Colorectal Cancer Market Share, Size and Growth Analysis By 2029

The global market for colorectal cancer is projected to expand from US$ 18,619.3 million in 2022 to US$ 24,078.5 million by 2028, reflecting a compound annual growth rate (CAGR) of 3.3% during this period.

Several factors are contributing to the growth of the colorectal cancer market, including the rising incidence of colorectal cancer, the introduction of new products, and the advantages associated with generic medications. However, the market's expansion is being hindered by pricing pressures faced by pharmaceutical manufacturers.

Colorectal cancer, which encompasses bowel cancer, colon cancer, and rectal cancer, refers to malignancies that affect the colon and rectum. These cancers are often categorized together due to their shared characteristics. Typically, colorectal cancers develop gradually from adenomatous polyps, which are precancerous growths. These cancers can be benign (non-cancerous) or malignant (cancerous). Risk factors for developing colorectal cancer include a family history of the disease, dietary habits, alcohol consumption, smoking, and inflammatory bowel disease. Common symptoms experienced by patients include alterations in bowel habits, diarrhea or constipation, and the presence of blood in stools, which may appear black. Treatment options for colorectal cancer include chemotherapy, radiotherapy, and surgical interventions.

The growth of the global colorectal cancer market is also anticipated to be fueled by the rise in medical tourism and the expanding pharmaceutical sector in developing nations. According to the India Brand Equity Foundation (IBEF), as of April 2019, India stands as the largest global supplier of generic drugs. The Indian pharmaceutical industry meets approximately 40% of the generic drug demand in the United States, accounts for around 50% of the global vaccine demand, and provides 25% of all medications in the UK. The sector is expected to grow from US$ 42 billion in 2021 to US$ 55 billion by 2025, with a projected CAGR of 37% from 2020 to 2025. Additionally, India boasts a significant number of scientists and engineers capable of significantly advancing the healthcare industry.

Key players in the market are increasingly targeting emerging markets such as Singapore and China, where there is a high prevalence of colorectal cancer and a burgeoning medical tourism sector. The Australian Institute of Health and Welfare reported over 15,540 new colorectal cancer cases diagnosed in 2021. Furthermore, the Malaysia Healthcare Travel Council noted that in 2019, more than 1.22 million healthcare travelers visited Malaysia for medical services. The affordability of treatments and the integration of advanced technologies that reduce waiting times for procedures in the Asia Pacific region are likely to enhance the number of surgeries performed, thereby increasing the demand for colorectal cancer diagnostics and treatments.

Numerous prominent market players are engaged in the production of a diverse array of drugs and diagnostic tests aimed at alleviating the burden of colorectal cancer. For example, in June 2021, Bristol Myers Squibb received approval from the European Commission for the combination of Opdivo and Yervoy for treating adult patients with microsatellite instability-high (MSI-H) metastatic colorectal cancer. In July 2020, Taiho Pharmaceutical Co., Ltd. launched LONSURF, an anticancer agent for patients with metastatic colorectal cancer, expecting it to provide a significant new treatment option in China. Additionally, the global colorectal cancer market is witnessing growth through inorganic developments, such as Epigenomics AG announcing its Next Generation Liquid Biopsy Test for colorectal cancer screening and planning to appeal the National Coverage Determination (NCD) decision in 2021. Continuous advancements and new product introductions in colorectal cancer diagnostics and therapeutics are propelling market growth.

The global colorectal cancer market is categorized by modality and end user. The modality segment includes diagnosis type, therapy type, and imaging type. The diagnosis type segment is anticipated to hold the largest market share and achieve the highest CAGR during the forecast period. Colorectal cancer (CRC) is among the most prevalent malignant neoplasms in humans, highlighting the importance of early detection of neoplasms in asymptomatic or precancerous stages. Early detection is crucial for patients exhibiting acute symptoms and those with a severe disease progression. The diagnosis type segment is further divided into immunohistochemistry, stool tests, flexible sigmoidoscopy, colonoscopy, CEA tests, and others. Notably, the stool test segment is expected to experience the highest CAGR during the forecast period, as stool-based tests are noninvasive screening options for colorectal cancer. These tests do not require special diets or bowel preparations and are recommended for individuals at average risk for colorectal cancer. Noninvasive tests such as the guaiac-based fecal occult blood test (gFOBT) and fecal immunochemical test (FIT) are commonly used to detect blood in the stool, which may indicate cancer or large polyps. These tests can be performed at home using kits provided with instructions. Another noninvasive option is stool DNA testing, which identifies specific DNA changes that may signal cancer. Fecal occult blood testing (FOBT) remains the most widely utilized screening test for CRC due to its simplicity and effectiveness in reducing mortality rates associated with the disease. For instance, Clinical Genomics Technologies Pty Ltd offers InSure ONE, a fecal immunochemical test designed to detect blood in the stool, aiding in the diagnosis of CRC.

Key organizations such as the World Health Organization (WHO), American Cancer Society, Centers for Disease Control and Prevention (CDC), and GLOBOCAN: Global Cancer Observatory are among the primary and secondary sources referenced in the preparation of the report on the global colorectal cancer market.