Report : North America Colorectal Cancer Market to 2027 - Regional Analysis and Forecasts by Modality (Diagnosis Type, Therapy Type, Imaging Type); End User (Hospitals, Diagnostic and Research Laboratories), and Country
At 3.4% CAGR, the North America Colorectal Cancer Market is speculated to be worth US$ 11,198.11 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America colorectal cancer market was valued at US$ 8,559.27 million in 2022 and is expected to reach US$ 11,198.11 million by 2028, registering an annual growth rate of 3.4% from 2022 to 2028. Rising prevalence of colorectal cancer and various new product launches are the critical factors attributed to the market expansion.
The market for colorectal cancer drugs is ascribed to frequent diagnostic tests and drug launches. Most of the major market players are involved in manufacturing a wide range of drugs and diagnostic tests that help in reducing the burden of colorectal cancer. Several companies are focused on the development of new diagnostic tests that will help in the accurate detection of colorectal cancer. For instance, in June 2018, CellMax Life, one of the leading cancer diagnostics companies, launched Zenith, a US clinical study for CellMax Life's unique expertise in circulating tumor cells (CTC) intended to diagnose colorectal and other types of cancer. Thus, the constant developments and new product launches in colorectal cancer diagnostics and therapeutics are driving the colorectal cancer market growth.
On the contrary, pricing pressure on drug manufacturers hurdles the growth of North America colorectal cancer market.
The North America colorectal cancer market, based on modality, has been segmented into diagnosis type, therapy type, and imaging type. The diagnosis type segment held the largest share of the market of 42.6% market share in 2022, amassing US$ 3,646.33 million. It is projected to garner US$ 5,006.97 million by 2028 to expand at 4.0% CAGR during 2022–2028.
By the end user, the North America colorectal cancer market is bifurcated into hospitals and diagnostic & research laboratories. With 62.4% share of the domain, the hospitals segment dominated the market in 2022. It accrued US$ 5,336.84 million in 2022 and is estimated to generate US$ 7,157.90 million by 2028 to grow at a CAGR of 3.7% over the forecast period.
Our regional analysis states that US captured 69.8% market share in 2022. It was assessed at US$ 5,978.12 million in 2022 and is likely to hit US$ 7,909.03 million by 2028, exhibiting a CAGR of 3.6% during the forecast period.
Key players dominating the North America colorectal cancer market are Abbott, Amgen Inc., Bruker Corporation, Clinical Genomics Technologies Pty Ltd., Epigenomics AG, F. Hoffmann-La Roche AG, Quest Diagnostics, and VolitionRx among others.
- 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 June 2021, Clinical Genomics, a provider of cancer diagnostic solutions, including liquid biopsy tests for minimal residual disease (“MRD”) and recurrence monitoring of colorectal cancer (“CRC”), announced that three abstracts were presented at the American Society of Clinical Oncology (“ASCO”) Annual Meeting, which took place virtually from June 4-8, 2021. The studies presented further validate the clinical benefit of our approach. Ongoing studies and monitoring have enabled us to further refine COLVERA analysis. With these improvements, COLVERA differentiates more accurately between patients with and without recurrent disease, and thus is clinically more informative.
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