New York, July 25, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Colorectal Cancer Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Modality, End User, and Geography," increasing cases of colorectal cancer and a rise in the aging population are driving the market growth. However, the high cost of colorectal cancer diagnostic equipment is hampering the market growth.
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Colorectal Cancer Market Report Scope & Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 18.6193 billion in 2022 |
| Market Size Value by | US$ 24.0785 billion by 2028 |
| Growth rate | CAGR of 3.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 259 |
| No. Tables | 193 |
| No. of Charts & Figures | 90 |
| Historical data available | Yes |
| Segments covered | Modality, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Colorectal Cancer Market: Competitive Landscape and Key Developments
Amgen Inc., Bruker Corporation, Epigenomics Ag, Clinical Genomics Technologies Pty Ltd., Volitionrx Limited, Novigenix, F. Hoffman LA. Roche, Abbott, EDP Biotech, and Quest Diagnostics are among the leading companies operating in the global colorectal cancer market.
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Companies operating in the global colorectal cancer market implement various organic developments that lead to dynamic improvements in the market. Various organic growth strategies such as product launch and product development propel the market growth. Several companies are implementing numerous inorganic strategies, such as collaboration, partnerships, and mergers and acquisitions.
In April 2022, Bruker launched a novel MALDI HiPLEX-IHC tissue imaging solution for timsTOF fleX using AmberGen's HiPLEX-IHC peptide code antibody probes in combination with unbiased lipidomics, glycomics, and metabolomics tissue imaging. Improved product efficacy and new development will improve the company's product portfolio.
In January 2021, Epigenomics AG was evaluating all options to challenge CMS’ (Centers for Medicare & Medicaid Services) decision to non-cover the Epi proColon test. A new blood-based test demonstrates performance characteristics that would satisfy the latest sensitivity and specificity requirements outlined in the final National Coverage Determination (NCD) issued by CMS. This has resulted in building on its expertise in liquid biopsy and DNA methylation biomarkers; Epigenomics AG has developed and validated a new colorectal cancer screening assay with clinical performance characteristics that meet the coverage criteria outlined in the final NCD.
In February 2022, Amgen and Plexium announced a multi-year collaboration to identify novel targeted protein degradation therapies. The multi-year collaboration supports the discovery of novel molecular glue therapeutics leveraging insights from Amgen's expertise in developing multispecific molecules.
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The global colorectal cancer market is estimated to grow owing to key driving factors such as the increasing prevalence of colorectal cancer, product launches, and benefits offered by generic drugs. Moreover, the growing pharmaceutical industry in emerging markets in developing countries is likely to boost the market growth in the coming years. Colorectal cancer is the second most diagnosed cancer across the world. The disease is widely related to lifestyle and age-related factors. Thus, various governments in different regions have initiated screening programs for colorectal cancer diagnosis. The programs are helping in early detection, enabling control of the mortality rates of colorectal cancer across several countries. Moreover, various countries are investing in the colorectal cancer awareness campaign and the development of healthcare facilities, which are likely to assist in the global colorectal cancer market growth during the forecast period.
The North America colorectal cancer market is segmented into the US, Canada, and Mexico. The US holds a significant share of the colorectal cancer market. The market growth in the US is primarily driven by the increasing aging population, growing prevalence of colon disease, and surging aging population. As per the WHO Fact Sheet: Aging in the US, the number of individuals aged 65 and older, is estimated to grow from 52 million in 2018 to ~95 million by 2060, and its share in the total population is likely to increase from 16% to 23%. Further, the colorectal cancer market in Canada is expected to grow due to the introduction of mandatory colorectal cancer screening guidelines and increasing incidences of colorectal cancer. The colorectal cancer market in Mexico is estimated to grow due to the rising government campaign for screening and controlling cancer across the country.
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The global colorectal cancer market players are adopting various organic and inorganic strategies for market development. For instance, in January 2022, Clinical Genomics, a leading innovator of colorectal cancer testing, and Quest Diagnostics (NYSE: DGX), the global leader in diagnostic information services, announced a 5-year extension of their US supply agreement for the InSure ONE (FIT) fecal immunochemistry test. This agreement builds on a long-standing collaboration to provide InSure FIT and the new InSure ONE FIT for colorectal cancer screening programs.
Colorectal Cancer Market: Segmental Overview
Based on end user, the global colorectal cancer market is bifurcated into hospitals and diagnostic & research laboratories. In 2022, the hospitals segment is estimated to hold the largest share of the market, and it is also expected to experience the highest CAGR from 2022 to 2028. Most surgeries are being performed in hospitals, owing to continuous patient care and monitoring. As hospitals are primary healthcare centers for the people, thus, high-quality care, cost-effective treatments, and expanding access are likely to favor the market growth of this segment.
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Browse Adjoining Reports:
Colorectal Cancer Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Modality (Diagnostics Techniques, Therapeutics); End User (Hospitals, Diagnostic Laboratories, Others)
In-Vitro Colorectal Cancer Screening Tests Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Fecal Occult Blood Test, Biomarker Test, Flexible Sigmoidoscopy, Others); Service Provider (Hospitals, Cancer Centers, Diagnostics Laboratories), and Geography
Colonoscopes Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Fiber Optic Colonoscopy Devices, Video Colonoscopy Devices); Application (Colorectal Cancer, Lynch Syndrome, Ulcerative Colitis, Crohn's Disease, Polyp); End User (Hospitals, Ambulatory Surgery Center, Others), and Geography
Oxaliplatin Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type ( Mannitol, Glucose Solution, Lactose Solution, Other ); Applications ( Colorectal Cancer, Stomach Cancer, Ovarian Cancer, Other )
Generic Oncology Drugs Market to 2027 - Global Analysis and Forecasts by Molecular Type (Large Molecule, Small Molecule); Indication (Lung Cancer, Stomach Cancer, Colorectal Cancer, Breast Cancer, Prostate Cancer, Liver Cancer, Kidney Cancer, Cervical Cancer, Others), and Geography
Xeloda Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (500 mg, 150 mg); Application (Breast Cancer, Stomach Cancer, Colorectal Cancer, Others); and Geography
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