Asia Pacific Colorectal Procedure Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product (Endoscopes, Electrosurgery Devices, Handheld Devices & Visual Systems, Sealing & Stapling Devices, Ligation Clips and Dilators & Speculas, Cutters and Shears, Accessories, and Others), Surgery Type (Right Hemicolectomy, Left Hemicolectomy, Subtotal Colectomy, Low Anterior Resection, Abdomino-Perineal Resection, and Others), End User (Hospitals & Clinics, Surgery Centers, and Others), and Indication (Colon Polyps, Crohn's Disease, Colorectal Cancer, Colitis, Irritable Bowel Syndrome, and Other Indications)
The colorectal procedure market in Asia Pacific is expected to grow from US$ 1,670.03 million in 2022 to US$ 3,850.49 million by 2028. It is estimated to grow at a CAGR of 14.9% from 2022 to 2028.
Growing Medical Device Industry in Emerging Economies to Provide Opportunities to Market
The growing medical device industry in the developing countries in Asia Pacific is creating better opportunities for companies in the global colorectal procedure market to expand their businesses in this region. According to statistics from the India Brand Equity Foundation (IBEF) in 2020, India is the largest importer of the medical device worldwide. The Indian medical device industry imported ~75–80% of medical devices, alongside the export worth ~US$ 2.1 billion, in 2019 and are expected to rise at a CAGR of 29.7% to reach ~US$ 10 billion in 2025. Moreover, India has a huge pool of scientists and engineers having the potential to drive the healthcare sector in the country.
Major companies in the colorectal procedure market focus on expansion in Singapore and China due to large colorectal cancer patient pool and growing medical tourism in these countries. According to the Australian Institute of Health and Welfare, over ~15,540 new cases of colorectal cancer were diagnosed in 2021. Moreover, in 2019, Malaysia Healthcare Travel Council stated that over 1.22 million travelers visited Malaysia for medical purposes. The low cost of treatment and incorporation of advanced technologies to provide less waiting time for procedures are likely to boost the number of surgeries, ultimately triggering the demand for colorectal procedures in Asia Pacific in the coming years.
Thus, the increasing medical tourism and the flourishing medical device industry in emerging countries in Asia Pacific are expected to boost the colorectal procedural market growth in the coming years.
The colorectal procedure market in APAC is segmented into China, Japan, India, Australia, South Korea, and the Rest of APAC. The key factors contributing to the market growth in this region are the rising incidences of colorectal cancer, notable government funding for research activities in colorectal cancer, and easy access to the treatment of colorectal cancer.
Asia Pacific Colorectal Procedure Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Colorectal Procedure Market Segmentation
The Asia Pacific colorectal procedure market is segmented on the basis of product, surgery type, end user, indication, and country. Based on product, the market is divided into endoscopes, electrosurgery devices, handheld devices and visual systems, sealing and stapling devices, ligation clips and dilators & speculas, cutters and shears, accessories, and others.
In terms of surgery type, the Asia Pacific colorectal procedure market is segmented into right hemicolectomy, left hemicolectomy, subtotal colectomy, low anterior resection, abdomino-perineal resection, and others (endoscopic surgery).
The Asia Pacific colorectal procedure market, based on end user, is segmented into hospitals and clinics, surgery centers, and others.
Based on indication, the market is segmented into colon polyps, Crohn's disease, colorectal cancer, colitis, irritable bowel syndrome, and other indications. Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market share in 2022. B. Braun Melsungen AG; Boston Scientific Corporation; Cardinal Health Inc.; CooperSurgical, Inc.; Ethicon (Johnson & Johnson Services, Inc.); Medtronic; and Olympus Corporation are the leading companies operating in the colorectal procedure market in Asia Pacific.
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