The global colorectal cancer market is expected to reach US$ 22,953.8 Mn in 2027 from US$ 16,339.9 Mn in 2018
NEW YORK, Dec. 24, 2019 /PRNewswire/ --
The global colorectal cancer market is expected to reach US$ 22,953.8 Mn in 2027 from US$ 16,339.9 Mn in 2018. The market is anticipated to grow with a CAGR of 4.0% from 2019-2027.
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Driving factors of the colorectal cancer are increasing prevalence of colorectal cancer, new product launches and benefits offered by generic drugs. Moreover, growing pharmaceutical industry in emerging economies is likely to have a positive impact on the growth of the market in the coming years.
Generic drugs are alternatives of branded drugs.The pharmacological effects of generic drugs are similar to their branded counterparts.
Generic drugs are cost-effective as the manufacturers does not invest in the development and marketing a new drug.After the expiry of a drug patent, other manufacturers apply for FDA approval of a generic intended for its manufacturing and selling.
Generic drugs are important in oncology due to the fact that some of the anticancer drugs are only offered as generics.Patients are likely seen to abandon branded prescriptions which are majorly associated with their higher co-pays.
Among developing countries such as India, where the paying capacity is relatively low, generic drugs for cancer treatment acts as a boon for both the manufacturers as well as patients due to its affordability and efficacy. For instance, in June 2016, Hetero launched a Biosimilar 'Bevacizumab' for the treatment of metastatic colorectal cancer under the brand name "Cizumab". One of the most striking benefit of using generic drugs is the cost that is up to 85% less than that of the branded drugs.
The global colorectal cancer market, based on the modality, is segmented into diagnosis type, therapy type, and imaging type.In 2018, the diagnosis type segment held the largest market share of the colorectal cancer market.
Based on the end user, market is segmented into hospitals, diagnostic and research laboratories. Hospitals segment is expected to dominate the end user segment during the forecast period.
Some of the important primary and secondary sources included in the report are, Food and Drug Administration, World Health Organization (WHO), American Society of Clinical Oncology, American Type Culture Collection, Centers for Disease Control and Prevention, National Colorectal Cancer Roundtable and others.
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