June 22, 2024

Colorectal Cancer Therapeutics Market will be Worth Nearly $ 18.25 Billion By 2032

The global colorectal cancer therapeutics market size is expected to be worth around US$ 18.25 billion by 2032 and is poised to record a yearly growth rate of 4.55% from 2023 to 2032.

Key Takeaways

  • North America contributed the highest market share of 38% in 2022.
  • Asia-Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
  • By therapy, the immunotherapy segment has held the largest market share of 49% in 2022.
  • By therapy, the targeted therapy segment is anticipated to grow at a remarkable CAGR of 6.9% between 2023 and 2032.
  • By cancer type, the colorectal adenocarcinoma segment has held the largest market share of 47% in 2022.
  • By distribution channel, the hospital pharmacies segment has held the largest market share of 45% in 2022.
  • By distribution channel, the retail pharmacies segment is anticipated to grow at a remarkable CAGR of 7.4% between 2023 and 2032.

The Colorectal Cancer Therapeutics Market is a dynamic sector within the pharmaceutical industry, dedicated to the development and distribution of treatments for colorectal cancer. Colorectal cancer, affecting the colon or rectum, is a significant global health concern. The market revolves around pharmaceutical interventions, including chemotherapy, immunotherapy, targeted therapy, and surgical procedures, aiming to improve patient outcomes and quality of life.

Colorectal Cancer Therapeutics Market Size 2023 To 2032

Region Snapshot

This market has a global footprint, with a significant presence in North America, Europe, Asia-Pacific, and other regions. North America, especially the United States, is a major contributor due to its advanced healthcare infrastructure and high prevalence of colorectal cancer. Emerging markets in Asia-Pacific are witnessing a growing demand for therapeutics, driven by increasing awareness, improving healthcare facilities, and rising incidence rates.

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Growth Factors:

The Colorectal Cancer Therapeutics Market experiences growth propelled by several factors. Technological advancements in drug development, a deeper understanding of cancer biology, and a rise in early detection methods contribute significantly. Moreover, an aging population, lifestyle changes, and increased screening programs contribute to the market’s expansion.

Colorectal Cancer Therapeutics Market Scope

Report Coverage Details
Market Size in 2023 USD 12.23 Billion
Market Size by 2032 USD 18.25 Billion
Growth Rate from 2023 to 2032 CAGR of 4.55%
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Therapy, By Cancer Type, and By Distribution Channel
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Drivers:

Key drivers of this market include the rising incidence of colorectal cancer, bolstered by factors such as sedentary lifestyles and dietary habits. Government initiatives for cancer awareness and screening programs, coupled with the continuous influx of investments in research and development, are instrumental in driving the market forward.

Opportunities:

Opportunities in this market lie in the development of innovative therapies, personalized medicine approaches, and collaborations between pharmaceutical companies and research institutions. Additionally, expanding into untapped regions and addressing unmet medical needs present avenues for growth and market penetration.

Challenges:

Challenges in the Colorectal Cancer Therapeutics Market encompass stringent regulatory processes, high development costs, and the potential for adverse effects associated with cancer treatments. Overcoming these challenges requires industry players to focus on robust research methodologies, compliance with regulatory standards, and efficient resource management.

Competition Landscape:

The market is characterized by intense competition among pharmaceutical companies, with key players engaged in research, development, and commercialization of colorectal cancer therapeutics. Notable companies include but are not limited to Roche, Merck, Bristol Myers Squibb, and Pfizer. Strategic collaborations, mergers, and acquisitions are common strategies employed by these entities to strengthen their market presence and gain a competitive edge. Continuous innovation and a strong emphasis on clinical trials contribute to sustaining competitiveness within the Colorectal Cancer Therapeutics Market.

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Recent Developments

  • November 2023: U.S. FDA (Food and Drug Administration) announced that it has approved Takeda’s oral targeted therapy for adults with metastatic colorectal cancer (mCRC), FRUZAQLA (fruquintinib). According to the company, FRUZAQLA is a chemotherapy-free treatment option and provide a considerable survival help to patients without much impacting their quality of life.
  • August 2023: U.S. Food and Drug Administration (FDA) has approved Taiho Pharmaceutical Co., Ltd. and Taiho Oncology, Inc., LONSURF (trifluridine/tipiracil), to treat adult patients with metastatic colorectal cancer (mCRC) as a single agent or in combination with bevacizumab.
  • June 2023: Enzene Biosciences has launched its cheaper drug for treatment of metastatic colorectal cancer, Bevacizumab. It is a biosimilar substitute to the more expensive Avastin.

Colorectal Cancer Therapeutics Market Players

  • Bayer AG
  • Bristol Myers Squibb
  • Eli Lilly and Company
  • Genentech, Inc.
  • Ipsen Biopharmaceuticals, Inc.
  • Merck Sharp & Dohme Corp.
  • Pfizer Inc.
  • Regeneron Pharmaceuticals, Inc.
  • Sanofi
  • Teva Pharmaceutical Industries Ltd.
  • Taiho Pharmaceutical (Otsuka Pharmaceutical Co., Ltd.)
  • Novartis AG

Segments Covered in the Report

By Therapy

  • Targeted Therapy
  • Immunotherapy
  • Chemotherapy
  • Others

By Cancer Type

  • Colorectal Adenocarcinoma
  • Gastrointestinal Carcinoid Tumors
  • Others

By Distribution Channel

  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Pharmacies
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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