Colorectal Procedures Market Analysis and Forecast to 2031: By Product (Endoscope, Electrosurgery, Handheld Device & Visual Systems, Sealing & Stapling Devices, Ligation Clips, Dilators, & Speculas, Cutter & Shears, Accessories, Others), Surgery Type (Right Hemicolectomy, Left Hemicolectomy, Subtotal Colectomy, Low Anterior Resection, Abdomino-Perineal Resection, Others), End User (Hospitals & Clinics, Surgery Centers, Others), Indication (Colon Polyps, Crohn’s Disease, Colorectal Cancer, Colitis, Irritable Bowel Syndrome, Others), and Region
The global colorectal procedures market was valued at USD 12.4 Billion in 2021 and it is anticipated to grow further till USD 42.8 Billion by 2031, at a CAGR of 13.2% during the forecast period.
A colorectal procedure is an operation that involves colon resection and anastomosis and is used to treat a variety of diseases, including diverticulitis, ulcerative colitis, Crohn's disease, mechanical blockage, and more. The technique helps remove the colon in its entirety or in part. Additionally removed are nearby lymph nodes. Hemicolectomies, partial colectomies, and segmental resections are terms used to describe the removal of only a portion of the colon. The surgeon cuts out the cancerous portion of the colon and a tiny section of healthy colon on either side. Compared to other general surgical subspecialties, colorectal surgery has a higher risk of morbidity and mortality. All-cause mortality rates following colorectal surgery range from 1% to 16.4%, and morbidity rates can reach 35%, according to the National Library of Medicine. However, improvements in bowel surgery procedures and a new therapeutic strategy used by medical professionals have resulted in the development of methods intended to shorten patients' stays in hospitals. These methods are also referred to as early or multimodal rehabilitation, which offers a distinct overall approach to decrease morbidity and mortality, shorten hospital stays, and enhance the standard of care.
Global Colorectal Procedures Market scope and Report StructureMarket Trends and Drivers
One of the most prevalent and deadly tumours that develops in people as a result of the interaction of genetic and environmental factors is colorectal cancer. The World Health Organization (WHO) estimates that there will be 1.93 million new cases of colorectal cancer worldwide in 2020, making it the third most common type of cancer. In addition, colorectal cancer caused 916 000 deaths in 2020, with mortality and incidence rates differing globally. It ranks second among cancers in women and third among cancers in males. About 1 in 23 men and 1 in 25 women will acquire colorectal cancer in their lifetime. The second most prevalent disease to cause mortality and the third most common cancer overall is colorectal cancer.
Market Restraints and Challenges
However, it is predicted that colon cancer costs USD 29,196 per Medicare patient. When incident patients are found in a tumor registry, the approach can be used to estimate the long-term costs of cancer starting from baseline data. Screening can significantly lower mortality, yet it's still up for discussion whether the approach is best. Observational research has shown that healthy lifestyle choices may also help prevent colorectal cancer. The most effective form of treatment for colorectal cancer is still surgery. Chemotherapy offers only moderate advantages in terms of survival. As a result, it causes uncertainty and skepticism regarding the price tags and possibilities of survival.
Global Colorectal Procedures Market Segmental Overview
The global colorectal procedures market is segmented into product, surgery type, end user, indication, and region.
Global Colorectal Procedures Market by Product
Based on the product type, it is segmented into Endoscope, Electrosurgery, Handheld Device & Visual Systems, Sealing & Stapling Devices, Ligation Clips, Dilators, & Speculas, Cutter & Shears, Accessories, and Others. The endoscope segment is anticipated to dominate the market during the forecast period. The market position of this category is a result of the increase in colorectal cancer cases worldwide. Endoscopes are frequently used to treat colorectal conditions. For instance, according to the Public Library of Science (PLOS) report, CRC is the third most prevalent cause of cancer death in the US (14.8 per 100,000), with a prevalence rate of 40.7 per 100,000 people. Endoscope demand increased as a result of this problem. Thanks to improvements in endoscopic technology, diagnosing colorectal illnesses has become more and more successful.
Global Colorectal Procedures Market by Surgery Type
Based on the surgery type, it is segmented into Right Hemicolectomy, Left Hemicolectomy, Subtotal Colectomy, Low Anterior Resection, Abdomino-Perineal Resection, and Others. The subtotal colectomy segment is anticipated to dominate the market during the forecast period. The NIH report states that subtotal colectomy is the preferred treatment for juvenile polyposis and synchronous colon cancer and is typically considered to be the first line treatment when colon cancer is linked to synchronous adenomatous polyps in locations other than those involved in the operations. Physicians strongly advise subtotal colectomy for the treatment of colorectal cancer because of the decreased risk involved and the ease of follow-up with sigmoidoscopy, which is less intrusive than colonoscopy. These aforementioned elements are in charge of segmental growth generally, which ultimately affects market expansion.
Global Colorectal Procedures Market by End User
Based on the end user, it is segmented into Hospitals & Clinics, Surgery Centers, Others. The hospitals and clinics segment is expected to dominate the market during the forecast period. When treating some renal failure, colorectal cancer is typically viewed as necessary in a hospital setting. Patients with a wide range of illnesses and disorders are given comprehensive medical care by hospitals and clinics. Due to ongoing patient care and monitoring, hospitals are where the majority of procedures are carried out.
Global Colorectal Procedures Market by Indication
Based on the indication, it is segmented into Colon Polyps, Crohn’s Disease, Colorectal Cancer, Colitis, Irritable Bowel Syndrome, and Others. The irritable bowel syndrome segment is expected to dominate the market during the forecast period. Irritable bowel syndrome (IBS), which affects more than 9% of adults worldwide, is one of the most prevalent functional gastrointestinal illnesses, according to a Frontiers S.A. analysis. Furthermore, according to research by the American Society of Colon and Rectal Surgeons, IBS is one of the serious illnesses usually referred to as functional gastrointestinal disorders that affects an estimated 15% of the population. The market's overall expansion during the projection period is ultimately due to the aforementioned factors.
Geographical Analysis of the Global Colorectal Procedures Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America region is anticipated to dominate the market during the forecast period. This is due to consumers becoming more aware about colorectal cancer diagnosis and treatment. The illness is regarded as the second most frequent cause of death in the United States. The region's excessive intake of unhealthy foods and carbonated soft drinks is a major contributor to the expansion of the colorectal cancer market there. The development of colorectal cancer surgical techniques and medications has received increasing government funding, which has accelerated market expansion in this area. The FDA's approval of new pharmaceuticals, the emergence of important competitors in the industry, and new technological developments all contribute to the market's expansion.
Major Players in the Global Colorectal Procedures Market
The key players covered in the report are
Every industry has been impacted by COVID-19 in different ways. The COVID-19 outbreak resulted in a slower growth rate for the colorectal cancer market, particularly in the first half of 2020. Supply chain hiccups were caused by the lockdown and travel ban. All medical operations are put off, with the exception of those involving emergencies, because doctors are fighting COVID-19 on the front lines. COVID-19 reveals severe symptoms in those with chronic illnesses. People avoided hospitals because of this to avoid being exposed to the infection. Following the unlocking of the parameters in the final months of 2020, all activities were resumed while taking safety precautions. Consequently, it is anticipated that the colorectal cancer market will expand significantly in 2021.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook