The colorectal procedure market size is projected to reach US$ 42.76 billion by 2031 from US$ 15.95 billion in 2023. The market is expected to register a CAGR of 13.10% during 2023–2031. Key factors that are fuelling the growth of the market are the increasing prevalence of colorectal cancer and new product launches. However, complications associated with colorectal procedures are expected to restrict the market growth during the forecast period.
Colorectal Procedure Market Analysis
One of the most prevalent and deadly tumours that develop in people when hereditary and environmental variables come together is colorectal cancer. With approximately 1.93 million cases worldwide in 2020, colorectal cancer ranks as the third most common kind of cancer, according to the World Health Organization (WHO). Additionally, colon cancer varies in incidence and mortality rates throughout the world; in 2020, colorectal cancer was the cause of approximately 916,000 deaths. It ranks second among cancers in women and third among cancers in males. For men, the lifetime risk of colorectal cancer is approximately 1 in 23, and for women, it is approximately 1 in 25. In 2018, there were approximately 95,55,027 cancer-related deaths reported, of which 8,80,792 were linked to colorectal cancer. Therefore, colorectal cancer was identified as the third most common cancer and the second most death-causing cancer globally.
A sizable portion of the North American population receives a colorectal cancer diagnosis. For example, the American Cancer Society and the Centers for Disease Control and Prevention (CDC) anticipate that 53,200 people in the US died from colorectal cancer in 2020 and 1.93 million adult cases of colon and rectal cancer were diagnosed. Cancer prevalence is comparable among European nations.
For instance, according to Cancer Research UK, 16,571 people in the UK died from bowel/colorectal cancer between 2016 and 2018. Additionally, the data points to around 42,880 new cases of colon cancer in the UK each year, or more than 110 patients every day.
Colorectal Procedure Market Overview
Rising demand across different locations for sophisticated cancer diagnosis and treatments. The incidence of colorectal cancer is rising among Asian populations. For example, the International Agency for Research on Cancer & GLOBOCAN estimates that there will be around 1,009,400 new cases of colorectal cancer in Asia in 2020. In comparison to other Asia-Pacific nations, Japan, China, Malaysia, Singapore, Korea, and Turkey are seeing high incidence rates. Therefore, the global market for colorectal procedures is growing due to the increasing number of individuals who are suffering from the condition.
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Colorectal Procedure Market: Strategic Insights
Market Size Value in US$ 13,690.71 million in 2022 Market Size Value by US$ 27,627.76 million by 2028 Growth rate CAGR of 12.6% from 2023 to 2028 Forecast Period 2023-2028 Base Year 2022
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Colorectal Procedure Market: Strategic Insights
| Market Size Value in | US$ 13,690.71 million in 2022 |
| Market Size Value by | US$ 27,627.76 million by 2028 |
| Growth rate | CAGR of 12.6% from 2023 to 2028 |
| Forecast Period | 2023-2028 |
| Base Year | 2022 |
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Colorectal Procedure Market Drivers and Opportunities
New Product Launched Favors Market Growth
The market for colorectal procedures is ascribed to frequent diagnostic tests and medical device launches. Prominent market players are involved in manufacturing, offering a wide range of devices that help reduce the burden of colorectal cancer and other associated indications such as colon polyps, Crohn’s disease, colitis, irritable bowel syndrome, and others. For instance, in April 2020, Olympus Corporation announced the launch of EVIS X1, which is the most advanced endoscopy. This system helps to improve the results from disorders of the stomach, colon, oesophagus, and bronchial diseases. The system has various features, such as extended depth of field (EDOF), red dichromatic imaging (RDI), texture and colour enhancement imaging (TXI), and narrow-band imaging (NBI). The launch of EVIS X1 strengthened Olympus leadership in endoscopy and in the medical device industry.
In July 2022, US Digestive Health (USDH), a network of top-rated gastrointestinal (GI) practices, announced the commercialization of AI-assisted colonoscopy screenings with the country’s largest installation of GI Genious Intelligent endoscopy modules. In real-time, it will help physicians identify hard-to-detect and potentially cancerous polyps. The launch of the device will give patients throughout southeastern, southwestern, and central Pennsylvania wide-ranging access to the innovative and its enhanced capability. Moreover, in September 2020, Olympus Corporation announced the launch of ENDO-AID, a cutting-edge platform powered by artificial intelligence (AI) that includes the endoscopy application ENDO-AID CADe (computer-aided detection) for the colon. This new AI technology-based platform enables the real-time display of automatically detected suspicious lesions and works in combination with the recently introduced EVIS X1. Thus, continuous developments and new product launches in colorectal-associated indications are driving the growth of the colorectal procedural market.
Growing Medical Device Industry in Emerging Economies Offers Opportunities in Developing Regions
The rapidly growing medical device industry in developing countries in the Asia Pacific is creating better opportunities for market players to expand their geographical footprint and product offerings. This is a substantial reason for the growth of the medical device industry. According to India Brand Equity Foundation (IBEF) statistics, in 2020, India was the largest importer of medical devices worldwide. The Indian medical device industry imports ~75-80% of medical devices, with exports at ~US$ 2.1 billion in 2019 and is expected to grow at a CAGR of 29.7% to reach about US$ 10 billion in 2025. Moreover, India has a huge pool of scientists and engineers who have the potential to grow the healthcare industry remarkably.
Major market players focus on emerging markets such as Singapore and China as they have many colorectal cancer patients and growing medical tourism. As per the Australian Institute of Health and Welfare, over ~15,540 new cases of colorectal cancer were diagnosed in 2021. Moreover, as per the Malaysia Healthcare Travel Council, in 2019, over 1.22 million healthcare travellers visited Malaysia for healthcare purposes. The low cost of treatment and incorporation of new technologies to provide less waiting time for procedures in the Asia Pacific region are likely to boost the number of surgeries, which ultimately increases the demand for colorectal procedures.
Thus, the increasing medical tourism and the growing medical device industry in emerging countries are expected to boost the global colorectal procedural market growth; it is anticipated to provide lucrative growth opportunities to the players in the market during the forecast period.
Colorectal Procedure Market Report Segmentation Analysis
Key segments that contributed to the derivation of the colorectal procedure market analysis product, surgery type, Indication, and end user.
- Based on product, the colorectal procedure market is divided into endoscope, electrosurgery, handheld device & visual systems, sealing & stapling devices, ligation clips & dilators & speculas, cutter & shears, accessories, and others. The self-endoscope segment held the most significant market share in 2023.
- By surgery type, the market is categorized into type right hemicolectomy, left hemicolectomy, subtotal hemicolectomy, low anterior resection, abdomino-perineal resection, and others. The subtotal hemicolectomy segment held the largest share of the market in 2023.
- Based on Indication, the colorectal procedure market is divided into colon polyps, Crohn's disease, colorectal cancer, colitis, irritable bowel syndrome, and others. The irritable bowel syndrome segment held the most significant market share in 2023.
- By end user, the market is segmented into hospitals & clinics, surgery centers, and others. The Hospital & Clinics segment held the largest share of the market in 2023.
Colorectal Procedure Market Share Analysis by Geography
The geographic scope of the colorectal procedure market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The US, Canada, and Mexico comprise the three segments of the North American market for colorectal procedures. This region's market is growing because colorectal cancer is one of the top five most common frequently diagnosed malignancies in the US. According to predictions from the American Cancer Society, there will be roughly 45,000 new cases of rectal cancer and over 106,000 new cases of colorectal cancer, respectively, around the nation in 2022. Despite the fact that colorectal cancer is more common in older persons, patients are growing among younger adults. A colectomy, sometimes referred to as a colon resection, is a surgical removal of the colon's or intestine's affected portion. It is advised to get this operation for bowel blockage brought on by ulcerative colitis, bleeding, infection, or distortion of scar tissue, trauma, hereditary polyposis, cancer, or precancerous polyps. Over 600,000 surgical procedures are carried out yearly to treat colon illnesses in the United States. The American Cancer Society reports that 90% of cases of localized rectal cancer and 91% of cases of localized colon cancer will still be alive after five years. In general, the fatality rates from colorectal cancer have been declining with better screening and treatment over the past 20 years. It is stated by the Centers for Disease Control and Prevention there was a minor but notable rise in colorectal cancer among people 45 to 54 years old.
Colorectal Procedure Market Report Scope
Colorectal Procedure Market News and Recent Developments
The colorectal procedure market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the colorectal procedure market are listed below:
- Medtronic announced final findings from a randomized, international, multi-center center that confirmed the effectiveness of the GI Genius intelligent endoscopy module, which uses AI as an aid in detecting colorectal polyps during colonoscopy, potentially helping to prevent colorectal cancer. (Source: Medtronic PLC, News Latter, May 2022)
- B.Braun Medical Inc. launched its new Introcan Safety IV Catheter with one-time blood control that ensures clinicians are protected by a truly automatic passive safety device. Introcan Safety 2 helps to reduce clinician and patient's exposure to blood with its one-time Blood Control Septum, which is designed to restrict the flow of blood from the catheter hub after needle removal until the first connection of a Luer access device. The newly launched Introcan Safety 2 will allow clinicians to experience passive needlestick prevention and a reduced risk of exposure to blood borne pathogens when removing the introducer needle from the Introcan Safety 2. This is all achieved with a product similarly sized to the widely popular Introcan Safety Catheter. (Source: B. Braun Melsungen AG, News Latter, July 2022)
Colorectal Procedure Market Report Coverage and Deliverables
The “Colorectal Procedure Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Colorectal procedure market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Colorectal procedure market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Colorectal procedure market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the colorectal procedure market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Surgery Type, Indication, End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the colorectal procedure market in 2023
Major factors such as the increasing prevalence of colorectal cancer and new product launches boost the market growth.
Development and launch of new advance products will likely remain a key trend in the market.
Ethicon (Johnson & Johnson Services, Inc.), Colospan Ltd, SAFEHEALB, Medtronic, Braun Melsungen AG, Cardinal Health Inc., Boston Scientific Corporation, CooperSurgical, Inc., Olympus Corporation.
The market is expected to register a CAGR of 13.10% from 2023 to 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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