Colorectal Cancer Market - Forecast(2020 - 2025)
Colorectal Cancer Market Overview
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. Rising prevalence of colorectal cancer owing to the unhealthy food habits and oNA food consumption timings of individuals are factors driving the growth of the market. These factors aNA to the risk of an individual to growth of tumors that would lead to cancer. Increasing geriatric population base and growing number of clinical trials to market new drugs is set to further enhance the overall market demand of Colorectal Cancer during the forecast period 2020-2025.
The report: "Colorectal Cancer Market Forecast (2020-2025)", by IndustryARC, covers an in-depth analysis of the following segments of the Colorectal Cancer market.
By Procedure: Colectomy, Colostomy, Endoscopic Surgery, Hemorrhoidectomy, Ileal Pouch Anal Anastomosis (J-Pouch), Inflammatory Bowel Disease (IBD) Surgery, Internal Sphincterotomy, Rectopexy, Others
By Drugs: Chemotherapy Drugs, Immunotherapy, Others
By End Use: Hospitals & Ambulatory Surgical Centers, Others
By Geography: North America, Europe, Asia Pacific, Rest of the World
North America dominated the Colorectal Cancer market owing to the growing cases in the region. Excess consumption of unhealthy food and carbonated soft drinks in the region is set to aNA to growth of colorectal cancer cases in the market. The Colorectal Cancer market scope for different regions will be provided in the final report.
The increasing prevalence of colorectal cancer among individuals and the growing health awareness among masses is likely to aid in the market growth of Colorectal Cancer.
Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the Colorectal Cancer market report.
High cost of Colorectal Cancer surgeries and drugs is set to create hurdles for the Colorectal Cancer market.
By Procedure Type- Segment Analysis
The Colectomy segment held the largest share in the Colorectal Cancer market in 2019 and is estimated to grow at a CAGR of 2.3% during the forecast period 2020-2025. The growth in this segment can be attributed to growing cases of colorectal cancer among individuals. Colectomy is a kind of cancer surgery that deals with the removal of the cancer affected portion of the colon. Colectomy surgery is bifurcated as partial colectomy and total colectomy where partial colectomy happens when only a part of colon is removed and total colectomy happens when all of the colon itself is removed. As per Health System Consortium Association the number of patients suffering from colorectal cancer is 60% to 80% in U.S. and the number of colectomies performed in 2019 was 300,000 and is estimated to be rising every year. Thus it is observed that there is an increase in patients suffering from colorectal cancer globally, which in turn increases the need for colectomy surgeries. Colostomy is estimated to be the fastest growing segment and is set to register the highest CAGR during the forecast period 2020-2025.
By End Use - Segment Analysis
Hospitals & Ambulatory Surgical Centers segment of Colorectal Cancer market in 2019. The Ambulatory Surgical Center (ASC) is an important part of the practice of gastroenterology, providing a safe, patient friendly and cost-effective environment for the provision of medical services such as colorectal cancer screening colonoscopy, for patients of all ages. Common types of treatment for colorectal cancer in hospitals are performed in surgical therapy, radiation therapy, therapies using medication, chemotherapy, targeted therapy and Immunotherapy.
By Geography - Segment Analysis
North America dominated the colorectal cancer market with a share of more than 37%, followed by Europe. 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 U.S. Excess consumption of unhealthy diet and carbonated soft drinks in this region are key factors that has led to the growth of Colorectal Cancer Market in this region. 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.
Drivers - Colorectal Cancer Market
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 is set to combine 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.
Growing Health Awareness among Masses
Most participants consider that their health status is good. About 53% exercise regularly. But about 32% of the participants are suffering from some types of cancer. All of them consider that treatments of cancer is very important. But mediclaim policies are held by only 41% of them. Increasing awareness and educating the masses on hygiene, preventive health measures, timely diagnosis and, above all, the importance of completing doctor prescribed treatment are done by patients in recent years. Health Awareness Campaigns are one of the most functional elements in health system that push people to create that big change to eradicate or lessen the unhealthy impact the health issue. Healthcare Awareness Campaigns are meat to trigger that action of change, promise a healthier society with long standing impact in the society.
Major players in biotechnology are investing in smaller players and enhancing their products using the technology acquired. Some instances for this are Pfizer acquisition of Medivation, Takeda Pharmaceuticals with Ariad Pharmaceuticals, and many more.
Challenges - Colorectal Cancer Market
High-cost involved with treatments
The mean total colon cancer cost per Medicare patient is estimated to be $29,196. The method can be applied to longitudinal data to estimate long term costs of cancer from inception where incident patients are identified from a tumor registry. Screening can reduce mortality significantly, although the most appropriate method is still under debate. Observational studies have revealed that lifestyle measures are also supposed to be beneficial for prevention of colorectal cancer. Surgery is still the most effective treatment modality for colorectal cancer. The survival benefits of chemotherapy are only modest. Hence it causes confusion and doubts about costs and survival chances.
Colorectal Cancer Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the wearable blood pressure monitor market. In 2019, Colorectal Cancer market share is consolidated by the top ten players present in the market. Colorectal Cancer top 10 companies are 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. and Merck Group, among others.
In June 2017, FDA approved Vectibix® for the use in wild type RAS Metastatic Colorectal Cancer. FDA approved very first multigene, next-generation sequencing-based test to identify the RAS mutation status of a patient's tumor.
In 2018, Merck Group collaborated with SFJ Pharmaceuticals Group to develop abituzumab as a first-line treatment for metastatic colorectal cancer (mCRC) in combination with Erbitux® and chemotherapy.