The Colorectal cancer therapeutics market comprises products and therapies used for managing and treating colorectal cancer. Colorectal cancer, also known as bowel cancer usually originates from the lining of the large intestine or rectum. It is one of the most common cancers globally and some key therapies used include chemotherapy, immunotherapy, surgery and radiotherapy.
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, Pfizer Inc., Exelixis, Inc., SOTIO Biotech AG, AB Science, BioNTech SE, Effector Therapeutics, Inc., and Treos Bio Limited.
The key opportunities in the Colorectal Cancer Therapeutics Market Share include rising research funding for development of novel therapies, increasing awareness about screening and early diagnosis as well as growing preference for targeted therapies over traditional chemotherapy. Furthermore, the increasing global prevalence of colorectal cancer mainly due to lifestyle changes, aging population and growing adoption of advance treatment options will drive the global expansion of the colorectal cancer therapeutics market.
Market Drivers
The rising incidence of colorectal cancer is estimated to be a major growth driver for the colorectal cancer therapeutics market. Changes in lifestyle such as physical inactivity, poor diet, obesity and excessive alcohol consumption are some of the key risk factors contributing to the growing prevalence. According to global cancer statistics, colorectal cancer is the third most commonly diagnosed cancer worldwide. In addition, increasing research and development activities for development of novel and effective targeted therapies and immunotherapies along with rising healthcare expenditure on cancer treatment will stimulate the market growth during the forecast period from 2024 to 2031.
PEST Analysis
Political: Drug regulations are formulated by governments and regulatory bodies like FDA. Approval process and regulations impact R&D costs and timelines.
Economic: Rising healthcare budget and increasing per capita income in developing regions is driving demand. However, pricing pressures due to regulations, patents expiry and competition impacts profits.
Social: Rising awareness about early detection and screening programs contributes to disease prevention and diagnosis. Social stigma related to certain cancers may impact treatment approaches and support mechanisms.
Technological: Advances in targeted therapies, immunotherapy and combination therapies increase treatment effectiveness. Biomarker developments enable precision and personalized medicines. Artificial intelligence applications in diagnostics and drug development create opportunities.
Geographical Concentration
In terms Colorectal Cancer Therapeutics Market Regional Analysis North America dominates the market holding the largest share. This can be attributed to higher adoption of advanced therapies, large patient population and presence of major pharmaceutical companies.
Asia Pacific is expected to witness the fastest growth rate owing to rising incidence in countries like China and India, increasing demand for quality care and investments by market players.
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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)
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