The colorectal cancer drugs market has witnessed robust growth, rising from $19.51 billion in 2023 to $20.74 billion in 2024, with a compound annual growth rate (CAGR) of 6.3%. This growth is attributed to the integration of multimodal approaches in treatment, advancements in surgical techniques, introduction of chemotherapy, emergence of targeted therapies, and extensive clinical trials and research. Looking forward, the market is set for continued growth, projected to reach $26.39 billion by 2028, with a CAGR of 6.2%. The expected expansion is driven by the rise in personalized treatment approaches, adoption of patient-centric care models, expansion of targeted therapies, adoption of combination therapies, and regulatory support. Major trends during the forecast period include advancements in immunotherapy, evolution of precision medicine, growth in combination therapies, emphasis on biomarker research and utilization, and innovation in clinical trial methodologies.
Major Driver In The Colorectal Cancer Drugs Market
The increasing demand for personalized medicines is expected to propel the growth of the colorectal cancer drugs market going forward. Personalized medicine, also known as precision medicine, is an approach to medical treatment and healthcare that takes into account individual variations in patients' genes, environments, and lifestyles. Personalized medicine is transforming the approach to CRC treatment, offering more individualized and effective care for patients. It is likely to continue driving the growth of the CRC drug market as research and drug development efforts become more tailored to specific genetic and molecular profiles. For instance, in October 2022, according to reports published by STAT, a US-based health-oriented news company, there were more than 75,000 genetic testing products and 300 personalized medicines. Therefore, the increasing demand for personalized medicine is driving the growth of the colorectal cancer drugs market.
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Colorectal Cancer Drugs Market Competitive Landscape
Pfizer Inc., Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi SA, Bristol-Myers Squibb Company, AstraZeneca plc, Abbott Laboratories, GlaxoSmithKline plc, Takeda Pharmaceutical Company Limited, F. Hoffmann-La Roche Ltd., Danaher Corporation, Eli Lilly and Company, Amgen Inc., Siemens Healthineers AG, Astellas Pharma Inc., Servier Laboratories, Eisai Co. Ltd., Sumitomo Dainippon Pharma Co. Ltd., Ipsen SA, Taiho Pharmaceutical Co. Ltd., Kyowa Kirin Co. Ltd., Metabiomics Corporation, Randox Laboratories, Taiho Oncology Inc., EDP Biotech Corporation, Genomic Tree Inc., Ono Pharmaceutical Co. Ltd., Epigenomics AG, Daiichi Sankyo Company Limited, Otsuka Pharmaceutical Co. Ltd., Mundipharma International Limited, Teva Pharmaceutical Industries Ltd., Biogen Inc., Gilead Sciences Inc., Johnson & Johnson Services Inc., Spectrum Pharmaceuticals Inc., Exelixis Inc., Seattle Genetics Inc., Incyte Corporation, Clovis Oncology Inc., Karyopharm Therapeutics Inc.
Colorectal Cancer Drugs Market Segmentation
The colorectal cancer drugs market covered in this report is segmented –
1) By Type: Vascular Endothelial Growth Factor (VEGF) Inhibitors, Epidermal Growth Factor Receptor (EGFR) Inhibitors, Programmed Cell Death Protein 1/PD1 Ligand 1 (PD1/PDL
1) Inhibitors, BRAF or MEK Inhibitors, Tyrosine Kinase (TKI) Inhibitors, Immunomodulators
2) By Class: Immunotherapy, Chemotherapy, Other Classes
3) By Distribution Channels: Hospitals Pharmacies, Retail Pharmacies, Other Distribution Channels
By Geography:The regions covered in the colorectal cancer drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the colorectal cancer drugs market in 2023.
The Colorectal Cancer Drugs Global Market Report 2024 furnishes information about the global colorectal cancer drugs market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
