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Colorectal Cancer Drugs Market Key Trends And Competitor Analysis Report 2024-2033
Colorectal Cancer Drugs Market Key Trends
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According to The Business Research Company's, The colorectal cancer drugs market size has grown strongly in recent years. It will grow from $19.51 billion in 2023 to $20.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to integration of multimodal approaches, introduction of chemotherapy, advancements in surgical techniques, emergence of targeted therapies, clinical trials and research.
The colorectal cancer drugs market size is expected to see strong growth in the next few years. It will grow to $26.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to rise in personalized treatment, patient-centric care models, expansion of targeted therapies, adoption of combination therapies, regulatory acceleration. Major trends in the forecast period include immunotherapy advancements, precision medicine evolution, combination therapies, biomarker research and use, clinical trials innovation.
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Market Drivers and Trends:
The increasing demand for personalized medicines is expected tom propel the growth of the colorectal cancer drugs market going forward. Personalized medicine, also known as precision medicine, is an approach to medical treatment and healthcare that takes into account individual variations in patients' genes, environments, and lifestyles. Personalized medicine is transforming the approach to CRC treatment, offering more individualized and effective care for patients. It is likely to continue driving the growth of the CRC drug market as research and drug development efforts become more tailored to specific genetic and molecular profiles. For instance, in October 2022, according to reports published by STAT, a US-based health-oriented news company, there were more than 75,000 genetic testing products and 300 personalized medicines. Therefore, the increasing demand for personalized medicine is driving the growth of the colorectal cancer drugs market.
Targeted therapies have already begun to extend the lifespan of metastatic Colorectal cancer patients compared with chemotherapy-only therapy. Target therapy includes hormone therapies, gene expression modulators, apoptosis inducers, angiogenesis inhibitors, immunotherapies, signal transduction inhibitors, and toxin delivery molecules. Targeted therapy is attaining importance due to its specificity toward cancer cells while sparing the toxicity to off-target cells. Opdivo and Keytruda are examples of targeted therapies.
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Major Key Players of the Market:
Pfizer Inc., Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi SA, Bristol-Myers Squibb Company, AstraZeneca plc, Abbott Laboratories, GlaxoSmithKline plc, Takeda Pharmaceutical Company Limited, F. Hoffmann-La Roche Ltd., Danaher Corporation, Eli Lilly and Company, Amgen Inc., Siemens Healthineers AG, Astellas Pharma Inc., Servier Laboratories, Eisai Co. Ltd., Sumitomo Dainippon Pharma Co. Ltd., Ipsen SA, Taiho Pharmaceutical Co. Ltd., Kyowa Kirin Co. Ltd., Metabiomics Corporation, Randox Laboratories, Taiho Oncology Inc., EDP Biotech Corporation, Genomic Tree Inc., Ono Pharmaceutical Co. Ltd., Epigenomics AG, Daiichi Sankyo Company Limited, Otsuka Pharmaceutical Co. Ltd., Mundipharma International Limited, Teva Pharmaceutical Industries Ltd., Biogen Inc., Gilead Sciences Inc., Johnson & Johnson Services Inc., Spectrum Pharmaceuticals Inc., Exelixis Inc., Seattle Genetics Inc., Incyte Corporation, Clovis Oncology Inc., Karyopharm Therapeutics Inc.
Colorectal Cancer Drugs Market 2024 Key Insights:
• The colorectal cancer drugs market size is expected to see strong growth in the next few years. It will grow to $26.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Rising Demand For Personalized Medicines Drives Growth In Colorectal Cancer Drugs Market
• Advancements In Targeted Therapies For Metastatic Colorectal Cancer
• North America was the largest region in the colorectal cancer drugs market in 2023
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