Dublin, Aug. 19, 2022 (GLOBE NEWSWIRE) -- The "Colorectal Cancer Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Modality and End-user" report has been added to ResearchAndMarkets.com's offering.
The global colorectal cancer market is expected to grow from US$ 18,619.3 million in 2022 to US$ 24,078.5 million by 2028.
Factors such as the increasing prevalence of colorectal cancer, product launches, and benefits offered by generic drugs are driving the growth of the global colorectal cancer market. However, pricing pressure on drug manufacturers is hampering the global colorectal cancer market growth.
The increasing medical tourism and the growing pharmaceutical industry in emerging countries are expected to boost the global colorectal cancer market growth. According to India Brand Equity Foundation (IBEF) statistics in April 2019, India is the largest provider of generic drugs worldwide.
The Indian pharmaceutical industry supplies ~40% of generic demand in the US, with ~50% of the global demand for multiple vaccines and 25% of all medicines in the UK. The pharmaceutical sector in India is expected to grow from US$ 42 billion in 2021 to US$ 55 billion by 2025; it is estimated to register at a CAGR of 37% from 2020 to 2025. Moreover, India has a huge pool of scientists and engineers having the potential to grow the healthcare industry remarkably.
Major market players focus on emerging markets such as Singapore and China as they have many colorectal cancer patients and growing medical tourism. As per the Australian Institute of Health and Welfare, over ~15,540 new cases of colorectal cancer were diagnosed in 2021.
Moreover, as per the Malaysia Healthcare Travel Council, in 2019, over 1.22 million healthcare travelers visited Malaysia for healthcare purposes. The low cost of treatment and incorporation of advanced technologies to provide less waiting time for procedures in Asia Pacific are likely to boost the number of surgeries. This ultimately increases the demand for colorectal cancer diagnostics and treatment.
The global colorectal cancer market is bifurcated into modality and end user. Based on modality, the global colorectal cancer market is segmented into diagnosis type, therapy type, and imaging type. The diagnosis type segment holds the largest share of the global colorectal cancer market in 2022.
The diagnosis type is further segmented into immunohistochemistry, stool test, flexible sigmoidoscopy, colonoscopy, CEA test, and others. Fecal occult blood testing (FOBT) is the most widely prescribed screening test for CRC as it is simple, noninvasive, and has been demonstrated to reduce the chances of death due to CRC. For instance, Clinical Genomics Technologies Pty Ltd offers InSure ONE (Fecal Immunochemical testing) for detecting blood in the stool, which helps to diagnose CRC.
Market Dynamics
Market Drivers
- Increasing Prevalence of Colorectal Cancer
- New Product Launches
- Benefits Offered by Generic Drugs
Market Restraints
- Pricing Pressure on Drug Manufacturers
Market Opportunities
- Growing Pharmaceutical Industry in Emerging Economies
Future Trends
- Inclination Toward Personalized Medicine
Key Topics Covered:
1. Introduction
2. Global Colorectal Cancer Market - Key Takeaways
3. Research Methodology
4. Global Colorectal Cancer - Market Landscape
5. Global Colorectal Cancer Market - Key Market Dynamics
6. Global Colorectal Cancer Market - Global Analysis
7. Global Colorectal Cancer Market Analysis - By Modality
8. Global Colorectal Cancer Market Revenue and Forecast To 2028 - By End User
9. Global Colorectal Cancer Market Revenue and Forecast to 2028 - Geographical Analysis
10. Impact of COVID-19 Pandemic on Geographic Regions
11. Global Colorectal Cancer Market - Industry Landscape
Companies Mentioned
- Amgen Inc.
- Bruker Corporation
- Epigenomics AG
- Clinical Genomics Technologies Pty Ltd.
- VolitionRx Limited
- Novigenix SA
- F. Hoffmann-La Roche AG
- Abbott
- EDP Biotech
- Quest Diagnostics
For more information about this report visit https://www.researchandmarkets.com/r/dlf3xe
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