Taking aspirin daily may help prevent cancer, according to a recent study HealthDay reported.

Researchers found that taking an aspirin a day for 10 years could reduce the odds of developing colon cancer by 35 percent and deaths from the colon cancer by 40 percent.

It could also cut the risk of developing stomach and esophageal cancer by 30 percent and death from these cancers by 35 to 50 percent, HealthDay reported.

"It has long been known that aspirin -- one of the cheapest and most common drugs on the market - can protect against certain types of cancer," Jack Cuzick, lead researcher and head of the Center for Cancer Prevention at Queen Mary, University of London, said in a statement. "But until our study, where we analyzed all the available evidence, it was unclear whether the pros of taking aspirin outweighed the cons."

For the study, researchers reviewed more than 200 clinical trials assessing the health outcomes of people who had taken daily aspirin over the years.

In addition to their findings on the link between aspirin and cancers of the digestive tract, researchers saw a reduction in lung, breast and prostate cancers too. The risk of heart attack was also reduced by nearly 18 percent.

"We came to the conclusion that most people between the ages of 50 and 65 would benefit from a daily aspirin,"Cuzick said. "It looks like if everyone took a daily aspirin, there would be less cancer, and that would far outweigh any side effects."

Researchers said potential side-effects of taking an aspirin daily included peptic ulcers and bleeding in the digestive tract.

"Some people will be at risk of stomach bleeding, but very few," Cuzick said.

The bleeding could be life-threatening for a small number of elderly people.

The findings were recently published in the European cancer journal Annals of Oncology.