Report : Asia Pacific Colorectal Cancer Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Modality (Diagnosis Type, Therapy Type, and Imaging Type) and End User (Hospitals and Diagnostic & Research Laboratories)
At 3.7% CAGR, the Asia Pacific Colorectal Cancer Market is speculated to be worth US$ 5,169.04 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific colorectal cancer market was valued at US$ 4,627.82 million in 2022 and is expected to reach US$ 5,169.04 million by 2028, registering an annual growth rate of 3.7% from 2022 to 2028. Various benefits offered by generic drugs and growing pharmaceutical industry in emerging economies are the critical factors attributed to the market expansion.
Generic drugs are alternatives to branded drugs. The pharmacological effects of generic drugs are similar to their branded counterparts. Generic drugs are cost-effective as the manufacturers do not invest in developing and marketing a new drug. After the expiry of a drug patent, other manufacturers apply for FDA approval of a generic intended for its manufacturing and selling. Thus, generic drugs are cheaper than their branded counterparts. Generic drugs have the same dosage, effects and side effects, route of administration, risks, safety, and strength as the original branded drugs.
Generic drugs are important in oncology because some anticancer drugs are only offered as generics. Patients are likely to abandon branded prescriptions associated with their higher price. Generic drugs for cancer treatment are profitable for manufacturers and patients due to their affordability and efficacy, especially in developing countries such as India, where paying capacity is relatively low. One of the unique benefits of using generic drugs is that the cost is up to 85%, which is less than branded drugs.
On the contrary, pricing pressure on drug manufacturers hurdles the growth of Asia Pacific colorectal cancer market.
The Asia Pacific colorectal cancer market, based on modality, has been segmented into diagnosis type, therapy type, and imaging type. The therapy type segment held the largest share of the market of 37.0% market share in 2022, amassing US$ 1,428.11 million. It is projected to garner US$ 1,925.41 million by 2028 to expand at 3.8% CAGR during 2022–2028.
By the end user, the Asia Pacific colorectal cancer market is bifurcated into hospitals and diagnostic & research laboratories. With 55.8% share of the domain, the hospitals segment dominated the market in 2022. It accrued US$ 2,157.95 million in 2022 and is estimated to generate US$ 2,975.54 million by 2028 to grow at a CAGR of 4.1% over the forecast period.
Our regional analysis states that the China captured 24.0% market share in 2022. It was assessed at US$ 946.84 million in 2022 and is likely to hit US$ 1,348.90 million by 2028, exhibiting a CAGR of 4.5% during the forecast period.
Key players dominating the Asia Pacific colorectal cancer market are Abbott, Amgen Inc., Bruker Corporation, Clinical Genomics Technologies Pty Ltd., EDP Biotech Corporation, Epigenomics AG, F. Hoffmann-La Roche AG, Quest Diagnostics, and VolitionRx Limited among others.
Few latest developments among key market players are as follows:
- In April 2022, Bruker announced the launch of innovative 7 Tesla and 9.4 Tesla conduction-cooled Maxwell magnets for its market-leading preclinical magnetic resonance imaging (MRI) systems portfolio. Following the success of its BioSpec Maxwell 3 Tesla model, the new range of Maxwell 7 Tesla and 9.4 Tesla magnets eliminates the need for liquid Helium or Nitrogen refills, while offering high-field sensitivity and resolution for advanced preclinical MRI and PET/MR research.
- In May 2022, Bruker launches a novel MALDI HiPLEX-IHC tissue imaging solution for timsTOF fleX using AmberGen's HiPLEX-IHC peptide code antibody probes in combination with unbiased lipidomics, glycomics and metabolomics tissue imaging. Improved product efficacy and new development will improve company's product portfolio.
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