The Worldwide Colorectal Procedure Industry is Expected to Reach $29.5 Billion by 2028 - ResearchAndMarkets.com
The global colorectal procedure market is projected to reach US$ 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
DUBLIN--(BUSINESS WIRE)--Nov 10, 2022--
The "Colorectal Procedure Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Surgery Type, End User, and Indication" report has been added to ResearchAndMarkets.com's offering.
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. 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.
A few of the recent developments related to the colorectal procedure are mentioned below:
Market Dynamics
Drivers
Restraints
Opportunities
Future Trends
Companies Mentioned
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SOURCE: Research and Markets
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PUB: 11/10/2022 12:17 PM/DISC: 11/10/2022 12:17 PM
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