The global colorectal cancer therapeutics market consists of drugs that are used for treating colorectal cancer such as colon cancer or rectal cancer. Cancer starts in the colon or rectum and is one of the most commonly diagnosed types of cancers globally. Colorectal cancer develops slowly through multiple genetic changes over many years. Symptoms of colorectal cancer include change in bowel habits, rectal bleeding or blood in stools, cramps, abdominal discomfort, and weight loss. The colorectal cancer therapeutics available address various stages of cancer growth which includes adjuvant therapy for early-stage cancer, chemotherapy for intermediate stage or late stage cancer and targeted drug therapy for late stage cancer.
Colorectal cancer therapeutics market is estimated to be valued at USD 8.98 Bn in 2024 and is expected to reach USD 12.10 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.3% from 2024 to 2031.
Key Takeaways
Key players operating in the colorectal cancer therapeutics are Sanofi, Bristol-Myers Squibb Company, Bayer AG, Ono Pharmaceutical Co. Ltd, ALX Oncology Inc., Daiichi Sankyo Company, Limited, copyright Inc., Exelixis, Inc., SOTIO Biotech AG, AB Science, BioNTech SE, Effector Therapeutics, Inc., and Treos Bio Limited. These leading players are focusing on developing innovative targeted therapies and combination therapies to gain higher market share. The demand for colorectal cancer therapeutics is surging owing to increasing incidence of colorectal cancer mainly due to lifestyle changes, obesity and lack of physical activity. According to GLOBOCAN 2020, there were around 1.9 million new cases of colorectal cancer reported globally. Technological advancements in targeted drug therapies and immunotherapies have expanded treatment options with better efficacy and tolerability. This has boosted adoption of these novel therapies.
Market Trends
The colorectal cancer therapeutics market is witnessing a shift from conventional chemotherapy to targeted therapies and immunotherapies. Many targeted therapies and immunotherapies are in pipeline which upon approval will drive future growth. Combination therapies involving two or more targeted therapies/immunotherapies are gaining popularity to enhance treatment efficacy. Growing awareness about early screening and diagnosis of colorectal cancer will help detect the disease at earlier stages making the tumors more amendable to treatment.
Market Opportunities
Surging demand for advanced targeted therapies for late stage colorectal cancer offers significant growth potential. Development of novel targeted drugs in combination with immunotherapies holds promising prospects. Growing healthcare investments and expenditures in emerging nations will facilitate broader accessibility and adoption of advanced Colorectal Cancer Therapeutics Market Trends . Rising geriatric population who are at higher risk of developing colorectal cancer present lucrative opportunities.
Impact of COVID-19 on Colorectal Cancer Therapeutics Market Growth
The COVID-19 pandemic severely impacted the growth of the colorectal cancer therapeutics market globally. The restrictions imposed by governments to curb the spread of the virus led to the postponement of screening procedures and diagnostic tests. This resulted in late-stage diagnoses and reduced access to therapies. Hospital resources were also reallocated for COVID-19 patients, diverting focus from cancer care. However, telehealth emerged as a crucial medium to provide continuity of care. Drug manufacturers faced challenges in supply chain disruptions and delays in clinical trials. The economic downturn also affected the funding for R&D.
As restrictions ease, the market is recovering steadily. Vaccination drives and resumption of healthcare services have boosted screening volumes. Managed care organizations are also expanding coverage for immunotherapy and targeted therapies. Pharma companies are accelerating vaccine development against opportunistic infections in immunocompromised patients. New pipeline assets continue to enter trials for treatment- resistant and metastatic settings. Partnerships between stakeholders will be key to bolster diagnostic infrastructure and treatment affordability in the coming years.
Geographical Regions with Highest Market Concentration
North America accounts for the largest share of the global colorectal cancer therapeutics market, in terms of value. This is attributed to the rising incidence of colorectal cancer, fast regulatory approvals, and growing healthcare expenditure in the region. The US dominates the North American market due to the presence of prominent manufacturers, strong research base, and high adoption of premium-priced targeted drugs and immunotherapies.
Fastest Growing Regional Market
In terms of Colorectal Cancer Therapeutics Market Regional Analysis,Asia Pacific is projected to be the fastest growing regional market during the forecast period. This is driven by growing healthcare awareness, improving access to screening and diagnostics, rising disposable incomes, and increasing collaboration between international companies and domestic medical technology firms in developing countries. China and India will continue contributing significantly to the Asia Pacific market, considering their huge patient populations and rising healthcare investments.
Get More Insights on Colorectal Cancer Therapeutics Market
Discover the Report for More Insights, Tailored to Your Language.
French German Italian Russian Japanese Chinese Korean Portuguese
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)