Market Definition
The global Colorectal Procedure market was valued at USD 15.9 Billion in 2023 and it is anticipated to grow up to USD 40.5 Billion by 2033 at a CAGR of 9.4% during the forecast period.
Colorectal surgery is a broad term used to describe different surgical procedures to treat the problems of the lower gut. The surgery is used to treat colon, anus, and rectum diseases. The surgery can be performed in both adults and children. It can be used to treat conditions like piles, hemorrhoids, anal fistula, colon and rectal cancer, injuries to the anus, congenital disabilities, Crohn’s disease, severe constipation conditions and more. Some of the standard surgical procedures involved in colorectal surgery include colectomy, hemorrhoidectomy, laparoscopic surgery, anoplasty, bowel resection surgery, and more. The recovery time after colorectal surgery depends significantly on the type of surgical procedure performed. Colorectal surgery is generally performed under local anesthesia, intravenous sedation or general anesthesia. The surgery begins by making incisions around the abdomen. There are several ways to perform colorectal surgery, depending on the conditions that need to be treated.
Market Outlook
Increase in the number of colorectal cancers patients
Colorectal cancer is one of the most common and deadly cancers, developing from genetic and environmental factors. It was the third most prevalent cancer globally in 2020, with around 1.93 million new cases and 916,000 deaths. The lifetime risk is about 1 in 23 for men and 1 in 25 for women. Significant numbers are diagnosed in North America, with 1.93 million US adults diagnosed and 53,200 deaths in 2020. European countries like the UK also see high rates, with 16,571 deaths between 2016-2018 and around 110 new cases daily. Asian countries, including Japan, China, Malaysia, Singapore, Korea, and Turkey, are witnessing increasing prevalence as well, with an estimated 1,000,400 new cases in Asia in 2020. This rising patient burden is driving demand for advanced diagnostics and therapeutics in the global colorectal cancer market.
One of the major restraint for the market includes the cost of treatment patient. It is Predicted that its cost around USD 29,196 per patient for the treatment. The high costs of devices used in colorectal surgery limit the growth of the global colorectal cancer market. Surgical tools and equipment for colorectal procedures, like laparoscopic and robotic systems, are very expensive. Hospitals and clinics have to spend a lot of money to buy these advanced devices and then keep paying for their maintenance, disposable parts, and training staff to use them properly. This high upfront and ongoing cost makes it difficult for many healthcare facilities, especially in poorer regions with limited budgets, to afford and adopt these modern surgical devices. As a result, the high prices restrict access to the latest surgical treatments for colorectal cancer patients, which holds back the overall growth and progress of the colorectal cancer market worldwide.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
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. Among these, the endoscope segment had the largest market share. This segment’s leading position is due to the rising number of colorectal cancer cases globally. Endoscopes are widely used for treating colorectal cancer. For example, a report from the Public Library of Science (PLOS) states that in the US, colorectal cancer was diagnosed in 40.7 out of every 100,000 people and was the third leading cause of cancer death (14.8 out of 100,000) in 2020. Therefore, the demand for endoscopes increased to address this issue. Diagnosing colorectal diseases has become more successful due to advancements in endoscopic technology.
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Major Players
The key players in the market are Ethicon (Johnson & Johnson Services, Inc.), Medtronic, Colospan Ltd., SAFEHEAL, B. Braun Melsungen AG, Cardinal Health Inc., Boston Scientific Corporation, CooperSurgical, Inc., Olympus Corporation, Stryker Corporation, Intuitive Surgical, Inc., Cook Medical Inc (Cook Group Inc.), Karl Storz SE & Co. KG, Applied Medical Resources Corporation, Abbott Laboratories, CONMED Corporation, and Baxter International Inc., among others.
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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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