The increasing adoption of personalized medicines for cancer treatment is furthermore augmenting the growth of the colorectal cancer drugs market. Detection of cancer is important for the surgeon or the doctor to find the best-suited therapy that can treat the person. For developing of personalized medicine, several genetic tests need to be taken in account as these tests will eventually reveal the various conditions of the patients such as detection of the individual developing a specific type of cancer. The personalized medicine provides an approach to treat the patient based on the age, sex, type of cancer, the reaction towards a drug and other factors. Personalized medicine holds promise for improving healthcare while lowering costs by enabling each patient to receive earlier diagnoses, optimal treatments, and risk assessments, expected to be a positive indicator for colorectal cancer drugs market growth.
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As per the Personalized Medicine Coalition (PMC) 2017 report, around 42% of all compounds and around 73% of oncology compounds in the pipeline have the potential to be included in personalized medicines. The biopharmaceutical companies closely doubled their R&D investment in personalized medicine over the past five years and suppose to increase their investment in the near future. Moreover, estimates of disease susceptibility or disease prognosis can be improved by combining genomic test results with the knowledge about various factors such as age, lifestyle, or tumor size. This is promising for predicting disease susceptibility, disease prognosis, or drug response of an individual patient.
Increasing colorectal cancer prevalence is driving the global market
Additionally, the increasing prevalence and incidence of colorectal cancers are also fueling the demand for drugs that are intended to treat colorectal cancer. According to the American Cancer Society, colorectal cancer is diagnosed in more than 1.2 million people globally every year, with North America being the most dominant region. Moreover, the World Health Organization (WHO) has stated that the incidence of colorectal cancer is around 93,898 in men and 85,873 in women; whereas, it has caused mortalities to nearly 33,752 men and 30,369 women during 2018. The increasing prevalence of cancers addresses the need for right treatment solutions including drugs; thereby, drives the global colorectal cancer drugs market.
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Current Market Trends Covered in the Global Colorectal Cancer Drugs Market Report
· Based on the drug class type, the immunotherapy segment is estimated to hold a dominating market share during the forecast period.
· Based on the geography, North America is estimated to dominate the global colorectal cancer drugs market during the forecast period.
· Asia-Pacific is anticipated to register the fastest growth in the global colorectal cancer drugs industry during the forecast period.
Global Colorectal Cancer Market Segmentation
By Drug Class Type
· Chemotherapy
· Targeted Therapy
· Immunotherapy
· Hormonal Therapy
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
