Europe, the colorectal cancer market, is anticipated to reach US$ 5,573.2 Mn in 2027 from US$ 4,241.2 Mn in 2019. The market is projected to grow with a CAGR of 3.5% from 2020-2027.
The rise of the colorectal cancer market is driven by factors such as the increasing prevalence of colorectal cancer, and benefits offered by generic drugs that are boosting the market over the years. But, pricing pressure on drug manufacturers is likely to hinder the growth of the market in the future years.
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Generic drugs are alternatives of branded drugs. The pharmacological effects of generic drugs are similar to their branded counterparts. Generic drugs are cost-effective as the manufacturers does not invest in the development and marketing a new drug. After the expiry of a drug patent, other manufacturers apply for FDA approval of a generic intended for its manufacturing and selling. Thus, the generic drugs are cheaper than their branded counterparts. The generic drug have exactly the same dosage, effects, side effects, route of administration, risks, safety, and strength as that of the original branded drugs. Generic drugs are important in oncology due to the fact that some of the anticancer drugs are only offered as generics. Patients are likely seen to abandon branded prescriptions which are majorly associated with their higher co-pays. Among developing countries such as India, where the paying capacity is relatively low, generic drugs for cancer treatment acts as a boon for both the manufacturers as well as patients due to its affordability and efficacy. For instance, in June 2016, Hetero launched a Biosimilar ‘Bevacizumab’ for the treatment of metastatic colorectal cancer under the brand name “Cizumab”. One of the most striking benefit of using generic drugs is the cost that is up to 85% less than that of the branded drugs.
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The List of Companies – Europe Colorectal Cancer Market
- Epigenomics AG
- Novigenix SA
- Clinical Genomics Technologies Pty Ltd.
- EDP Biotech Corporation
- Volitionrx Limited
- Abbott Laboratories
- Amgen Inc.
- F. Hoffmann-La Roche AG
- Bruker Corporation
- Quest Diagnostics Incorporated
- Natera, Inc.
- Guardant Health, Inc.
In 2019, the Germany accounted for the largest market share in Europe colorectal cancer market, and it is also expected to grow at a faster pace over the forecast period. The market for colorectal cancer in the country is expected to grow due to the rising development in the field of cancer. Across the country, there are various biopharmaceutical and pharmaceutical companies. Various multinational companies are conducting market consolidation strategies to expand the oncology segment. Hence, considering the mentioned factors, the colorectal cancer market is expected to grow at a significant pace in the US during the forecast period.
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EUROPE COLORECTAL CANCER – MARKET SEGMENTATION
- Diagnosis Type
- Stool Test
- Flexible Sigmoidoscopy
- CEA Test
- Therapy Type
- Alkylating Agent
- Imaging Type
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
By End User
- Diagnostic and Research Laboratories
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