Market Trends of Global Colorectal Cancer Therapeutics Industry
This section covers the major market trends shaping the Colorectal Cancer Therapeutics Market according to our research experts:
Chemotherapy is Expected to Hold a Significant Market Share Over the Forecast Period
Chemotherapy is one of the main methods of cancer treatment that uses drugs to kill colorectal cancer cells by preventing them from growing and dividing. Chemotherapy can shrink and prevent the growth of colorectal tumors. However, chemotherapy can also damage some healthy cells and may lead to major side effects.
Product approval is a key factor for market growth. For example, in June 2021, Bristol Myers Squibb announced that the European Commission (EC) approved Opdivo (nivolumab) plus Yervoy (ipilimumab) for the treatment of adult patients with mismatch repair-deficient (dMMR) or microsatellite-high instability (MSI-H) metastatic colorectal cancer (mCRC) after prior fluoropyrimidine-based combination chemotherapy. The EC's decision is based on the results of the Phase II CheckMate -142 study, in which Opdivo plus Yervoy demonstrated a clinically significant improvement in the objective response rate (ORR) in patients with MSI-H/dMMR mCRC who received prior treatment with fluoropyridine, oxaliplatin, and irinotecan. The safety profile of Opdivo plus Yervoy was consistent with previous studies of the combination in other tumor types.
Similarly, in June 2020, the Food and Drug Administration granted accelerated approval to pembrolizumab (KEYTRUDA, Merck & Co., Inc.) for the treatment of adult and pediatric patients with unresectable or metastatic tumors with a high mutational burden of solid tumors. Such approval increases the market growth by providing more advanced drugs in the market.
North America is Expected to Dominate the Colorectal Cancer Therapeutics Market
North America accounts for the largest share of the surveyed market owing to the increasing incidence of colorectal cancer in the United States along with several initiatives. For example, according to the American Cancer Society, colorectal cancer is one of the most common cancers diagnosed in both men and women in the United States, and it is estimated that approximately 104,270 new cases of colon cancer and 45,230 new cases of rectal cancer will be diagnosed. reported in the United States for 2021. Similarly in the United States, colorectal cancer (CRC) continues to be the leading cause of cancer-related death and premature cancer-related death in Canada. According to Canada.ca (Government of Canada) data updated in December 2020, about 26,300 Canadians (14,600 men and 11,700 women) were diagnosed with colorectal cancer in 2019 and 9,500 (5,200 men and 4,400 women) Canadians died from the disease. Colorectal cancer is the third most common cancer in Canada. According to the Canadian government, 93% of cases occur in adults over the age of 50, and it was reported that in 2020, about 26,900 Canadians were diagnosed with colorectal cancer. This gradual increase in the incidence rate in the Canadian population is concerning and needs to be addressed. This has led to an increase in the demand for colorectal cancer treatments in North America.
Key product launches, high concentration of market players or manufacturer presence, and acquisitions and partnerships among major players in the United States are some of the factors driving the growth of the colorectal cancer therapeutics market in the country. For example, in April 2020, Pfizer Inc. PFE announced that the FDA approved its cancer drug Brafta (encorafenib) in combination with Eli Lilly's LLY EGFR antagonist, Erbitux (cetuximab), for the treatment of patients with BRAFV600E-mutated metastatic colorectal cancer. after previous therapy. Such approvals enhance market growth by providing better care to patients.
Hence, due to the abovementioned factors, the market is likely to grow over the forecast period.
