Report : Europe 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)
At 12.9% CAGR, the Europe Colorectal Procedure market is speculated to be worth US$ 10,520.15 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe colorectal procedure market was valued at US$ 5,067.96 million in 2022 and is expected to reach US$ 10,520.15 million by 2028, registering an annual growth rate of 12.7% from 2022 to 2028. Increasing prevalence of colorectal cancer and new product launches are the critical factors attributed to the market expansion.
Colorectal cancer is one of the most commonly found and lethal cancers developed in individuals with the combined influence of genetic and environmental factors.
For instance, as per Cancer Research UK, deaths from bowel/colorectal cancer in the UK between 2016 and 2018 were reported to be 16,571. Further, the data suggests ~42,880 new bowel cancer cases in the UK annually, which are over ~110 patients daily.
These statistics showcase increased demand for advanced cancer diagnostics and therapeutics in various regions. Thus, the rising number of patients suffering from the disease is driving the growth of the global colorectal procedure market.
On the contrary, complications associated with colorectal procedure hurdles the growth of Europe colorectal procedure market.
- 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. Endoscpoe segment held 35.5% market share in 2022, amassing US$ 1,799.77 million. It is projected to garner US 3,709.57 million by 2028 to expand at 12.8% CAGR during 2022–2028.
In terms of surgery type, the Europe colorectal procedure market is segmented into right hemicolectomy, left hemicolectomy, subtotal colectomy, low anterior resection, abdomino-perineal resection, and others (endoscopic surgery). Subtotal colectomy held 61.8% market share in 2022, amassing US$ 3,133.02 million. It is projected to garner US$ 6,532.12 million by 2028 to expand at 13.0% CAGR during 2022–2028.
The Europe colorectal procedure market, based on end user, is segmented into hospitals and clinics, surgery centers, and others. Hospitals and clinics held 57.1% market share in 2022, amassing US$ 2,893.60 million. It is projected to garner US$ 5,956.38 million by 2028 to expand at 12.8% CAGR during 2022–2028.
- Based on indication, the market is segmented into colon polyps, Crohn's disease, colorectal cancer, colitis, irritable bowel syndrome, and other indications. With 33.6% share of the domain, the Irritable bowel syndrome segment dominated the market in 2022. It accrued US$ 1,704.06 million in 2022 and is estimated to generate US$ 3,663.78 million by 2028 to grow at a CAGR of 13.6% over the forecast period.
Our regional analysis states that Germany captured 29.5% market share in 2022. It was assessed at US$ 1,492.52 million in 2022 and is likely to hit US$ 3,028.75 million by 2028, exhibiting a CAGR of 12.5% during the forecast period.
Key players dominating the Europe colorectal procedure market are B. Braun Melsungen AG; Boston Scientific Corporation; Cardinal Health Inc.; CooperSurgical, Inc.; Ethicon (Johnson & Johnson Services, Inc.); Medtronic; Olympus Corporation; SAFEHEAL; and Suturion AB among others.
Below are listed few key developments by market players:
- In year 2022, Ethicon announced the results of a new real-world study that shows its Echelon Circular Powered Stapler was associated with a 74% reduction in anastomotic leak rates and a 44% reduction in 30-day inpatient hospital readmission rates after colorectal surgery with a manual circular stapler.
- In year 2022, 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.
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