April 19, 2019
WELLESLEY, Mass., April 19, 2019–Increased research and development investments, rising awareness, and the pending release of new targeted therapies all point to expansion of the colorectal cancer therapeutics market, according to a report by BCC Research.
The market expects to see a compound annual growth rate (CAGR) of 6.1% through 2023, when it could be worth $18.5 billion, according to the report “Colorectal Cancer Therapeutics: Global Markets.”
“The global targeted therapy market, which reached an estimated $1.1 billion in 2018, is forecasted to reach $1.6 billion in 2023,” the report’s authors noted. “The market is undergoing several advances like the approval of new targeted therapies that have extended overall survival rates. Several drugs currently in clinical trials show potential as blockbusters, which should drive market growth.”
Market Restraints Include the Rise of Generics, High Screening Costs
Several factors are working to restrain market growth. Chief among them is the looming expiration of several drug patents and the likely release of cheap generics. Key products facing expiration include Avastin, Vectibix and Zaltrap. Meanwhile, the rising cots of screening associated with the drugs are placing financial burdens on some colorectal cancer patients and their families, with some being unable to afford treatment and others exhausting their financial resources. Both scenarios limit a patient’s treatment options for cancer.
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Colorectal Cancer Therapeutics: Global Markets( PHM211A )
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