Colorectal Cancer Market Growing Pharmaceutical Industry In Emerging Economies
According to The Insight Partners market research titled 'Colorectal Cancer Market to 2027 – Global Analysis and Forecasts by Modality, and End User'. The global Colorectal Cancer market is anticipated to reach US$ 22,953.8 Mn in 2027 from US$ 16,339.9 Mn in 2018. The market is anticipated to grow with a CAGR of 4.0% from 2019-2027. The report provides the trends prevailing in the global colorectal cancer market and the factors driving the market along with those that act as hindrances.
The report provides trends prevailing in the global colorectal cancer market and the factors driving the market along with those that act as hindrances. The market for colorectal cancer is expected to grow, owing to factors such as increasing prevalence of colorectal cancer, new product launches and benefits offered by generic drugs. Moreover, growing pharmaceutical industry in emerging economies is likely to have a positive impact on the growth of the market in the coming years.
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Colorectal Cancer Market Competitive Landscape
The leading companies operating in the colorectal cancer market include Epigenomics AG, Novigenix SA, Clinical Genomics Technologies Pty Ltd., EDP Biotech Corporation, Volitionrx Limited, Abbott Laboratories, Amgen Inc., F. Hoffmann-La Roche AG, Bruker Corporation, Quest Diagnostics Incorporated, Natera, Inc., and Guardant Health, Inc among others. The market has observed various organic as well as inorganic developments during recent years in the colorectal cancer market. For instance, in October, 2019, Novigenix announced that Helsana, the leading health insurance provider in Switzerland has approved offering coverage for reimbursement for the Colox, a liquid biopsy test for early detection of colorectal cancer.
New Product Launches
The market for colorectal cancer drugs is driven by frequent diagnostic tests and drug launches. Most of the major market players are involved in the manufacturing wide range of drugs and diagnostic tests that help in reducing the burden of colorectal cancer. For instance, in June 2019, Pfizer, Inc. launched ZIRABEV, a biosimilar to Avastin that helps in the treatment of five cancers, including colorectal cancer. Moreover, in September 2019, Lupin, an Indian pharmaceutical company, partnered with German-based Boehringer Ingelheim pharmaceutical company for the development of cancer drugs. The companies came together to develop and commercialize a drug based on the MEK inhibitor. This molecule is likely to target specific cancer cells and treat patients suffering from stomach and skin cancer.
Furthermore, the companies are also focused on the development of new diagnostic tests that will help in the accurate detection of colorectal cancer. For instance, in December 2016, Clinical Genomics, a private company developing evidence-based diagnostic tools for colorectal cancer, introduced Colvera, a blood-based diagnostic test for colorectal cancer recurrence monitoring.
Growing Pharmaceutical Industry In Emerging Economies
The rising pharmaceutical industry in the developing countries in the Asia Pacific region are creating better opportunities for significant market players to expand their business. This is a substantial reason for growth of the market in the forecast period. According to statistics India Brand Equity Foundation (IBEF) in April 2019, India is the largest provider of generic drugs worldwide. The Indian pharmaceutical industry supplies approximately 40% of generic demand in the US, with around 50% of world demand for multiple vaccines and 25 % of all medicines in the United Kingdom. The Indian pharmaceutical industrial sector was valued at US$ 33 billion in 2017 and is expected to expand at a CAGR of 22.4% over 2015–2020 to reach US$ 55 billion. In addition, India has a huge pool of scientists and engineers having the potential to grow the industry to an even higher level.
Colorectal Cancer Market Segmentation Review
The global colorectal cancer market, based on modality, has been segmented into diagnosis type, therapy type, imaging type. The diagnosis type segment held the largest share of the market in 2018. Moreover, the same segment is anticipated to register the highest CAGR in the market during the forecast period.
Growth strategies through several organic and inorganic such as approvals, product launch, agreements, and partnerships have been witnessed in the market of colorectal cancer. For instance, in October 2019, Novigenix announced that Helsana, the leading health insurance provider in Switzerland has approved offering coverage for reimbursement for the Colox, a liquid biopsy test for early detection of colorectal cancer.
Colorectal Cancer Market BY GEOGRAPHY
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- South and Central America
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