Colorectal Cancer Market - Size, Industry Share, Growth Trends and Forecasts (2023 - 2031)

By Type :

The type segment is categorized into adenocarcinoma, carcinoid tumors, squamous cell carcinoma, gastrointestinal stromal tumors (GISTs), and others. In 2022, the adenocarcinoma segment accounted for the highest colorectal cancer market share. The rapid increase in the number of smokers across the globe is one of the key factors contributing to the segment growth. For instance, according to a study conducted by the Centers of Disease Control and Prevention in 2021, 11.5% of U.S. adults, an estimated 28.3 million people smoke cigarettes. Hence, a large number of smokers are at high risk for developing this cancer. Examination of market trends concludes that the demand for cancer therapeutics is increasing, due to the increasing prevalence of colorectal adenocarcinoma.

However, the carcinoid tumors segment is anticipated to grow at the fastest CAGR during the forecast period. The increase in GI tract syndromes and smoking are significant factors that cause this type of cancer. Moreover, patients suffering from thyroid conditions are at a higher risk for developing this type of cancer. According to a study by the American Thyroid Association in 2021, more than 12% of the U.S. population will develop a thyroid condition during their lifetime. Analysis of market trends concludes that the rising number of patients with thyroid conditions is another factor contributing to the segment growth over the forecast period.

By Diagnosis :

The diagnosis type segment is categorized into stool examination, imaging test, tumor markers, biopsy, and others. In 2022, the biopsy segment accounted for the highest market share and is also expected to grow at the fastest CAGR in the overall colorectal cancer market. Endoscopic biopsy is done during a colonoscopy, wherein a small portion of the tumor tissues is removed and sent for examination to detect the presence of cancer. Additionally, biopsy is the most reliable diagnosis method for cancer due to its high accuracy and ability to diagnose the stage of cancer progression. Furthermore, a biopsy is a minimally invasive and fast procedure making it the preferred diagnosis technique among many healthcare providers. Examination of market trends concludes that the growing demand for fast and painless diagnosis is a significant factor that will aid in surging the market growth.

By Treatment :

By End-User :

The end user segment is categorized into hospitals, specialty clinics, cancer research centers, ambulatory surgical centers, and others. In 2022, the hospitals industry accounted for the highest market share of 45.50% and is also expected to grow at the fastest CAGR in the overall colorectal cancer market. Diagnosis of cancer requires advanced testing and detection techniques, as well as extensive care for the patients. Hospitals have the necessary infrastructure needed to provide such extensive care. Furthermore, developing a treatment plan for CRC requires the presence of medical professionals from different specialties. Hospitals have a vast network of medical professionals who are available to patients at their convenience. Thus, owing to the advanced infrastructure and convenience offered by hospital industry, the aforementioned factors will sure segment proliferation.

Colorectal Cancer Market Region Analysis :

The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

In 2022, North America accounted for the highest market share at 39.03% valued at USD 7,393.84 Million in 2022 and USD 7,634.60 Million in 2023 and is expected to reach USD 10,227.94 Million in 2031. In North America, the U.S. accounted for the highest market share of 65.10% during the base year of 2022. North America is witnessing high growth in cancer therapeutics due to increasing spending in R&D for better drugs and treatment for the cancer. For instance, according to the American Cancer Society, CRC is the third most common diagnosed cancer in the U.S. and the estimates for cancer in 2023 are 106,970 new cases of colon cancer and 46,050 new cases of rectal cancer. The colorectal cancer market analysis concluded that the increase in the number of cancer cases is promoting the need for the development of better drugs and treatment options.

Furthermore, Asia Pacific is expected to witness the fastest CAGR of 4.4% over the forecast period. The prevalence of cancer patients in Asia Pacific is increasing steadily and putting a heavy burden on healthcare systems. Furthermore, doctors are encouraging regular screening for people aged above 45 for early detection and treatment. Hence, the rise in screening for cancer has resulted in more patients being detected early and starting treatment. According to research published by the National Library of Medicine in 2021, the healthcare expenditure for treatment of cancer patients increased by 213·7% from 2009 to 2015. Analysis of market trends concludes that the high prevalence of colorectal cancer patients in Asia Pacific is promoting more R&D spending for the development of better therapeutics. As a result, the aforementioned factors are likely to bolster the market expansion during the forecast period.