World News: 13:35 GMT Tuesday 14th January 2020. [Fortune Business Insights via Globe Newswire via SPi World News]
Pune, Jan. 14, 2020 (GLOBE NEWSWIRE) -- The global Colorectal Cancer Therapeutics Market size is projected to reach USD 16.58 billion by 2026, owing to the rise in the prevalence of colorectal cancer worldwide. A report by Fortune Business Insights™ titled, “” provides a detailed analysis of the same.
According to the report, the colorectal cancer drugs market was valued at USD 9.26 billion in 2018. The forecast period is set from 2019 to 2026, and the market is likely to exhibit a CAGR of 7.6%. As per current Colorectal Cancer Therapeutics Market trends, the targeted therapy segment is dominating the market in terms of therapy. This is attributed to the presence of a large number of prominent targeted cancer therapies such as Stivarga, Erbitux, and Avastin.
The rise in awareness about colorectal cancer is a major factor driving the Colorectal Cancer Therapeutics Market growth. Additionally, the increasing number of corresponding product launches for effective colorectal cancer treatment is further expected to help increase the overall market growth in the forecast period. Moreover, the advent of the latest initiatives aiming to provide effective care of colorectal cancer patients is more likely to aid in the expansion of the market for colorectal cancer drugs. Furthermore, the high mortality rates, coupled with the rising demand for effective cancer therapeutics worldwide, is prognosticated to have a positive effect on the colorectal cancer medications market size in the forthcoming years.
Geographically, North America is leading the market with a high prevalence of colorectal cancer. In 2018, North America earned USD 4.13 billion, owing to the new product launches in and around the region. Thus, the factors mentioned above are likely to help this region continue dominating the market in the future too.
On the other side, the continuously improving healthcare infrastructure, coupled with the rise in disposable incomes of people in Asia Pacific is expected to boost the regional market in the forecast period. Colorectal cancer is a major reason for the rise in mortality rates, coupled with the rising awareness about colorectal cancer therapeutics that will help this region attract high Colorectal Cancer Therapeutics Market revenue in the near future.
Major vendors in the Colorectal Cancer Therapeutics Market are focusing on research and development of novel colorectal cancer therapeutics. Currently, companies such as Bristol Myers Squibb, Genentech, Inc., and Merck Sharp & Dohme Corp are dominating the market. This is owing to the robust pipeline candidates, key strategic decisions, and the presence of a strong oncology portfolio. The overall Colorectal Cancer Therapeutics Market is subject to a number of biosimilar launches and has a strong presence of generics, especially for chemotherapy.
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Globe Newswire: 13:35 GMT Tuesday 14th January 2020
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