According to a new report by UnivDatos Market Insights, the Colorectal Cancer Market is expected to reach USD 19 Billion in 2023 by growing at a CAGR of ~4%. The increase in age as a factor also relates to the occurrence of colorectal cancer since this type of cancer is more prevalent in old people globally. According to the World Health Organization’s projections, by the year 2023, colorectal cancer will be ranked third among the most prevailing cancers globally, with an incidence of nearly 10 percent; this form of cancer is ranked second globally in cancer-related deaths. Furthermore, progress in screening and diagnostic tools, as well as better colonoscopy practices and other non-invasive screening tests, make an early diagnosis and treatment possible and effective. Innovative targeted therapies and immunotherapies have been identified to have promise in treating patients.
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The ability to tailor treatments to individual needs and desired outcomes enhances patient satisfaction and drives market demand.
· On April 8, 2024, Bristol Myers Squibb announced data from the cohorts of the Phase 1/ 2 KRYSTAL-1 study evaluating KRAZATI (adagrasib) in combination with cetuximab as a targeted treatment option for patients with previously treated KRASG12C-mutated locally advanced or metastatic colorectal cancer (CRC).
· On November 8, 2023, Takeda announced that the U.S. Food and Drug Administration (FDA) had approved FRUZAQLA (fruquintinib), an oral targeted therapy for adults with metastatic colorectal cancer (mCRC) who have been previously treated with fluoropyrimidine-, oxaliplatin-, and irinotecan-based chemotherapy, an anti-VEGF therapy, and, if RAS wild-type and medically appropriate, an anti-EGFR therapy.
· On September 28, 2021, Eli Lilly and Company announced that the U.S. Food and Drug Administration (FDA) has approved for a new indication for ERBITUX (cetuximab injection) in combination with BRAFTOVI (encorafenib), marketed by Pfizer, Inc., for the treatment of adult patients with metastatic colorectal cancer (CRC) with a BRAF V600E mutation, as detected by an FDA-approved test, after prior therapy.
The North American region has a well-established healthcare infrastructure and a rising consciousness of cancer screening and treatment, so early diagnostics are standard. The region-specific factors also include technological advancement in diagnostics and therapies and other therapies such as targeted and immunotherapies that have contributed to market growth in North America. Furthermore, the region is highly focused on research and development. Therefore, the market experiences innovations in cancer care treatments and new drugs, which, in turn, advances market growth. For example, On March 13, 2023, Pfizer Inc. and Seagen Inc. disclosed a definitive merger agreement where Pfizer would purchase Seagen, a biotechnology firm specializing in innovative cancer treatments, for USD 229 per share in cash, totalling an enterprise value of USD 43 billion. In addition, the North American region has some of the leading pharma majors and biotech firms specializing in oncology and focusing on colorectal cancer drugs, thus constantly adding new products and clinical trial options.
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Conclusion
Due to demands, technology, and strategic partnerships, the colorectal cancer market is on the threshold of creating an impressive growth rate. Providing patient-specific treatments increases patients’ satisfaction and the flow of the market demand. North America leads this growth through enhanced technologies and good regional health policies. The trend within the industry toward continued technological development guarantees better results and experiences for the population affected by diseases.
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