Global Colorectal Cancer Diagnostics and Therapeutics Market - Segmented by Diagnostics, Therapeutics, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global market for colorectal cancer screening is expected to grow at a CAGR of 4.4% during the forecast period (2018-2023). The North American region holds the highest market share in colorectal cancer therapeutics and has been the dominant region globally for the colorectal cancer diagnostics and therapeutics market.
Increasing Incidence and Prevalence of Colorectal Cancer
Colorectal cancer (CRC) accounts for over 9% of all cancer incidences, and it is a major cause of morbidity and mortality throughout the world. CRC is the second most common cause of cancer-related deaths in the United States. Moreover, there is an increase in the number of colorectal cancer screening tests, such as CT colonography, double-contrast barium enema, and biopsy test, which are being used for the treatment of people, thereby, driving the market for global colorectal cancer therapeutics in the near future.
The other factors which also help in the growth of the market include technological advancements in radiology & chemotherapy, increasing cancer prevention initiatives, and
High Costs of the Screening Associated with the Drugs
Many of the high-income countries, including the United Kingdom and the United States, are facing the challenges of providing care to an ever-increasing population of colorectal cancer patients, owing to expensive screening and treatment. The researchers found that the average annual out-of-pocket costs associated with a new cancer diagnosis were USD 2,116 for Medicaid beneficiaries. The financial burden varies among patients based on the clinical stage. Moreover, the biomarker tests, such as the multi-target stool DNA test, are more expensive than the FOBTs and come with relatively low specificity. The price for a cologuard test is more than that of traditional stool tests for CRC screening. All of these statistics show that the cost of these treatments is high due to which the market is restrained.
The other factor which is restraining the growth of the market is the inadequate healthcare access in developing countries and underdeveloped countries.
China and India Rapidly Growing
Geographically, North America holds the largest market share with respect to the demand and revenue. In 2017, based on the estimates by the American Cancer Society, 39,910 new rectal cancer cases and 95,520 new colon cancer cases were reported in the United States. These estimates show that the colorectal cancer is increasing its prevalence in the United States which is leading to the growth of the market. The Asia-Pacific is also expected to show a strong growth pattern in the coming years, with China and India showing a rapid progress.
Key Developments in the Market
May 2017: Novigenix signed a distribution agreement with Dr. Risch Medical Laboratory to access the Swiss German market for colox, its blood based colorectal cancer test
Major Players: ABBOTT DIAGNOSTICS, NOVIGENIX, ALERE, BECKMAN COULTER, CLINICAL GENOMICS, COMPANION DX, EDP BIOTECH, EPIGENOMICS AG, SIEMENS HEALTHCARE, QUEST DIAGNOSTICS, METABIOMICS CORPORATION, AND VOLITION RX, amongst others.
Reasons to Purchase this Report
Current and future colorectal cancer diagnostics and therapeutics market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Analysis on the segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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