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At 4% of CAGR, Colorectal Cancer Market is Growing with $22,953.8 Million in 2027 - Clinical Genomics Technologies, EDP Biotech Corporation, Volitionrx Limited, Abbott Laboratories, Amgen, F. Hoffmann-La Roche

11-19-2019 01:01 PM CET | Science & Education

Press release from: The Insight Partners

The Insight Partners

The Insight Partners

Colorectal cancer is one of the commonly found and lethal cancers which is developed in an individual with the combined influence of genetic and environmental factors. Additionally, according to the World Health Organization (WHO), colorectal cancer was the third most prevalent form of cancers, with approximately 1.80 million cases around the world in 2018, excluding skin cancer. The rates of colorectal cancer mortality and incidence vary across the globe as per the reports by WHO’s cancer database GLOBOCAN. The GLOBOCAN reports approximately 861,000 deaths in 2018 due to colorectal cancer.

Generic drugs are alternatives of branded drugs. The pharmacological effects of generic drugs are similar to their branded counterparts. Generic drugs are cost-effective as the manufacturers does not invest in the development and marketing a new drug. After the expiry of a drug patent, other manufacturers apply for FDA approval of a generic intended for its manufacturing and selling. Generic drugs are important in oncology due to the fact that some of the anticancer drugs are only offered as generics. Patients are likely seen to abandon branded prescriptions which are majorly associated with their higher co-pays.

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Among developing countries such as India, where the paying capacity is relatively low, generic drugs for cancer treatment acts as a boon for both the manufacturers as well as patients due to its affordability and efficacy. For instance, in June 2016, Hetero launched a Biosimilar 'Bevacizumab' for the treatment of metastatic colorectal cancer under the brand name “Cizumab”. One of the most striking benefit of using generic drugs is the cost that is up to 85% less than that of the branded drugs.

Colorectal Cancer Market to 2027 - Global Analysis and Forecasts By Modality (Diagnosis Type, Therapy Type); End User (Hospitals, Diagnostic and Research Laboratories); and Geography

The global colorectal cancer market is expected 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.

Driving factors of the colorectal cancer are 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.

The colorectal cancer is found among the significant population in the North American regions. For instance, according to the Centers for Disease Control and Prevention (CDC) and American Cancer Society, an estimated 145,600 adults in the United States were diagnosed, and 51,020 deaths were reported with colorectal cancer in 2018.

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