cost-effectiveness and value-based healthcare, these buyers seek competitive pricing and high-quality products and services. Additionally, the availability of alternative treatments or diagnostics may give buyers more leverage in negotiating with suppliers.
Threat of Substitutes: The threat of substitutes in the colorectal cancer market can be moderate. Substitutes may include alternative cancer treatments, diagnostic methods, or therapies. While surgery, radiation therapy, and other treatments may be considered substitutes, the unique nature of colorectal cancer and the effectiveness of targeted therapies limit the extent of substitution.
Competitive Rivalry: The competitive rivalry within the colorectal cancer market is high. Numerous pharmaceutical companies, biotechnology firms, and medical device manufacturers are actively involved in developing and commercializing products for colorectal cancer diagnosis and treatment. Competition is based on factors such as treatment efficacy, safety, pricing, and market reach. The presence of well-established players with significant resources and strong research pipelines adds to the intensity of the competition.
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