Growth will be driven by the expected approval of promising therapies
The colorectal cancer market across the Asia-Pacific (APAC) region, which covers China, India, Australia, South Korea and Japan, is set to rise from $4.7 billion in 2016 to almost $8 billion in 2023, representing a compound annual growth rate of 7.9 per cent , according to business intelligence provider GBI Research. The company’s latest report states that this relatively strong growth will be driven by the expected approval of promising therapies within several
distinct patient segments, as well as the growing market uptake of therapies already approved in Japan, South Korea and Australia.
Early detection of colorectal cancer is strongly associated with an increase in survival rates, so the APAC region will see a considerable effort to improve the diagnostic techniques for patients in stages I-III of the disease.
As transforming biomarker discoveries into useful diagnostics is a slow and gradual process, however, the number of patients diagnosed in early-stage colorectal cancer will not drastically increase over the forecast period, except in India and China, where early diagnosis is very low due to a lack of awareness and healthcare resources. In this way, new drugs will play a more pivotal role in driving market growth.