Colorectal Cancer Therapeutics Market Trends

Growth Drivers

• Worldwide Increasing Prevalence of Cancer - Cancer is a broad term that refers to a wide range of diseases that affect any part of the body. Cancer occurs when the body’s cells develop in an uncontrolled way and spread to other parts of the body. Currently, cancer is a leading cause of death across the globe. As per the World Health Organization (WHO) data, in 2020, nearly 10 million people died from cancer across the globe. Therefore, the increasing prevalence of cancer is leading to the growth of the colorectal cancer therapeutics market.
• Emerging Novel Therapies for Cancer Treatment – For instance, CRISPR is a new CAR T-cell therapy, which involves genetically engineering a patient's T-cells (a type of white blood cell) to fight cancer. As a potential new cancer treatment technology, gene editing with CRISPR takes months rather than a year or two to mutate T cells. Patients are anticipated to benefit from much faster treatment as a result of this.
• Significant Research on Novel Drugs – It has been observed in a recent short clinical trial, the investigational medicine dostarlimab completely cured all 18 patients of rectal cancer.
• Global Surge in Geriatric Population - According to the data released by the World Health Organization, the global population of people aged 60 and over is projected to rise from 1 billion in 2020 to 1.4 billion by 2030. The world's population of people aged 60 and up is expected to double to 2.1 billion by 2050.
• Escalation in Worldwide Healthcare Expenditure – As per the World Bank, in 2019, the global healthcare expenditure expanded by 9.83% of total GDP. This represents an increase from 2017, while the global healthcare expenditure accounted for 9.77% of the total GDP.

Challenges

• High Cost of Cancer Drugs- Cancer drugs need a new variety of APIs as the patient develops resistance to the old drugs owing to long-term treatment methods. Cancer can be of different types in different areas in the same person. Also, there are other medications required to treat the side effects of cancer disease that hampers the market growth.
• Concern for Adverse Effect Associated with the Treatment
• Long Term Procedures of Cancer Treatments