Report : Middle East & Africa 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 2.5% CAGR, the Middle East & Africa Colorectal Cancer Market is speculated to be worth US$ 1,076.92 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa colorectal cancer market was valued at US$ 885.81 million in 2022 and is expected to reach US$ 1,076.92 million by 2028, registering an annual growth rate of 2.5% 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.
Personalized medicine is a relatively new approach. However, it is rapidly expanding in the healthcare sector, where medical doctors can select a treatment based on a patient's genetic profile, which can minimize harmful side effects and lead to successful results in a short time.
Cancer personalized medicine involves studying individuals' genetic makeup for tumor growth. By studying patient’s genetic makeup, the oncologist can customize the treatment depending on the patient’s genetic mutations. For instance, two of the most common inherited colorectal cancer syndromes include familial adenomatous polyposis (FAP) and hereditary nonpolyposis colorectal cancer (HNPCC). However, determining the type of mutation in the cancer patient provides crucial information for the type of treatment that needs to be given to the patient.
Before personalized medicines, every patient received the same treatment for colorectal cancer. However, with the advent of personalized medicines, patients are now given treatments based on their genetic makeup. In such cases, the patient’s tissue is excised to carry out the genetic diagnosis process. The patient’s tissue sample is checked for gene mutations, and chemotherapy is carried out depending on the type of mutation. This allows the right treatment to be performed at the right time, which reduces the mortality rate. Biomarker testing analyzes the genetic makeup of a patient's tumor. Furthermore, test results provide patients and their medical teams with important information about the type of treatment that could work best for the patient, hence the term "precision medicine." In 2020, the Colorectal Cancer Alliance (Alliance) launched Personalized Biomarker Patient Education Campaign to empower patients and caregivers with information regarding precision treatment planning in colorectal cancer through biomarker testing, which can help improve the chances of survival.
Due to these advantages of tailoring the treatment based on individuals' genetic profiles, the personalized medicine approach is expected to create many opportunities for the MEA colorectal cancer market.
On the contrary, pricing pressure on drug manufacturers hurdles the growth of Middle East & Africa colorectal cancer market.
The Middle East & Africa 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 38.5% market share in 2022, amassing US$ 340.61 million. It is projected to garner US$ 418.16 million by 2028 to expand at 2.6% CAGR during 2022–2028.
By the end user, the Middle East & Africa colorectal cancer market is bifurcated into hospitals and diagnostic & research laboratories. With 52.9% share of the domain, the hospitals segment dominated the market in 2022. It accrued US$ 468.41 million in 2022 and is estimated to generate US$ 588.17 million by 2028 to grow at a CAGR of 2.9% over the forecast period.
Our regional analysis states that the Saudi Arabia captured 27.3% market share in 2022. It was assessed at US$ 241.16 million in 2022 and is likely to hit US$ 298.16 million by 2028, exhibiting a CAGR of 2.7% during the forecast period.
Key players dominating the Middle East & Africa 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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