Colorectal Cancer Diagnostics And Therapeutics Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Colorectal Cancer Diagnostics And Therapeutics Market Analysis
The colorectal cancer diagnostics and therapeutics market is expected to register a CAGR of 4.6% during the forecast period.
- The COVID-19 pandemic significantly impacted the colorectal cancer diagnostics and therapeutics market. During the first COVID-19 wave, most colorectal cancer screening programs were disrupted temporarily.
- For instance, according to the article published by Health Canada, published in June 2021, colorectal cancer screening, along with other healthcare services, was suspended in Canada in the initial phase of the COVID-19 pandemic response. This pause was necessary to allow healthcare facilities to establish appropriate infection-control measures to prevent COVID-19 outbreaks and reserve health system capacity for COVID-19 patients. Thus, these factors indicate that COVID-19 impacted the colorectal cancer diagnostics and therapeutics market.
- However, the market is gradually stabilizing to its pre-pandemic stage, leading to the return of the normal demand levels for colorectal cancer diagnostics and therapeutics. Hence, there is likely to be a high demand for colorectal cancer diagnostics and therapeutics in hospitals which will drive the market during the forecast period.
- Factors driving the market's growth include technological advancements in radiology and chemotherapy and increasing incidence and prevalence of colorectal cancer. The technological advancements in the diagnostics and therapeutics is projected to enahnce the adoption rate of these solution by the patients suffering from colorectal cancer as these solutions not only increases the effectiveness of diagnostics and treatment procedure but also trust in the patient. For instance, according to an article published by Cancer Management and Research in March 2022, image-guided radiotherapy, stereotactic radiotherapy, and particle therapy, which involve the combination of positron emission tomography (PET) scan and a computed tomography (CT) scan, have revolutionized treatment strategies for colorectal cancer, leading to enhanced patient survival and therapeutic gain.
- Recently single dose ultrahigh dose rate irradiation called FASH radiotherapy has been introduced that is purported to spare the normal tissue from toxicity without compromising colorectal tumor response, thereby achieving an enhanced therapeutic gain. Such advancement is expected to drive growth in the market.
- The primary causes of colorectal cancer are lifestyle disorders, aging, and diet. Thus an increase in these causes is expected to drive the market's growth over the forecast period. For insatnce, according to the World Health Organization (WHO) updates from July 2021, an increase of around 70% is expected in colorectal cancer cases worldwide by 2030. Also, according to the American Society of Clinical Oncology, in May 2022, an estimated 151 thousand adults in the United States were diagnosed with colorectal cancer.
- Similarly, according to the Cancer Australia update, in August 2022, it was estimated that 15.7 thousand new cases of bowel cancer would be diagnosed in Australia, and the person has a 5.2% risk of being diagnosed with bowel cancer by age 85 in 2022. Therefore, the older population are at higher risk of having bowel cancer and with the growth in the aging popualtion, the burden of colorectal is further expected to increase, which is expected to drive the demand for colorectal cancer diagnostics and therapeutics products.
- Furthermore, acquisitions, partnerships, mergers, and collaborations by the key players in the market will boost the studied market. For instance, in January 2021, Epigenomics AG challenged National Coverage Determination (NCD) decision and unveiled the next-generation liquid biopsy test for colorectal cancer screening. Additionally, in January 2023, Takeda and HUTCHMED entered an exclusive licensing agreement to develop tyrosine kinase inhibitor fruquintinib for colorectal cancer outside China. Such development is expected to drive the growth of the market.
- Hence as per the factors above, the colorectal cancer diagnostics and therapeutics market will likely grow over the forecast period. However, high costs and the side effects associated with drugs are expected to restrain market growth.
Colorectal Cancer Diagnostics And Therapeutics Market Trends
Colonoscopy Segment is Expected to Observe a Significant Growth During the Forecast Period
- A colonoscopy examines changes such as swollen, irritated tissues, polyps, or cancer in the large intestine (colon) and rectum. A colonoscopy helps the physician explore possible causes of abdominal pain, rectal bleeding, chronic diarrhea, and other intestinal problems. The advantages of colonoscopy are also expected to boost the demand for devices over the forecast period.
- For instance, according to an article published by Elsevier in 2021, colonoscopy is preferred to sigmoidoscopy because it enables examination of the entire colon and is superior to double-contrast barium enema (BE) because it has enhanced diagnostic accuracy as well as therapeutic capability. This diagnostic superiority has been demonstrated in patients with known polyps and symptomatic patients with negative findings on proctosigmoidoscopic and BE examinations. Thus, the effectiveness of colonoscopy is expected to increase the demand and drive segmental growth.
- Several companies are adopting various strategies, such as product launches, acquisitions, and partnerships, to grow their presence in the market. For instance, in April 2021, Fujiflim launched G-EYE 700 Series Colonoscope. G-EYE is a technology developed by Smart Medical to assist with visualization, stabilization, and control during routine examinations.
- Additionally, in November 2021, Cosmo Pharmaceuticals NV reported topline results from a randomized, international, multi-center study evaluating the safety and efficacy of the artificial intelligence (AI) device GI Genius to aid the detection of colorectal polyps in combination with colonoscopy. This study provides a vast experience of using the device in clinical settings. The results show how effective GI Genius is in reducing the percentage of adenomas and polyps that go undetected during white light colonoscopy.
- Such developments are likely to boost market growth over the forecast period. Hence, due to the effectiveness of colonoscopy and demand for colonoscopy, the segment is anticipated to grow during the forecast period.
North America is Expected to hold a Significant Growth in Market Share During the Forecast Period
- The North American colorectal cancer diagnostics and therapeutics market is projected to grow significantly. The growth is attributed to increasing colorectal cancer, healthcare infrastructure, and high awareness about diagnostic testing and devices in healthcare. For instance, according to the American Cancer Society, 2023 updates, colorectal cancer is the third most common cancer diagnosed in the United States. There will be an estimated 106,970 new cases of colon cancer and 46,050 cases of rectal cancer diagnosed in the United States in 2023.
- Furthermore, the American Society of Clinical Oncology article updated in May 2022, reported that the average age at the time of diagnosis for colon cancer in men is 68 years and that for women is 72 years, while for rectal cancer, it is age 63 years for both men and women in the United States.
- Also, according to the United States Census Bureau 2022, more than 56 million adults ages 65 and older live in the United States, accounting for about 16.9% of the nation's population. Thus, the high incidence of colorectal cancer coupled with an increase in the population over 50 years of age is expected to increase the demand for its diagnosis and treatment, driving the studied market.
- Furthermore, key market players' new product developments and launches boost the studied market. For instance, in December 2021, the Food and Drug Administration (FDA) granted fast-track designation to Isofol Medical AB. for Arfolitixorin (6R-MTHF) for patients with metastatic colorectal cancer (CRC). Arfolitixorin is a stabilized and biologically active form of folate that helps increase 5-fluorouracil (5-FU)-cytotoxicity. As a result, all the above factors will likely contribute to this region's strong growth over the forecast period.
Colorectal Cancer Diagnostics And Therapeutics Industry Overview
The colorectal cancer diagnostics and therapeutics market is moderately concentrated in nature due to the presence of a few companies. The competitive landscape includes an analysis of some of the key players in the market, such as Epigenomics AG, Abbott Laboratories, F. Hoffmann-La Roche AG, Novigenix SA, and Amgen Inc, among others.
Colorectal Cancer Diagnostics And Therapeutics Market Leaders
Epigenomics AG
Abbott Laboratories
F. Hoffmann-La Roche AG
Novigenix SA
Amgen Inc
*Disclaimer: Major Players sorted in no particular order
Colorectal Cancer Diagnostics And Therapeutics Market News
- November 2022: HUTCHMED Limited reported that the global phase III FRESCO-2 trial evaluating the investigational use of the anti-vascular endothelial growth factor (VEGF) tyrosine kinase inhibitor fruquintinib met its primary endpoint of overall survival in patients with advanced, refractory metastatic colorectal cancer.
- August 2022: Pillar Biosciences received China National Medical Products Administration (NMPA) approval for an oncoReveal Dx colon cancer assay.
Colorectal Cancer Diagnostics & Therapeutics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements in Radiology and Chemotherapy
4.2.2 Increasing Incidence and Prevalence of Colorectal Cancer
4.3 Market Restraints
4.3.1 High Costs and the Side Effects Associated with Drugs
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Modality
5.1.1 Diagnostics Techniques
5.1.1.1 Stool Tests
5.1.1.2 Immunohistochemistry
5.1.1.3 Colonoscopy
5.1.1.4 Flexible Sigmoidoscopy
5.1.1.5 Other Diagnostics Techniques
5.1.2 Therapeutics
5.1.2.1 Chemotherapy
5.1.2.2 Immunotherapy
5.1.2.3 Other Therapeutics
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Amgen Inc.
6.1.3 Clinical Genomics
6.1.4 EDP Biotech
6.1.5 Epigenomics AG
6.1.6 F. Hoffmann-La Roche AG
6.1.7 Novigenix SA
6.1.8 Quest Diagnostics
6.1.9 Sanofi SA
6.1.10 Siemens Healthineers
6.1.11 VolitionRX
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Colorectal Cancer Diagnostics And Therapeutics Industry Segmentation
As per the scope of the report, colorectal cancer, also known as bowel cancer, colon cancer, or rectal cancer, is any form of cancer that affects the colon and the rectum. The diagnostics and therapeutics used for managing colorectal cancer are various screening tests, kits, and medical devices.
The colorectal cancer diagnostics and therapeutics market is segmented by modality (diagnostics techniques (stool tests, immunohistochemistry, colonoscopy, flexible sigmoidoscopy, and other diagnostics techniques) and therapeutics (chemotherapy, immunotherapy, and other therapeutics)) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally.
The report offers the value (in USD) for the above segments.
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Colorectal Cancer Diagnostics & Therapeutics Market Research FAQs
What is the current Colorectal Cancer Diagnostics and Therapeutics Market size?
The Colorectal Cancer Diagnostics and Therapeutics Market is projected to register a CAGR of 4.60% during the forecast period (2024-2029)
Who are the key players in Colorectal Cancer Diagnostics and Therapeutics Market?
Epigenomics AG, Abbott Laboratories, F. Hoffmann-La Roche AG, Novigenix SA and Amgen Inc are the major companies operating in the Colorectal Cancer Diagnostics and Therapeutics Market.
Which is the fastest growing region in Colorectal Cancer Diagnostics and Therapeutics Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Colorectal Cancer Diagnostics and Therapeutics Market?
In 2024, the North America accounts for the largest market share in Colorectal Cancer Diagnostics and Therapeutics Market.
What years does this Colorectal Cancer Diagnostics and Therapeutics Market cover?
The report covers the Colorectal Cancer Diagnostics and Therapeutics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Colorectal Cancer Diagnostics and Therapeutics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Colorectal Cancer Diagnostics and Therapeutics Industry Report
Statistics for the 2024 Colorectal Cancer Diagnostics and Therapeutics market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Colorectal Cancer Diagnostics and Therapeutics analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
