The colorectal cancer therapeutics market has gained prominence over the past few years owing to the rising prevalence of colorectal cancer worldwide. Colorectal cancer, also known as bowel cancer, is a type of cancer that begins in the large intestine or the rectum and accounts for a significant share of cancer incidences globally. Various factors such as genetics, lifestyle, and environmental factors are majorly responsible for the rising colorectal cancer cases. Some of the common treatments for colorectal cancer include surgery, chemotherapy, targeted drug therapy, and radiation therapy.
Colorectal cancer therapeutics market is estimated to be valued at USD 8.98 Bn in 2024 and is expected to reach USD 12.10 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.3% from 2024 to 2031. Key Takeaways Key players operating in the colorectal cancer therapeutics market are Sanofi, Bristol-Myers Squibb Company, Bayer AG, Ono Pharmaceutical Co. Ltd, ALX Oncology Inc., Daiichi Sankyo Company, Limited, Pfizer Inc., Exelixis, Inc., SOTIO Biotech AG, AB Science, BioNTech SE, Effector Therapeutics, Inc., and Treos Bio Limited. These players are strongly focused on research and development activities to develop innovative and effective therapeutics for colorectal cancer. The key opportunities in the colorectal cancer therapeutics market include the development of targeted drug therapies, increasing drug approvals, and growing investments in oncology research. Some of the major targeted therapies approved in recent times include Avastin, Erbitux, and Stivarga. Furthermore, various pharmaceutical giants are investing heavily in R&D to develop novel targeted therapies and combination treatments to improve patient outcomes in Colorectal Cancer Therapeutics Market Demand . Globally, the rise in healthcare expenditure, increasing awareness regarding early detection of cancer, and supportive government initiatives are encouraging market players to expand their presence in high-growth emerging markets. For instance, Sanofi has expanded its manufacturing footprint in Asia to increase the availability of its oncology drugs in the region. Similarly, Pfizer has enhanced its focus on commercializing its oncology drugs across Latin American and Asian countries. Market Drivers
Rising geriatric population: Colorectal cancer is more prevalent in older adults. According to the United Nations, the number of people aged 60 or above will double to nearly 2.1 billion by 2050 globally. This rising trend of aging population contributes significantly to the growing incidence of colorectal cancer worldwide. Increasing adoption of targeted therapies: Targeted drugs such as biological and immune-oncology therapies have shown promising results and better clinical outcomes in colorectal cancer treatment. This is encouraging pharmaceutical companies to invest heavily in research focusing on novel targeted agents, which is propelling market growth. Market Restraints
High cost of targeted therapies: The development and production of modern targeted therapies such as biological and immune-oncology drugs require massive investments. This makes these novel drugs unaffordable for many patients. The high cost of targeted therapies can restrain their adoption, limiting market growth. Patent expiration of blockbuster drugs: Key drugs such as Avastin, Erbitux, and Vectibix are likely to face patent cliffs in the coming years. This will increase competition from low-cost generics, reducing revenues of incumbent pharmaceutical companies. The likely loss of patents protection is a major challenge for market players.
Segment Analysis
The colorectal cancer therapeutics market is dominated by the chemotherapy subsegment which holds around 35-40% market share. Chemotherapy remains the standard treatment option for majority of metastatic colorectal cancer patients. It is effective in shrinking tumors and improving the symptoms caused by the cancer. The chemotherapy subsegment is expected to continue dominating due to widespread adoption and affordability compared to newer targeted therapies and immunotherapy. as per the latest Colorectal Cancer Therapeutics Market News, the targeted therapy subsegment is the fastest growing segment in the colorectal cancer therapeutics market. Targeted therapies are more effective with fewer side effects compared to chemotherapy. The advent of new targeted therapies such as Bayer's Stivarga (regorafenib), Sanofi and Regeneron's Libtayo (cemiplimab), and Bristol Myers Squibb's Opdivo (nivolumab) are expected to drive growth of this subsegment. Global Analysis North America accounted for the largest share of around 45% in the global colorectal cancer therapeutics market. Presence of advanced healthcare infrastructure, favorable reimbursement policies, and high adoption of innovative therapies have made North America the dominant region.
However, Asia Pacific is expected to witness the highest growth during the forecast period owing to rapidly improving healthcare systems, raising awareness about cancer treatment, and emergence of regional players increasing access to therapies. In addition, large population and unmet medical needs present lucrative growth opportunities in the Asia Pacific region.
Discover the Report for More Insights, Tailored to Your Language.
French German Italian Russian Japanese Chinese Korean Portuguese
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
