DUBLIN--(BUSINESS WIRE)--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:
- In July 2022, B.Braun Medical Inc launched its new Introcan Safety IV Catheter with one-time blood control that ensures a truly automatic passive safety device protects clinicians. Introcan Safety 2 helps reduce clinician and patient's exposure to blood with its one-time Blood Control Septum, which is designed to restrict blood flow 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.
- In May 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 to aid in detecting colorectal polyps during colonoscopy, potentially helping to prevent colorectal cancer.
- In February 2022, Safeheal closed a EURO 40 Million financing round led by Sifinnova Partners, a European venture capital firm, and Singapore-based medical device company, Genesis Medtech The Colovac device aims to ease digestive surgeries. The funding will help the company to continue and accelerate a running clinical trial named SAFE-2 in the US and Europe, which the FDA has already approved. The study aims to evaluate the safety and efficacy of the novel surgery approach.
- In November 2021, Medtronic announced that the US Food and Drug Administration (FDA) granted 510(k) clearance for its PillCam Small Bowel 3 System for remote endoscopy procedures. The PillCam SB3 @HOME program combines Medtronic's PillCam technology with Amazon logistics, a combination intended to ensure both timely and accurate results for patients from the comfort of their homes. PillCam SB3 @HOME provides a telehealth option for direct visualization and monitoring of the small bowel to help better detect lesions not detected by upper and lower endoscopy that may: 1) indicate Crohn's disease, 2) locate obscure bleeding, or 3) identify sources of iron deficiency anemia (IDA).
Market Dynamics
Drivers
- Increasing Prevalence of Colorectal Cancer
- New Product Launches
Restraints
- Complications Associated with Colorectal Procedure
Opportunities
- Growing Medical Device Industry in Emerging Economies
Future Trends
- Development and Launch of Innovative Products
Companies Mentioned
- Ethicon (Johnson & Johnson Services, Inc. )
- Medtronic
- Colospan Ltd
- SAFEHEAL
- B- Braun Melsungen AG
- Cardinal Health Inc.
- Boston Scientific Corporation
- CooperSurgical, Inc.
- Olympus Corporation
- Suturion AB
For more information about this report visit https://www.researchandmarkets.com/r/zgbjrn
