Apr 09, 2021 (The Expresswire) -- The global “ colorectal cancer therapeutics market ” size is projected to reach USD 16.58 billion by 2026, owing to the rise in the prevalence of colorectal cancer worldwide. A report by Fortune Business Insights™ titled, “Colorectal Cancer Therapeutics Market Size, Share and Industry Analysis, By Therapy (Targeted Therapy, Immunotherapy, Chemotherapy, Others), By Cancer Type (Colorectal Adenocarcinoma, Gastrointestinal Carcinoid Tumors, Others), By Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, Online Pharmacies, Others) and Regional Forecast, 2019-2026,” provides a detailed analysis of the same.
According to the report, the colorectal cancer drugs market was valued at USD 9.26 billion in 2018. The forecast period is set from 2019 to 2026, and the market is likely to exhibit a CAGR of 7.6%. As per current colorectal cancer therapeutics market trends, the targeted therapy segment is dominating the market in terms of therapy. This is attributed to the presence of a large number of prominent targeted cancer therapies such as Stivarga, Erbitux, and Avastin.
The report offers a comprehensive overview of the colorectal cancer therapeutics market analysis and its growth trajectories such as drivers, restraints, challenges, and opportunities. Besides that, the report provides a detailed segmentation of the market based on factors such as cancer type, by therapy, distribution channel, and others. It also offers the list of key colorectal cancer drugs market manufacturers and the prime strategies adopted by them to gain a competitive edge in the market.
Rise in Disposable Incomes and Increasing Awareness about Therapeutic Procedures to Help Asia Pacific Witness Rapid Growth
Geographically, North America is leading the market with a high prevalence of colorectal cancer. In 2018, North America earned USD 4.13 billion, owing to the new product launches in and around the region. Thus, the factors mentioned above are likely to help this region continue dominating the market in the future too.
On the other side, the continuously improving healthcare infrastructure, coupled with the rise in disposable incomes of people in Asia Pacific is expected to boost the regional market in the forecast period. Colorectal cancer is a major reason for the rise in mortality rates, coupled with the rising awareness about colorectal cancer therapeutics that will help this region attract high colorectal cancer therapeutics market revenue in the near future.
Launch of Better Therapeutics for Colorectal Cancer to Aid in Expansion of Market
The rise in awareness about colorectal cancer is a major factor driving the colorectal cancer therapeutics market growth. Additionally, the increasing number of corresponding product launches for effective colorectal cancer treatment is further expected to help increase the overall market growth in the forecast period. Moreover, the advent of the latest initiatives aiming to provide effective care of colorectal cancer patients is more likely to aid in the expansion of the market for colorectal cancer drugs. Furthermore, the high mortality rates, coupled with the rising demand for effective cancer therapeutics worldwide, is prognosticated to have a positive effect on the colorectal cancer medications market size in the forthcoming years.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
The current pandemic of Covid-19 has made a catastrophic impact on the world. Most businesses are shut as a result of the increasing COVID-19 cases. The healthcare industry is facing shortage of medical aid as there are not enough beds to suffice the needs of the increasing number of patients. The world economy is fluctuating as most businesses are at a halt and the ones running from the vicinity of their homes are barely able to manage revenue.
Special reports on various markets affected by the coronavirus pandemic are provided by Fortune Business Insights. These reports will help visualize the current situation and what strategies can be adopted to help the market gain momentum in the coming years.
To get to know more about the short-term and long-term impacts of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/colorectal-cancer-therapeutics-market-101945
Merck Sharp and Dohme Corp, Genentech, Inc., and Bristol Myers Squibb Holding Leading Market Position
Major vendors in the colorectal cancer therapeutics market are focusing on research and development of novel colorectal cancer therapeutics. Currently, companies such as Bristol Myers Squibb, Genentech, Inc., and Merck Sharp and Dohme Corp are dominating the market. This is owing to the robust pipeline candidates, key strategic decisions, and the presence of a strong oncology portfolio. The overall colorectal cancer therapeutics market is subject to a number of biosimilar launches and has a strong presence of generics, especially for chemotherapy.
Some of the key industry developments in the colorectal cancer therapeutics market are:
July 2019 Pfizer, a key player in the market for colorectal cancer medications, completed the acquisition of Array BioPharma Inc., for strengthening the oncology pipeline for colorectal cancer treatment.
July 2019 Allergan and Amgen launched the first anticancer biosimilars Kanjinti and Mvasi, in the U.S. These biosimilars are used for treating colorectal cancer.
Some of the key colorectal cancer drugs market manufacturers include:
Merck Sharp and Dohme Corp.
Bristol Myers Squibb