LONDON--(BUSINESS WIRE)--The global colorectal cancer therapeutics market is expected to post a CAGR of close to 3% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global colorectal cancer therapeutics market is the introduction of combination therapeutics. Although monotherapy drugs have dominated the colorectal cancer therapeutics market, the combination of these drugs with chemotherapy or other therapeutics increases the therapeutic value. The combination of drugs is helping in overcoming the drawbacks of each therapeutic and enhances the overall outcome in the treatment of colorectal cancer. Further, the combination of therapies can also be used to reduce the spread of the disease and temporarily shrink the cancerous tumor. ERBITUX combined with FOLFIRI is one of the examples of combination therapies.
As per Technavio, the introduction of biosimilars will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global colorectal cancer therapeutics market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global colorectal cancer therapeutics market: Development of small molecule kinase inhibitors
The high-cost involvement, complex development process, and associated side effects are reducing the adoption of biologics in the colorectal cancer therapeutics market. Therefore, many pharmaceutical companies are focusing on the development of low cost, safe, and easy to administer small molecule drugs. Majority of these small molecules act by inhibiting protein kinases. Protein kinases catalyze phosphorylation of different cellular substrates. Although there are various kinase inhibitors available for the treatment of different types of cancer, regorafenib is the only kinase inhibitor available for the treatment of colorectal cancer. As a result, companies are continually striving to develop kinase inhibitors for the treatment of colorectal cancer.
“The incidence of colorectal cancer is increasing rapidly across the world owing to the risk factors including the rising geriatric population, inflammatory diseases, genetic syndromes, and changes in lifestyle. This will aid in the use of available therapeutics, which will drive the global colorectal cancer therapeutics market during the forecast period,” says a senior analyst at Technavio.
Global colorectal cancer therapeutics market: Segmentation analysis
This market research report segments the global colorectal cancer therapeutics market by type (targeted therapy, immunotherapy, and chemotherapy) and geography (Asia, Europe, North America, and ROW).
The targeted therapy segment held the largest colorectal cancer therapeutics market share in 2018. This can be attributed to recent approvals of target-based biologics for the treatment of colorectal cancer.
North America led the market in 2018 with a market share of more than 36%, followed by Europe, Asia, and ROW respectively. The dominant market share of North America can be attributed to the high incidence of colorectal cancer and the rising awareness of this cancer in critical countries such as the US and Canada.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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