Colorectal Cancer Market Analysis by Latest Trends, Future Growth, Revenue and Demand 2027 – InsuranceNewsNet

Growing applications of colorectal cancer in healthcare to drive the growth of colorectal cancer in healthcare market

NEW YORK, UNITED STATES, March 10, 2022 /EINPresswire.com/ — According to Insight Partners market study titled “Colorectal Cancer Market Forecast to 2027 – Global Analysis and Forecast by Modality and End User”. The global colorectal cancer market is expected to reach US$22,953.8 million in 2027 from US$16,339.9 million in 2018. The market is expected to grow with a CAGR of 4.0% from 2019 to 2027. The report presents the prevailing trends in the global colorectal cancer market and the factors driving the market as well as those acting as barriers.

Colorectal cancer is also called bowel cancer, colon cancer or rectal cancer. This type of cancer is the second leading cause of death in women and the third in men. Colorectal cancer can be benign, or non-cancerous, or malignant. The symptoms presented by the patients WHO have colon cancer include changes in bowel habits, diarrhea or constipation, blood in the stool that makes it look black. Colorectal cancer can be treated with chemotherapy, radiation therapy and surgery. The growth of colorectal cancer in the healthcare market is attributed to the increasing prevalence of colorectal cancer, new product launches and benefits offered by generic drugs are driving the market over the years. Additionally, the growth of emerging pharmaceutical industry markets in developing countries is expected to have a positive impact on the market growth in the coming years.

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Key companies operating in the colorectal cancer market include Epigenomics S.A., 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, Natera, Inc.and Guardian Health, Inc. among others. The market has observed various organic and inorganic developments over the past few years in the colorectal cancer market. For example, in October 2019, Novigenix announced that Helsanethe leader in health insurance in Switzerland approved the offer of reimbursement coverage for Colox, a liquid biopsy test for the early detection of colorectal cancer.

The global colorectal cancer market, based on modality, is segmented into diagnosis type, treatment type and imaging type. In 2018, the diagnostic type segment held the largest market share in the colorectal cancer market. This segment is also expected to dominate the market in 2027 as it emphasizes the need for early recognition of neoplasms, or at the asymptomatic or precancerous stage.

The colorectal cancer market is expected to grow, driven by factors such as the growing prevalence of colorectal cancer, new product launches, and benefits offered by generic drugs. Moreover, the growth of the pharmaceutical industry in emerging economies is expected to have a positive impact on the market growth in the coming years.

COVID-19 has affected the economies and industries of various countries due to lockdowns, travel bans and business closures. The COVID-19 crisis has overwhelmed public health systems in many countries and highlighted the urgent need for sustained investments in health systems. As the COVID-19 pandemic progresses, the healthcare sector is expected to experience a decline in growth. The life science segment is thriving owing to increased demand for in vitro diagnostic products and increased research and development activities across the globe. However, the medical technology and imaging segment is experiencing a decline in sales due to fewer surgeries performed and delayed or extended equipment supplies. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming the delivery of care, digital health will continue to thrive in the years to come.

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Colorectal cancer is one of the most common and fatal cancers that develops in an individual under the combined influence of genetic and environmental factors. Moreover, according to the World Health Organization (WHO), colorectal cancer was the third most common form of cancer, with approximately 1.80 million cases worldwide in 2018, excluding skin cancer. Colorectal cancer mortality and incidence rates vary across the world according to reports from the WHO GLOBOCAN cancer database. GLOBOCAN reports approximately 861,000 deaths in 2018 from colorectal cancer.

Colorectal cancer is found among the large population in North American regions. For example, according to the Centers for Disease Control and Prevention (CDC) and American Cancer Societyapproximately 145,600 adults in United States were diagnosed and 51,020 deaths were reported from colorectal cancer in 2018. The trend of high incidence of cancer is also similar in European countries. For example, according to Cancer research in the UKbowel/colorectal cancer deaths in UK between 2015 and 2017 would have been 16,272. Additionally, the data also suggests around 42,000 new cases of bowel cancer in the UK every year, more than 110 patients every day.

Generic drugs are alternatives to brand name drugs. The pharmacological effects of generic drugs are similar to those of their brand name counterparts. Generic drugs are profitable because manufacturers do not invest in the development and marketing of a new drug. After a drug patent expires, other manufacturers seek FDA approval for a generic to manufacture and sell. Thus, generic drugs are cheaper than their branded counterparts. The generic drug has the exact same dosage, effects, side effects, route of administration, risks, safety, and strength as the original brand name drugs.

Likewise, June 2018CellMax Life, a leading cancer diagnostics company, has launched Zenith, a we clinical study for CellMax Life’s unique expertise in circulating tumor cells (CTCs) for the diagnosis of colorectal and other cancers. Thus, the constant developments in colorectal cancer diagnostics and therapeutics are expected to accelerate the market growth during the forecast period.

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Press release: https://www.theinsightpartners.com/pr/colorectal-cancer-market
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Samir Joshi Insight Partners
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