Report : South & Central America 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 2.2% CAGR, the South & Central America Colorectal Cancer Market is speculated to be worth US$ 814.50 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America colorectal cancer market was valued at US$ 681.70 million in 2022 and is expected to reach US$ 814.50 million by 2028, registering an annual growth rate of 2.2% 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.
Colorectal cancer is one of the most commonly found and lethal cancers developed in individuals with the combined influence of genetic and environmental factors. According to the World Health Organization (WHO), colorectal cancer is the third most prevalent form of cancer, with high number of cases in 2020. Furthermore, colorectal cancer mortality and incidence rates vary due to colorectal cancer. It is the third most common cancer in men and the second most common cancer in women. Therefore, colorectal cancer was identified as the third most common cancer and the second most death-causing cancer. These statistics showcase increased demand for advanced cancer diagnostics and therapeutics in various regions. Thus, the rising number of patients suffering from the disease is driving the growth of the MEA colorectal cancer market.
On the contrary, pricing pressure on drug manufacturers hurdles the growth of South & Central America colorectal cancer market.
The South & Central America 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 399.5% market share in 2022, amassing US$ 269.07 million. It is projected to garner US$ 324.93 million by 2028 to expand at 2.4% CAGR during 2022–2028.
By the end user, the South & Central America colorectal cancer market is bifurcated into hospitals and diagnostic & research laboratories. With 50.9% share of the domain, the hospitals segment dominated the market in 2022. It accrued US$ 346.70 million in 2022 and is estimated to generate US$ 425.26 million by 2028 to grow at a CAGR of 2.6% over the forecast period.
Our regional analysis states that the Rest of SAM captured 49.3% market share in 2022. It was assessed at US$ 335.74 million in 2022 and is likely to hit US$ 383.98 million by 2028, exhibiting a CAGR of 1.7% during the forecast period.
Key players dominating the South & Central America 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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