Report : Colorectal Cancer Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Modality (Diagnosis Type, Therapy Type, and Imaging Type) and End User (Hospitals and Diagnostic & Research Laboratories)
According to our new research study on "Colorectal Cancer Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Modality and End User," the market is expected to grow from US$ 18,619.3 million in 2022 to US$ 24,078.5 million by 2028; it is anticipated to grow at a CAGR of 3.3% from 2022 to 2028.
Colorectal cancer is also known as bowel, colon, or rectal cancer. This type of cancer is the second leading cause of death in women and the third leading cause of death in men. Colorectal cancer can be benign, noncancerous, or malignant. The symptoms of colon cancer patients include changes in bowel habits, diarrhea or constipation, and blood in stools that make it look black. Colorectal cancer can be treated with chemotherapy, radiotherapy, and surgery.
The increasing prevalence of colorectal cancer and demand for advanced cancer diagnostics across the globe are driving the growth of the global colorectal cancer market. The government’s measures to control pharmaceutical prices are hampering the overall market growth. Rising market potential in developing economies is expected to provide lucrative opportunities for the global colorectal cancer market in the coming years. Furthermore, the growing number of product approvals and developments is likely to boost the market during the forecast period.
Based on modality, the global colorectal cancer market is segmented into diagnosis type, therapy type, and imaging type. The diagnosis type segment accounted for the largest share of the market in 2022. Further, it is anticipated to register a higher CAGR during the forecast period, owing to an increasing number of diagnostics tests done by patients. The diagnosis type segment is further categorized into immunochemistry, stool test, flexible sigmoidoscopy, colonoscopy, CEA test, and others. Leading companies offer a huge range of products; for instance, Roche offers robust tools to aid in colorectal cancer diagnostics; the portfolio of assays includes VENTANA MLH-1 (M1) Mouse Monoclonal Primary Antibody, VENTANA anti-MSH6 (SP93) Rabbit Monoclonal Antibody, and VENTANA CDX-2 (EPR2764Y).
Impact of COVID-19 Pandemic on Global Colorectal Cancer Market
The COVID-19 pandemic has significantly affected the global healthcare system. To combat the spread of SAR-CoV-2, governments imposed stringent policies in 2020 and 2021 to prevent and reduce infection and mortality rates. Due to lockdown and travel restrictions, the global colorectal cancer market was adversely affected. This is mainly due to reduced CRC screening to prevent cancer patients from frequent travel to hospitals. Furthermore, hospitals postponed or canceled lengthy procedures to free up limited space for COVID-19 patients. The cancellation of surgeries to reduce exposure to COVID-19 in the hospital hampered the growth of the colorectal cancer market. However, the world is slowly recovering from the COVID-19 pandemic and has resumed rebuilding lives and economies. Therefore, with the easing of lockdowns worldwide and the resumption of elective procedures, the colorectal cancer market is expected to recover the loss over the coming years significantly.
Amgen Inc., Bruker Corporation, Epigenomics Ag, Clinical Genomics Technologies Pty Ltd., Volitionrx Limited, Novigenix, F. Hoffman LA. Roche, Abbott, EDP Biotech, and Quest Diagnostics are among the leading companies operating in the global colorectal cancer market.
The global colorectal cancer market is segmented into modality, end user, and geography. Based on modality, the market is segmented into diagnosis type, therapy type, and imaging type. Based on end user, the global colorectal cancer market is bifurcated into hospitals and Diagnostics & Research Laboratories. By geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), APAC (China, India, Japan, Australia, South Korea, and the Rest of APAC), the MEA (Saudi Arabia, UAE, South Africa, and the Rest of MEA), and SAM (Brazil, Argentina, and the Rest of SAM).
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