New York, Aug. 24, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Colorectal Procedure Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Surgery Type , End User and Indication,” the increasing prevalence of colorectal cancer is driving the demand for colorectal procedures. However, the complications associated with colorectal cancer hinder the market growth. Further, the growing medical device industry in emerging economies is expected to offer significant growth opportunities in the colorectal procedure market during the forecast period.
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Colorectal Procedure Market Report Scope & Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 12.49649 Billion in 2021 |
| Market Size Value by | US$ 29.55098 Billion by 2028 |
| Growth rate | CAGR of 13.1% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 247 |
| No. Tables | 148 |
| No. of Charts & Figures | 93 |
| Historical data available | Yes |
| Segments covered | Product, Surgery Type, End User, and Indication |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Colorectal Procedure Market: Competitive Landscape and Key Developments
Ethicon (Johnson & Johnson Services, Inc.); Medtronic; Colospan Ltd; SAFEHEAL; B. Braun Melsungen AG; Cardinal Health Inc; Boston Scientific Corporation; CooperSurgical, Inc.; Olympus Corporation; and Suturion AB are among the key companies operating in the global colorectal procedure market. Leading players focus on expanding and diversifying their market presence and clientele, thereby tapping prevailing business opportunities.
In August 2021, Ethicon announced the results of a new real-world study that shows its Echelon Circular Powered Stapler was associated with a 74% reduction in anastomotic leak rates and a 44% reduction in 30-day inpatient hospital readmission rates after colorectal surgery with manual circular staplers.
In March 2022, Medtronic announced final findings from a randomized, international, multi-center center that confirmed the effectiveness of the GI Genius intelligent endoscopy module, which uses AI to detect colorectal polyps during colonoscopy, potentially helping to prevent colorectal cancer.
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North America dominates the colorectal procedure market. North America is the dominating region in the colorectal procedure market. The growth can be attributed to age-related problems, increasing government funds, and continuous regional technology improvements. The growth of colorectal procedure market in the region is expected to grow significantly due to rising incidences of colorectal cancer across the country and growing government support for research in colon cancer. Moreover, the government provides multiple programs for the betterment of the population.
On the other hand, the US holds the largest market share in the region. Colorectal cancer is among the five most common cancers diagnosed in the US. The American Cancer Society estimates that there will be approximately 106,000 new cases of colorectal cancer and nearly 45,000 new cases of rectal cancer nationwide in 2022. More than 600,000 surgeries are performed annually in the US to treat colon diseases. According to the American Cancer Society, the 5-year survival rate for localized colon cancer is 91% and for localized rectal cancer is 90%. Overall, colorectal cancer mortality rates have tended to decline with better screening and treatment over the past 20 years. According to the Centers for Disease Control and Prevention, adults aged 45 to 54 experienced a small but significant increase in colorectal cancer death rates. In 2021, the recommended minimum age for routine colorectal cancer screening was lowered from 50 to 45 years. Such factors mentioned above are responsible for the high adoption of colorectal procedures in the US.
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Increasing Prevalence Of Colorectal Cancer Positively Influences Overall Market Growth:
Colorectal cancer is one of the most commonly found and lethal cancers developed in individuals with the combined influence of genetic and environmental factors. According to the World Health Organization (WHO), colorectal cancer is the third most prevalent form of cancer, with ~1.93 million global cases in 2020. Furthermore, colorectal cancer mortality and incidence rates vary globally, and ~916,000 deaths in 2020 were due to colorectal cancer. It is the third most common cancer in men and the second most common cancer in women. The lifetime risk of developing colorectal cancer is about 1 in 23 for men and 1 in 25 for women. About 95,55,027 cancer deaths were recorded in 2018, of which 8,80,792 were related to colorectal cancer. Therefore, colorectal cancer was identified as the third most common cancer and the second most death-causing cancer. Colorectal cancer is increasingly affecting the populations in Asian countries. For instance, according to the International Agency for Research on Cancer & GLOBOCAN, the estimated incidence of colorectal cancer in Asia reported ~1,009,400 new cases in 2020. Japan, China, Malaysia, Singapore, Korea, and Turkey are witnessing high prevalence rates compared to the other countries in Asia Pacific.
These statistics showcase increased demand for advanced cancer diagnostics and therapeutics in various regions. Thus, the rising number of patients suffering from the disease is driving the growth of the global colorectal procedure market.
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Colorectal Procedure Market: Segmental Overview
Based on product, the colorectal procedure market is segmented into endoscope, electrosurgery, handheld devices & visual systems, sealing & stapling devices, ligation clips and dilators and speculas, cutter & shears, accessories, and others. The endoscope segment accounts for the largest market share in 2021 and is expected to grow at a CAGR of 13.3% during the forecast period.
Based on surgery type, the market is segmented into right hemicolectomy, left hemicolectomy, subtotal colectomy, low anterior resection, abdomino-perineal resection, and others (including endoscopic surgery etc). The subtotal colectomy segment leads the market in terms of share in 2021 and is expected to retain its dominance during the forecast period.
Based on end user, the colorectal procedure market is segmented into hospitals & clinics, surgery centers, and others. The hospital & clinics segment leads the market in 2021 and is expected to retain its dominance during the forecast period.
Based on indication, the market is segmented into colon polyps, crohn's disease, colorectal cancer, colitis, irritable bowel syndrome, and other indications. The irritable bowel syndrome segment leads the market in 2021 and is expected to retain its dominance during the forecast period.
Ever since the outbreak, the COVID-19 pandemic challenged healthcare systems globally. According to the Japan Society of Coloproctology report, in October 2021, the total number of COVID-19 cases exceeded 240,000,000, and the total number of deaths was close to 5,000,000. Such high prevalence has several restrictions on the medical systems owing to shifts in medical care with the drastic drop in surgical and endoscopic treatments for colorectal cancer. For example, the number of laparoscopic colorectal surgical procedures during the COVID-19 pandemic outbreak severely dropped due to concerns regarding possible virus transmission during laparoscopic surgery. For instance, the Istanbul University Yayinevi report states that the surgery of a 73-year-old man diagnosed with a partially obstructing middle rectal mass had been postponed for two weeks owing to the pandemic until he was admitted suffering from an ileus in April 2020. Therefore, in the future, colorectal surgery services seek significant new planning and arrangements for the preoperative preparation, postoperative surgical care, and delivery of complicated wound and stoma care.
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