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Colorectal Procedure Market Report Covers Detailed Industry Scope, Future Scenario and Outlook to 2028

06-06-2023 09:13 AM CET | Health & Medicine

Press release from: Premium Market Insights

Colorectal Procedure Market

Colorectal Procedure Market

The global "Colorectal Procedure Market" is projected to reach US$ 29,550.98 million by 2028 from US$ 12,496.49 million in 2021. It is expected to register a CAGR of 13.1% from 2021 to 2028.

The increasing prevalence of colorectal cancer and new product launches drive the growth of colorectal procedure. However, the complications associated with colorectal procedures hamper the market growth. The colorectal procedural market players focus on launching new products to expand their geographic reach and enhance capacities to cater to a large customer base. In August 2021, Ethicon announced the ECHELON CIRCULAR Powered Stapler results. The product helped in 74% reduction in the anastomotic leak and a 44% reduction in 30-day inpatient hospital readmission rates after colorectal surgery compared to the manual circular staplers. Moreover, in April 2021, Medtronic plc announced the US Food and Drug Administration (FDA) granted de novo clearance for GI Genius intelligent endoscopy module in the US.

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Companies Profiled in this report includes:

• Ethicon (Johnson & Johnson Services, Inc.)
• Medtronic
• Colospan Ltd
• B. Braun Melsungen AG
• Cardinal Health Inc.
• Boston Scientific Corporation
• CooperSurgical, Inc.
• Olympus Corporation
• Suturion AB

The GI genius is the first and the only commercially available computer-aided detection (CADe) system using artificial intelligence (AI) to identify colorectal polyps. The module, compatible with any colonoscope video, provides physicians with a powerful new solution to fight against colorectal cancer. Likewise, in April 2022, Safeheal announced the first patient enrollment in its pivotal study of Colovac, a groundbreaking endoluminal bypass sheath. Colovac is an alternative to temporary diverting ostomy for patients undergoing colorectal resection. Similarly, Medicare, the popular government insurance program, provides cover for PAP tests, pelvic exams, and clinical colon examinations for colorectal cancer screening every two years. Such programs and developments and launches of new products are likely to bring new trends in the colorectal procedural test market in the coming years, thereby supporting its growth.

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Colorectal Procedure Market Segmentation:

By Product:
• Endoscope
• Electrosurgery
• Handheld Device and Visual Systems
• Sealing and Stapling Devices
• Ligation Clips, Dilators, and Speculas
• Cutter and Shears
• Accessories

By Surgery Type:
• Right Hemicolectomy
• Left Hemicolectomy
• Subtotal Colectomy
• Low Anterior Resection
• Abdomino-Perineal Resection

By End User:
• Hospitals and Clinics
• Surgery Centers

By Indication:
• Colon Polyps
• Crohn's Disease
• Colorectal Cancer
• Colitis
• Irritable Bowel Syndrome

The overall cost of healthcare is surging significantly in North America. The US health system incurred a direct cost of US$ 5.3 billion in 2020. The healthcare system contributed US$ 60 billion in addition to the overall annual costs of the country in 2020. Over 40% of the population in North America canceled their appointments in 2020, and 13% reported that they needed care but did not schedule or receive care. The COVID-19 pandemic altered economic conditions and social behaviors in North American countries. Containment measures enacted by governments to mitigate the spread of disease changed the US healthcare service delivery pattern. According to the Department of Emergency Medicine, in many cities across the country, emergency department (ED) visits decreased by ~40% in 2020. Moreover, outpatient appointments and elective treatments were postponed or replaced by telemedicine practices.

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