Colorectal Cancer Diagnostics and Therapeutics Market Size

Colorectal Cancer Diagnostics And Therapeutics Market Analysis

The colorectal cancer diagnostics and therapeutics market is expected to register a CAGR of 4.6% during the forecast period.

• The COVID-19 pandemic significantly impacted the colorectal cancer diagnostics and therapeutics market. During the first COVID-19 wave, most colorectal cancer screening programs were disrupted temporarily.
• For instance, according to the article published by Health Canada, published in June 2021, colorectal cancer screening, along with other healthcare services, was suspended in Canada in the initial phase of the COVID-19 pandemic response. This pause was necessary to allow healthcare facilities to establish appropriate infection-control measures to prevent COVID-19 outbreaks and reserve health system capacity for COVID-19 patients. Thus, these factors indicate that COVID-19 impacted the colorectal cancer diagnostics and therapeutics market.
• However, the market is gradually stabilizing to its pre-pandemic stage, leading to the return of the normal demand levels for colorectal cancer diagnostics and therapeutics. Hence, there is likely to be a high demand for colorectal cancer diagnostics and therapeutics in hospitals which will drive the market during the forecast period.
• Factors driving the market's growth include technological advancements in radiology and chemotherapy and increasing incidence and prevalence of colorectal cancer. The technological advancements in the diagnostics and therapeutics is projected to enahnce the adoption rate of these solution by the patients suffering from colorectal cancer as these solutions not only increases the effectiveness of diagnostics and treatment procedure but also trust in the patient. For instance, according to an article published by Cancer Management and Research in March 2022, image-guided radiotherapy, stereotactic radiotherapy, and particle therapy, which involve the combination of positron emission tomography (PET) scan and a computed tomography (CT) scan, have revolutionized treatment strategies for colorectal cancer, leading to enhanced patient survival and therapeutic gain.
• Recently single dose ultrahigh dose rate irradiation called FASH radiotherapy has been introduced that is purported to spare the normal tissue from toxicity without compromising colorectal tumor response, thereby achieving an enhanced therapeutic gain. Such advancement is expected to drive growth in the market.
• The primary causes of colorectal cancer are lifestyle disorders, aging, and diet. Thus an increase in these causes is expected to drive the market's growth over the forecast period. For insatnce, according to the World Health Organization (WHO) updates from July 2021, an increase of around 70% is expected in colorectal cancer cases worldwide by 2030. Also, according to the American Society of Clinical Oncology, in May 2022, an estimated 151 thousand adults in the United States were diagnosed with colorectal cancer.
• Similarly, according to the Cancer Australia update, in August 2022, it was estimated that 15.7 thousand new cases of bowel cancer would be diagnosed in Australia, and the person has a 5.2% risk of being diagnosed with bowel cancer by age 85 in 2022. Therefore, the older population are at higher risk of having bowel cancer and with the growth in the aging popualtion, the burden of colorectal is further expected to increase, which is expected to drive the demand for colorectal cancer diagnostics and therapeutics products.
• Furthermore, acquisitions, partnerships, mergers, and collaborations by the key players in the market will boost the studied market. For instance, in January 2021, Epigenomics AG challenged National Coverage Determination (NCD) decision and unveiled the next-generation liquid biopsy test for colorectal cancer screening. Additionally, in January 2023, Takeda and HUTCHMED entered an exclusive licensing agreement to develop tyrosine kinase inhibitor fruquintinib for colorectal cancer outside China. Such development is expected to drive the growth of the market.
• Hence as per the factors above, the colorectal cancer diagnostics and therapeutics market will likely grow over the forecast period. However, high costs and the side effects associated with drugs are expected to restrain market growth.