Colorectal Cancer Therapeutics Market Overview
Colorectal cancer therapeutics is a medical process which is used to treat cancer of colon and the rectum. This colorectal cancer starts either on colon or rectal and is sometimes known as colon cancer or rectal cancer. Further, treatment of colorectal cancer can be done by mainly two methods; the first one is through local treatment and another one is systematic treatments. Local treatments include surgery, radiation therapy and embolization. Further, systematic treatments include chemotherapy, targeted therapy and immunotherapy.
Market Size & Forecast
Global colorectal cancer therapeutics market is expected to expand with a compound annual growth rate (CAGR) of 1.9% over the forecast period i.e.2017-2024. The global market for colorectal cancer therapeutics stood at revenue of USD 8.5 Billion in 2016 and is anticipated to reach at a valuation of USD 9.8 Billion by the end of forecast period. Further, rising cancer across the globe and rapid innovation of new technologies for the treatment of cancer such as colorectal cancer are expected to be the dynamic factors behind the growth of global colorectal cancer therapeutics market during forecast period.
Geographically, global colorectal cancer therapeutics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America region accounted for the highest market share in colorectal cancer therapeutics and has been the dominating region in global colorectal cancer therapeutics market. This dominance of North America region can be attributed to the rising prevalence of colon cancer and rectal cancer in this region.
Moreover, the market of colorectal cancer therapeutics in Asia Pacific region is expected to grow at a compound annual growth rate (CAGR) of 7.5% during the forecast period. Japan, India and China are anticipated to be the major contributors to the growth of global colorectal cancer therapeutics market in this region. Recent approval of Lonsurf (TAS-102) drug that has the ability to cure colorectal cancer and expected approval of other drugs such as xilonix & panitumumab in Japan are expected to drive the growth of global colorectal cancer therapeutics market in Asia Pacific region during the forecast period.
Our-in depth analysis of the global colorectal cancer therapeutics market includes the following segments:
By End Users
Global colorectal cancer therapeutics market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Global colorectal cancer therapeutics market has been primarily driven by factors such as growing prevalence of cancer diseases across the globe coupled with rapid evaluation of cancer therapies. Moreover, increasing number of colorectal cancer screening tests such as CT colonography, double-contrast barium enema, sigmoidoscopy and biopsy test are expected to drive the growth of global colorectal cancer therapeutics market in near future.
Additionally, growing aging population and increasing awareness towards colorectal cancer are major factors which are envisioned to foster the growth of global colorectal cancer therapeutics market. Furthermore, government initiatives for the awareness of population towards colorectal cancer therapeutics and to provide better treatment and resources for the cure of colorectal cancer are expected to drive the growth of global colorectal cancer therapeutics market.
Moreover, growing acceptance of advanced therapies for the treatment of colorectal cancer including bevacizumab, Cetuximab and stivarga are one of the biggest driver for the growth of colorectal cancer therapeutics market.
However, high cost of cancer drugs posing a major challenge to the growth of global colorectal cancer therapeutics market and is expected to dampen the growth of global colorectal cancer therapeutics market in near future. Additionally, loss of patent exclusivity of cancer drugs is also expected to hamper the growth of global colorectal cancer therapeutics market.
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