The South Korea colorectal cancer market size stood at around USD xx billion in 2019 and is projected to reach xx billion by 2028, exhibiting a CAGR of around 3.2% during the forecast period.
Colorectal cancer or bowel cancer affect the large intestine and rectum. These cancers result due to unrestrained cell growth that occurs in appendix, colon, and rectum region. In South Korea, the leading cause of death is cancer, of which colorectal cancer death ranked third after lung and liver cancer deaths. In 2020, 12.6% of new cancer cases were of colorectal region. Colorectal cancer accounted for 13.9% and 11.1% of new cancer cases in males and females respectively in 2020.
In recent decades, South Korea has experienced a rapid increase in colorectal cancer incidence rates. Worldwide, South Korea had the second highest incidence rate of colorectal cancer in 2018, with the rate estimated to be 44.5 cases per 100,000 persons per year. Development of colorectal cancer is largely attributable to the dietary and lifestyle factors associated with westernization such as poor diet characterized by high intakes of red and processed meat and alcoholic drinks and low intakes of fibre-rich foods, low physical activity, and obesity. Obesity has proven to be a stronger risk factor for colon cancer.
Increasing geriatric population and growing number of clinical trials to market new drugs is set to further enhance the overall market demand of colorectal cancer during the forecast period.