The colorectal cancer market is expected to grow from US$ 18,619.3 million in 2022 to US$ 24,078.5 million by 2028; it is expected to grow at a CAGR of 3.3% from 2022 to 2028.
Factors such as the increasing prevalence of colorectal cancer, product launches, and benefits offered by generic drugs are driving the global colorectal cancer market growth. However, pricing pressure on drug manufacturers is hindering the market growth.Colorectal cancer is a malignant tumor of the large intestine's inner wall. This is due to abnormal cell growth that can invade or spread to other body parts. Colorectal cancer is commonly caused by inflammatory bowel disease and genetic inheritance. Fatigue, diarrhea or constipation, shortness of breath, weakness, change in bowel habits, red or dark blood in stool, weight loss, abdominal pain, and bloating are a few common symptoms. Colorectal cancer is classified into four stages: stage 0, stage I-cancer in the inner layers of the colon, stage II-cancer spreads through the muscle wall of the colon, stage III-cancer spreads to lymph nodes, and stage IV-cancer spreads to other organs. Colorectal cancer can be treated with chemotherapy, radiotherapy, and surgery.
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Colorectal Cancer Market: Strategic Insights
Market Size Value in US$ 18.62 Billion in 2022 Market Size Value by US$ 24.08 Billion by 2028 Growth rate CAGR of 3.3% from 2022 to 2028 Forecast Period 2023-2028 Historic Period 2020-2021
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Colorectal Cancer Market: Strategic Insights
| Market Size Value in | US$ 18.62 Billion in 2022 |
| Market Size Value by | US$ 24.08 Billion by 2028 |
| Growth rate | CAGR of 3.3% from 2022 to 2028 |
| Forecast Period | 2023-2028 |
| Historic Period | 2020-2021 |
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North America is likely to dominate the colorectal cancer market during the forecast period owing to increasing incidences of colorectal cancer, better healthcare infrastructure, supportive government policies, a huge base of multinational companies, and high awareness among people about diagnostic testing and devices in healthcare. In addition, the US held the largest share of the North American market in 2022, and the country is expected to dominate the regional market during the forecast period. As per the American Cancer Society, colorectal cancer is the third most common cancer diagnosed in both men and women in the US, and ~104,270 new cases of colon cancer and 45,230 new cases of rectal cancer were reported in the country in 2021. The lifetime risk of getting diagnosed with colorectal cancer is ~1 in 22 for men, which accounts for ~5%. Similarly, for women, it is about 1 in 24, which accounts for ~4.5%. This rising number of cancer cases is augmenting the demand for colorectal cancer treatment and diagnostics across the country.
The global colorectal cancer market is segmented into modality, end user, and geography. By geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The global colorectal cancer market report offers insights and in-depth analysis of the market, emphasizing parameters such as market trends, technological advancements, market dynamics, and the competitive analysis of the globally leading market players.
Market Insights
Rise in Incidence of Colorectal Cancer
Rise in Incidence of Colorectal Cancer
Colorectal cancer is one of the most commonly found and lethal cancers developed in individuals with the combined influence of genetic and environmental factors. According to the World Health Organization (WHO), colorectal cancer is the third most prevalent form of cancer, with ~1.93 million global cases in 2020, and an increase of ~70% in colorectal cancer cases worldwide is expected by 2030. Furthermore, according to the National Institute of Health, colorectal cancer (CRC) accounts for over 9% of all cancer incidences and is a major cause of morbidity and mortality worldwide in 2020. Furthermore, colorectal cancer mortality and incidence rates vary globally, and ~916,000 deaths in 2020 were due to colorectal cancer. It is the third most common cancer in men and the second most common cancer in women. The lifetime risk of developing colorectal cancer is about 1 in 23 for men and 1 in 25 for women. Therefore, colorectal cancer was identified as the third most common cancer and the second most death-causing cancer.
Colorectal cancer is increasingly affecting the populations in Asian countries. For instance, according to the International Agency for Research on Cancer & GLOBOCAN, the estimated incidence of colorectal cancer in Asia reported ~1,009,400 new cases in 2020. Japan, China, Malaysia, Singapore, Korea, and Turkey witnessed high prevalence rates compared to the other countries in Asia Pacific.
People with localized stage colorectal cancer have a 90% chance of surviving after five years. The 5-year survival rate is 71% if cancer spreads to neighboring tissues, organs, or regional lymph nodes. Surgery, immunotherapy, chemotherapy, radiation therapy, and targeted therapy are the most common treatment for colorectal cancer. Depending on the cancer stage, two or more of these treatment methods can be administered concurrently or sequentially.
Thus, the rising number of patients suffering from the disease has increased the demand for colorectal cancer solutions, thus driving the growth of the global colorectal cancer market.
Modality Insights
Based on modality, the global colorectal cancer market is segmented into diagnosis type, therapy type, and imaging type. In 2022, the diagnosis type segment holds the largest market share and is expected to register the highest CAGR during the forecast period. Moreover, the diagnosis type segment is further categorized into immunohistochemistry, stool test, flexible sigmoidoscopy, colonoscopy, CEA test, and others. The stool test segment is anticipated to register the highest CAGR in the market during the forecast period, owing to the increasing number of diagnostics tests done by patients.
Colorectal Cancer Market Report Scope
End User Insights
Based on end user, the global colorectal cancer market is bifurcated into hospitals and diagnostic & research laboratories. In 2022, the hospitals segment holds a larger market share, and is expected to register a higher CAGR in the market during the forecast period. Hospitals are the largest entities that have all the facilities. The hospital provides extensive healthcare and medical services to patients suffering from various diseases and disorders. Nowadays, hospitals give better services to their patients. Enormous patients are admitted for the procedure while several patients walk-in for the diagnostics. Among the admitted patients, most of them are already suffering from a few disorders. Thus, hospitals are contributing a significant market share to the global colorectal cancer market and are expected to continue the trend during the forecast period.
Several emergency and treatment centers need an investigation of the body's organs, tissues, and functions that can be done accurately with the help of magnetic resonance imaging, CT, and X-Ray. Most surgeries are being performed in hospitals, owing to continuous patient care and monitoring. As hospitals are primary healthcare centers for the people, it is likely to propel the growth of the end user segment over the forecast years. Therefore, owing to all the above-mentioned factors, the global colorectal cancer market for the hospital segment is likely to grow in the coming years.
Product launches and collaborations are highly adopted strategies by the global colorectal cancer market players to expand their global footprints and product portfolios. The players also focus on the partnership strategy to enlarge their clientele, allowing them to maintain their brand name globally. They aim to flourish their market shares with the development of innovative products. A few of the recent key market developments are listed below:
- In May 2022, Bruker launched an innovative 7 Tesla and 9.4 Tesla conduction-cooled Maxwell magnets for its market-leading preclinical magnetic resonance imaging (MRI) systems portfolio. Following the success of its BioSpec Maxwell 3 Tesla model, the new range of Maxwell 7 Tesla and 9.4 Tesla magnets eliminates the need for liquid Helium or Nitrogen refills while offering high-field sensitivity and resolution for advanced preclinical MRI and PET/MR research.
- In January 2022, Amgen and Generate Biomedicines entered a research collaboration agreement to discover and develop protein therapeutics for five clinical targets across multiple therapeutic areas and modalities. The collaboration will increase drug discovery efforts, generating novel protein sequences with optimal therapeutic properties.
F. Hoffmann-La Roche AG, Epigenomics AG, Novigenix SA, Abbott Laboratories, Amgen Inc., Volitionrx, EDP Biotech, Clinical Genomics Technologies Pvt Ltd, Bruker, and Quest Diagnostics Incorporated are offering products and services in the market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Asia Pacific is expected to be the fastest growing region in colorectal cancer market over the forecast period due to developing healthcare infrastructure, enormous population base, growing prevalence of colorectal cancer patients, increased knowledge of the disease, growing government efforts, and technological improvement in the sector.
North America accounts for the major market share of colorectal cancer market in 2022 due to the increasing prevalence of colorectal cancer cases in the region and increased awareness about the disease.
The colorectal cancer market is expected to be valued at US$ 24,078.5 million in 2028.
The colorectal cancer market is analyzed in the basis of modality and end user. Based on modality, the market is segmented into diagnosis type, therapy type, and imaging type. The diagnosis type segment held the largest share of the market. Moreover, the same segment is anticipated to register the highest CAGR in the forecast period.
The colorectal cancer market is estimated to be valued at US$ 18,619.3 million in 2022.
The market is estimated to grow at a CAGR of 3.3% during the forecast period.
The colorectal cancer market majorly consists of the players, such as Epigenomics AG, Novigenix SA, Clinical Genomics Technologies Pty Ltd., EDP Biotech Corporation, Volitionrx Limited, Abbott Laboratories, Amgen Inc., F. Hoffmann-La Roche AG, Bruker Corporation, Quest Diagnostics Incorporated among others.
The factors that are driving the growth of market are rising prevalence of colorectal cancer, new product launches, and benefits offered by generic drugs boost the market growth. However, pricing pressure on drug manufacturers is the major factor hindering the colorectal cancer market growth.
Colorectal cancer is also known as bowel cancer, colon cancer, or rectal cancer. This type of cancer is the second leading cause of death in women and third in men. Colorectal cancer may be benign, or non-cancerous, or malignant. The symptoms shown by the patients who have colon cancer include changes in bowel habits, diarrhea or constipation, blood in stools that make it look black. Colorectal cancer can be treated with chemotherapy, radiotherapy, and surgery.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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