north america colorectal cancer Market

North America, the colorectal cancer market, is anticipated to reach US$ 10,655.1 Mn in 2027 from US$ 7,691.4 Mn in 2019. The market is projected to grow with a CAGR of 4.2% from 2020-2027.

The colorectal cancer market is growing primarily due to the increasing prevalence of colorectal cancer, new product launches, and benefits offered by generic drugs that are boosting the market over the years. Restraining factors, such as pricing pressure on drug manufacturers, are likely to damage the growth of the market in the coming years. On the other hand, growing R&D expenditure for cancer research is expected to have a positive impact on the growth of the North American colorectal cancer market in the coming years.

Colorectal cancer is also known as colon cancer, bowel cancer, or rectal cancer. This type of cancer is the second leading cause of death in women and third in men. Colorectal cancer may be benign, or non-cancerous, or malignant. The symptoms shown by the patients who have colon cancer include changes in bowel habits, diarrhea or constipation, blood in stools that make it look black. Colorectal cancer can be treated with chemotherapy, radiotherapy, and surgery.

Colorectal cancer is one of the commonly found and lethal cancers which is developed in an individual with the combined influence of genetic and environmental factors. Additionally, according to the World Health Organization (WHO), colorectal cancer was the third most prevalent form of cancers, with approximately 1.80 million cases around the world in 2018, excluding skin cancer. The rates of colorectal cancer mortality and incidence vary across the globe as per the reports by WHO's cancer database GLOBOCAN. The GLOBOCAN reports approximately 861,000 deaths in 2018 due to colorectal cancer. The data released by the Canadian Cancer Society in 2019, around 1 in 14 Canadian men will be diagnosed with colorectal cancer during their lifetime, and 1 in 18 Canadian women will be diagnosed with colorectal cancer during their lifetime and. Thus, the rising number of patients suffering from the disease is likely to drive the growth of colorectal cancer during the forecast period.

In 2019, the diagnosis type accounted for the largest market share in the North American colorectal cancer market. The growth of diagnosis type is expected to grow due to rising colorectal screening programs and initiatives across the world. The diagnosis type segment is also estimated to mark the highest CAGR in the market during the forecast period, owing to the increasing technological development that is enabling the early detection of colorectal cancer by the various method of screenings.

In 2019, the hospitals segment held the most significant market share of the colorectal cancer market by the end user. This segment is also anticipated to hold a considerable portion of the market in 2027, owing to the need for hospitals as primary healthcare centers for the people. The segment is also anticipated to witness growth at a significant rate during the forecast period.

Some of the significant primary and secondary sources for colorectal cancer included in the report are World Health Organization (WHO), Food and Drug Administration (FDA), Canadian Cancer Society, Centers for Disease Control and Prevention (CDC), American Cancer Society and others.