Gastrointestinal Cancer Treatment Market Size 2020-2025 | Growth Forecasts
As per credible projections, gastrointestinal cancer treatment industry is expected to register strong CAGR over 2019-2025. Rising adoption of unhealthy eating habits and increasing consumption of tobacco and alcohol have increased the pervasiveness of gastrointestinal cancer, which in turn is a major factor driving the market growth. Growing elderly population who are more prone to medical conditions and rising prevalence of carcinoid tumors, gastrointestinal stromal tumors, adenocarcinoma and lymphoma are also fostering the demand for gastrointestinal cancer treatment devices across the globe. Increasing number of cancer treatment centers along with rising R&D activities and emergence of combination therapies are further aiding the market expansion.
Favorable approval scenario for metastatic gastric cancer devices and technological advancements like low-dose radiation based therapy are also stimulating the industry outlook. Increasing awareness pertaining to advantages of early diagnosis of gastrointestinal cancer coupled with numerous government initiatives to minimize the cancer rate are boosting the market size. However, inadequate support from medical insurance policies and high cost of therapy may hinder the market growth. Probability of failure and some ill-effects associated with chemotherapy are further creating reluctance among the patients, hence restraining the gastrointestinal cancer treatment industry share.
By treatment type, the market is split into targeted drugs therapy, surgery, adjuvant chemotherapy, chemotherapy and radiation therapy. The targeted drugs therapy segment is poised to amass notable gains in the forthcoming years. Advancements in technology pertaining to enzyme therapy, immunotherapy and stem cell therapy are prime factors contributing towards the segmental gains.
On the other hand, the surgery segment is anticipated to witness robust growth through 2025, primarily due to extensive preference for surgery to cure gastrointestinal cancer. It removes the cancer cells and lymph nodes, as per the stage and type of the stomach cancer.
Based on the application spectrum, gastrointestinal cancer treatment industry is categorized into clinics, hospitals, research centers, and others. The research centers application segment is assumed to expand substantially during the estimated timeframe. Surging investments by public and private entities towards Research & development of high performance and cost efficient gastrointestinal cancer treatment devices is fueling the segmental growth.
As per regional analysis, global gastrointestinal cancer treatment industry in Central & South America is set to record a remunerative growth rate during 2019-2025. Rising prevalence of gastrointestinal cancer along with demographic shift towards aging population are promoting the business scenario in Central & South America.
Alternatively, the U.S. gastrointestinal cancer treatment industry is presumed to accrue moderate traction through 2025. Availability of advanced healthcare infrastructure and increasing medical expenditure are favoring the market outlook.
Eli Lilly, GlaxoSmithKline, F. Hoffmann, Merck, Otsuka Holdings, Novartis AG, Boston Scientific Corp., Stryker Corp., CONMED Corp. and Johnson & Johnson are the major companies operating in the global gastrointestinal cancer treatment market.