Colorectal Cancer Diagnostics and Therapeutics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The colorectal cancer diagnostics and therapeutics market is expected to register a CAGR of nearly 4.6% during the forecast period.

Access to colonoscopies has also been restricted in many settings due to fears of COVID-19 infection from aerosolized procedures. Organized colorectal cancer diagnosis programs and some opportunistic screening through individuals' health care providers have mostly resumed. According to the article published by Health Canada, 2020, Colorectal cancer diagnosis, along with other health care services, was suspended in Canada in the initial phase of the COVID-19 pandemic response. This pause was deemed necessary to allow health care facilities to establish appropriate infection-control measures to prevent COVID-19 outbreaks and to reserve health system capacity for COVID-19 patients. Moreover, according to the same source, in 2019, between April 1 and June 30, 2020, approximately 540,000 Canadians would have undergone colorectal cancer screening using a fecal test, according to simulation. If these individuals are not invited for screening until two years later (i.e., no catch-up screening), these 540,000 missed screenings may result in approximately 10,000 people with adenomas and colorectal cancers going undetected in 2020.​

Colorectal cancer has one of the largest incidence and prevalence rates worldwide. Primary causes of colorectal cancer are said to be lifestyle disorders, aging, and diet. According to the World Health Organization (WHO) 2021, an increase of around 70% is expected in colorectal cancer cases across the world by 2030. Furthermore, according to the National Institute of Health, colorectal cancer (CRC) in 2020 accounts for over 9% of all cancer incidences and is a major cause of morbidity and mortality throughout the world. It is the third most common cancer worldwide and the fourth most common cause of death. The United States, Canada, parts of Europe, Australia, and New Zealand have the highest incidence rates. CRC is the second most common cause of cancer-related death in the United States.

Increasing prevalence and rise in demand for colorectal cancer diagnosis is one of the key factors responsible for driving the growth of the market. According to the Colorectal Cancer Statistics 2020, in 2020, approximately 147,950 individuals will be diagnosed with CRC, and 53,200 will die from the disease, including 17,930 cases and 3,640 deaths in individuals younger than 50 of age. Therefore, high incidence and prevalence rates are the primary factors driving the market studied.

Furthermore, acquisitions, partnerships, mergers, and collaborations by the key players in the market will boost the studied market. For instance, Epigenomics AG announced its Next Generation Liquid Biopsy Test for colorectal cancer screening and planned to appeal the National Coverage Determination (NCD) decision in 2021, driving the growth of the market.

The government has been raising awareness of CRC through different means, including print media, radio, and television, as well as screening colonoscopies, resulting in a lower mortality rate and even late cancer discovery across the globe. For instance, in Europe, March 9, 2020, was celebrated as the European Colorectal Cancer (CRC) awareness month to raise awareness of CRC, as well as call for European Union (EU) and Member State political actions and commitments, such as the implementation of organized CRC screening programs, to help reduce the burden of CRC across Europe.

Thus all the aforementioned factors, such as the rising prevalence of colorectal cancer coupled with the product launch by key market players, boost the market over the forecast period.

Key Market Trends

Immunotherapy Expected to Remain a Significant Revenue Source For Leading Players Due to Label Expansions Despite Approaching Patent Expiry.

The impact of COVID-19 on the immunotherapy market is positive because many companies are currently focused on developing immunotherapy-based drugs or vaccines for COVID-19. Currently, BioNTech SE, in collaboration with Pfizer Inc., is conducting a phase III clinical trial to assess the safety, tolerability, and immunogenicity of BNT162b2 against COVID-19 in healthy participants.

Immunotherapy refers to fighting cancer cells by taking advantage of the human immune system. There are several immunotherapy drugs available for colorectal cancer worldwide. These therapeutics include targeted antibodies and checkpoint inhibitors.

Furthermore, growing research and development on combination therapy coupled with rising awareness of cancer therapeutics and the advantages of immunotherapy are anticipated to fuel the segment growth over the forecast period.

For instance, in June 2020, the United States Food and Drug Administration approved Keytruda (pembrolizumab) for intravenous injection for the first-line treatment of patients with unresectable or metastatic microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) colorectal cancer.

Moreover, the expansion of therapeutic applications of immunotherapeutic agents to colorectal cancer is projected to further fuel the market growth.

North America is Expected to dominates Market Share During the Forecast Period

Geographically, the North American colorectal cancer diagnostics and therapeutics market is projected to have a significant market share with respect to demand and revenue due to better increasing prevalence of colorectal cancer, healthcare infrastructure, effective government policies, a huge base of multinational companies, and high awareness among people about diagnostic testing and devices in healthcare.

According to the American Cancer Society, colorectal cancer is the third most common cancer diagnosed in both men and women in the United States. It was estimated that around 104,270 new cases of colon cancer and 45,230 new cases of rectal cancer had been reported in the United States for 2021. These estimates indicate that colorectal cancer is increasing its prevalence in the United States, which is, in turn, leading to the growth of the market.

Moreover, the United States Preventive Services Task Force is actively promoting the screening of colorectal cancer. In 2020, it was reported that colorectal cancer is most frequently diagnosed among persons aged 65 to 74 years. This indicates that the geriatric population will boost the studied market.

Furthermore, new product developments and launches by the key market players will boost the studied market. For instance, in May 2020, the Food and Drug Administration (FDA) approved Encorafenib (Braftovi) for the treatment of some patients with colorectal cancer. The approval covers the use of encorafenib in combination with Cetuximab (Erbitux) in adults with metastatic colorectal cancer whose tumors have a specific mutation in the BRAF gene, called V600E.

Thus, all aforementioned factors, such as the rising number of cases of colorectal cancer and product approval by the Food and Drug Administration, boost the market in the region.

Competitive Landscape

Several large drug and equipment manufacturers exist within the global colorectal cancer diagnostic and therapeutics market. Moreover, several new biotech firms are also active in therapeutics by launching new products and participating in collaborations and acquisitions. Key players in the market include Abbott Laboratories, Epigenomics AG, F. Hoffmann-La Roche AG, Novigenix, and Siemens Healthineers, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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