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03
Oct-2019
Global Colorectal Cancer Market Size To Grow USD 17.88 bn by 2026
Global Colorectal Cancer Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Diagnosis, Treatment & Region - Industry Forecast (2021 to 2026)
Colorectal Cancer Market Size (2021 to 2026)
The size of the global colorectal cancer market is forecasted to be growing at a CAGR of 2.63% from 2021 to 2026 and worth USD 17.88 billion by 2026.
Impact of COVID-19 on the global colorectal cancer market:
COVID 19 has impacted negatively on every industry. During the COVID 19 epidemic, the colorectal cancer market increased rapidly, especially in the first half of 2020. The supply chain was disrupted as a result of the lockdown and flying restriction. All treatment operations were postponed, except emergencies, since doctors are front-line warriors battling COVID 19. COVID 19 reveals significant symptoms in patients with chronic illnesses. All activities have restarted by adopting preventative precautions when the unlock instructions been issued in the last months of 2020. In 2021, the colorectal cancer market is expected to increase at a rapid pace.
KEY DRIVING FACTORS:
Colorectal cancer is caused due to unhealthy food habits and improper consumption of food of individuals. Therefore, the proliferation of cancer across the cancer is majorly driving the market growth. Also, the growing geriatric population is more prone to various chronic diseases; however, the increasing colorectal cancer in the senior population is majorly contributing to the market growth.
According to the cancer organization, 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 somewhat lower in women than in males. Colorectal cancer is the third most common cancer in males and the second most common cancer in women. In 2018, there were around 1.8 million new cases.
The other factors such as Increasing pipeline colorectal cancer testing tests, rising awareness among the people about the colorectal, and growing geriatric population are propelling the market. In addition, the initiatives taken by the government and private organizations for creating awareness among the colorectal cancer prevalence and its treatment procedures are positively impacting the market growth. Furthermore, technological advancements in the healthcare sector and the rising number of clinical trials to identify new market drugs are driving the market.
Additionally, the major companies across the region are conducting research and development activities that are expected to provide lucrative growth opportunities to the market. Moreover, increasing investment and funding by the government and private organizations for the development of healthcare infrastructure and the adoption of advanced diagnostics centers are majorly contributing the global colorectal cancer market growth.
RESTRAINING FACTORS:
However, the cost of Colorectal Cancer per medical patient is very high, which is expected to restrain the market growth. In addition, chemotherapy has relatively minor survival advantages. Also, the high cost of colorectal cancer treatments and a lack of awareness in low-income countries are expected to limit market growth in the near future.
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KEY MARKET INSIGHTS:
- Based on the diagnosis, the digital rectal examination segment is expected to account for a significant share during the forecast period. A major factor driving the segment growth is the rising popularity of various treatment methods as a result of accurate diagnostic testing. Following the digital rectal examination segment, the abnormal liver function test segment has the largest share.
- Based on the treatment, the colorectal cancer surgery is still the most effective therapy. Radiation treatment is an additional or adjuvant therapy that can be used before or after surgery to minimize the risk of cancer spreading or recurrence. Due to increased technical progress and increased awareness, the segment is anticipated to rise rapidly during the forecast period.
- Geographically, the North American colorectal cancer market dominated global market and accounted for a significant share in 2020. The rising number of corresponding product launches for effective colorectal cancer treatment and the availability of advanced healthcare facilities are fuelling the market growth. The United States dominated the CRC market with a share of more than 45.0 percent. The market is expected to grow gradually through 2022, driven by the country's high CRC incidence, rising treatment rates, and inflated medicine prices as compared to other major regions. On the other hand, the APAC is expected to witness a significant share in the coming years. The market growth in the region is majorly attributed to the continuously improving healthcare infrastructure, increasing awareness, and growing disposable income of the people in the region. China dominated colorectal cancer in APAC. Europe is projected to showcase the highest share in Colorectal Cancer. Colorectal cancer is a significant cause of growing death rates, and raising awareness of colorectal cancer treatments will help this region generate substantial income in the near future. France, Germany, Italy, Spain, the UK are majorly expanding the European colorectal cancer.
- Abbott Diagnostics, Alere, Beckman Coulter, Clinical Genomics, Companion Dx, Hoffmann La Roche, Debiopharm Group, and Vaccinogen BD are some of the leaders in the global colorectal cancer market.
The report can be customized as per requirements; ask for it @ https://www.marketdataforecast.com/market-reports/global-colorectal-cancer-market/customization
MARKET SEGMENTATION:
By Diagnosis:
- Digital Rectal Examination
- Fecal Occult Blood Test
- Flexible Sigmoidoscopy
- Colonoscopy
- Virtual Colonoscopy
By Treatment:
- Surgery and Radiation Therapy
- Chemotherapy
- Targeted Therapies
- Resistance to Pharmacological Therapies
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Abbott Diagnostics
- Alere
- Beckman Coulter
- Clinical Genomics
- Companion Dx
- Hoffmann La Roche
- Debiopharm Group
- Vaccinogen BD
BROWSE REGIONAL REPORTS:
WRITTEN BY: Karthik Thelakula
Karthik Thelakula is a Content Writer in Market Data Forecast, one of the world’s leading research and consulting for various business domains, individuals and corporate clients
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