Colorectal cancer is one of the most common cancers worldwide and a leading cause of cancer-related mortality. According to World Health Organization (WHO), in 2020, over 1.9 million new cases of colorectal cancer are diagnosed globally and more than 0.9 million deaths due to colorectal cancer occur annually. Rising prevalence of colorectal cancer and limited treatment options have boosted demand for effective therapeutics. Several biopharma companies are focusing on developing novel targeted therapeutic approaches such as targeted monoclonal antibodies, protein kinase inhibitors, and immune checkpoint inhibitors to treat colorectal cancer.
Market Dynamics
Global colorectal cancer therapeutics market growth is driven by rising prevalence of colorectal cancer worldwide. In 2020, according to the American Cancer Society, over 150,000 new cases of colorectal cancer are diagnosed in the U.S. every year. Moreover, increasing initiatives by governments and cancer organizations to spread awareness about early detection and treatment of colorectal cancer can drive the market growth. However, high costs associated with novel targeted therapies can hamper its widespread adoption. Ongoing research & development for developing new generation biomarker-guided personalized therapies can create lucrative growth opportunities.
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