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.
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.
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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.
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.
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The market for colorectal cancer drugs is driven by frequent diagnostic tests and drug launches. Most of the major market players are involved in the manufacturing wide range of drugs and diagnostic tests that help in reducing the burden of colorectal cancer. For instance, in June 2019, Pfizer, Inc. launched ZIRABEV, a biosimilar to Avastin that helps in the treatment of five cancers, including colorectal cancer. Moreover, in September 2019, Lupin, an Indian pharmaceutical company, partnered with German-based Boehringer Ingelheim pharmaceutical company for the development of cancer drugs. The companies came together to develop and commercialize a drug based on the MEK inhibitor. This molecule is likely to target specific cancer cells and treat patients suffering from stomach and skin cancer.
Furthermore, the companies are also focused on the development of new diagnostic tests that will help in the accurate detection of colorectal cancer. For instance, in December 2016, Clinical Genomics, a private company developing evidence-based diagnostic tools for colorectal cancer, introduced Colvera, a blood-based diagnostic test for colorectal cancer recurrence monitoring.
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The rising pharmaceutical industry in the developing countries in the Asia Pacific region are creating better opportunities for significant market players to expand their business. This is a substantial reason for growth of the market in the forecast period. According to statistics India Brand Equity Foundation (IBEF) in April 2019, India is the largest provider of generic drugs worldwide. The Indian pharmaceutical industry supplies approximately 40% of generic demand in the US, with around 50% of world demand for multiple vaccines and 25 % of all medicines in the United Kingdom. The Indian pharmaceutical industrial sector was valued at US$ 33 billion in 2017 and is expected to expand at a CAGR of 22.4% over 2015–2020 to reach US$ 55 billion. In addition, India has a huge pool of scientists and engineers having the potential to grow the industry to an even higher level.
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.
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