Report : North America 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 12.7% CAGR, the North America Colorectal Procedure market is speculated to be worth US$ 12,946.28 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America colorectal procedure market was valued at US$ 6,311.66 million in 2022 and is expected to reach US$ 12,946.28 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.
The market for colorectal procedures is ascribed to frequent diagnostic tests and medical device launches. Most of the major market players are involved in manufacturing a wide range of devices that help in reducing 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, esophagus, and bronchial diseases. The system has various features such as extended depth of field (EDOF), red dichromatic imaging (RDI), texture and color 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) and includes the endoscopy application ENDO-AID CADe (computer-aided detection) for the colon. This new AI platform enables the real-time display of automatically detected suspicious lesions and works in combination with the recently introduced EVIS X1. Thus, the constant developments and new product launches in colorectal-associated indications are driving the colorectal procedural market growth.
On the contrary, complications associated with colorectal procedure hurdles the growth of North America 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 35.2% market share in 2022, amassing US$ 2,220.24 million. It is projected to garner US$ 4,684.27 million by 2028 to expand at 13.3 CAGR during 2022–2028.
In terms of surgery type, the North America 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 63.9% market share in 2022, amassing US$ 4,030.95 million. It is projected to garner US$ 8,329.09 million by 2028 to expand at 12.9% CAGR during 2022–2028.
The North America colorectal procedure market, based on end user, is segmented into hospitals and clinics, surgery centers, and others. Hospitals and clinics held 54.9% market share in 2022, amassing US$ 3,464.17 million. It is projected to garner US$ 7,013.65 million by 2028 to expand at 12.5% 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 39.9% share of the domain, the Irritable bowel syndrome segment dominated the market in 2022. It accrued US$ 2,517.75 million in 2022 and is estimated to generate US$ 5,266.59 million by 2028 to grow at a CAGR of 13.1% over the forecast period.
Our regional analysis states that US captured 84.8% market share in 2022. It was assessed at US$ 5,350.40 million in 2022 and is likely to hit US$ 10,889.12 million by 2028, exhibiting a CAGR of 12.6% during the forecast period.
Key players dominating the North America colorectal procedure market are B. Braun Melsungen AG; Boston Scientific Corporation; Cardinal Health Inc.; Colospan Ltd; CooperSurgical, Inc.; Ethicon (Johnson & Johnson Services, Inc.); Medtronic; Olympus Corporation; and SAFEHEAL 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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