Growing applications of colorectal cancer in healthcare to drive the growth of colorectal cancer in healthcare market
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
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Key companies operating in the colorectal cancer market include
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
Colorectal cancer is found among the large population in North American regions. For example, according to the Centers for Disease Control and
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.
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