At 12.7% CAGR, the North America Colorectal Procedure Market is Projected 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 a CAGR of 12.7% from 2022 to 2028. Increasing prevalence of colorectal cancer and new product launches are the factors attributed to the North America colorectal procedure market expansion.

Colorectal cancer is one of the most found and lethal cancers developed in individuals with the combined influence of genetic and environmental factors. According to the World Health Organization (WHO), colorectal cancer is the third most prevalent form of cancer, with ~1.93 million global cases in 2020. Furthermore, colorectal cancer mortality and incidence rates vary globally, and ~916,000 deaths in 2020 were due to colorectal cancer. It is the third most common cancer in men and the second most common cancer in women. The lifetime risk of developing colorectal cancer is about 1 in 23 for men and 1 in 25 for women. About 95,55,027 cancer deaths were recorded in 2018, of which 8,80,792 were related to colorectal cancer. Therefore, colorectal cancer was identified as the third most common cancer and the second most death-causing cancer. A significant population in North America is diagnosed with colorectal cancer. For instance, according to the Centers for Disease Control and Prevention (CDC) and American Cancer Society, an estimated 1.93 million cases of adults in the US were diagnosed with colon and rectum cancer, and 53,200 deaths were reported with colorectal cancer in 2020. 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 North America colorectal procedure market.

On the contrary, complications associated with colorectal procedure hampers the North America colorectal procedure market. 

Based on product, the North America colorectal procedure market is segmented into endoscope, electrosurgery, handheld devices and visual systems, sealing and stapling devices, ligation clips and dilators and specula’s, cutter and shears, accessories, and others. The endoscope segment held 35.2% share of North America colorectal procedure market 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. 

Based on 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 (including endoscopic surgery). The subtotal colectomy segment held 63.9% share of North America colorectal procedure market 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.

Based on end user, the North America colorectal procedure market is segmented into hospitals & clinics, surgery centers, and others. The hospitals and clinics segment held 54.9% share of North America colorectal procedure market 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 induction, the North America colorectal procedure market is segmented into colon polyps, Crohn's disease, colorectal cancer, colitis, irritable bowel syndrome, and other indications. The irritable bowel syndrome segment held 39.9% share of North America colorectal procedure market in 2022, amassing US$ 2,517.75 million. It is projected to garner US$ 5,266.59 million by 2028 to expand at 13.1% CAGR during 2022–2028.

Based on country, the North America colorectal procedure market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 84.8% share of North America colorectal procedure market 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 2022–2028.      

Key players operating in the North America colorectal procedure market are Ethicon (Johnson & Johnson Services, Inc.), Medtronic, Colospan Ltd, SAFEHEAL, B. Braun Melsungen, Cardinal Health Inc, Boston Scientific Corporation, CooperSurgical, Inc, and Olympus Corporation, among others.

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