Global Colorectal Surgical Devices Market, By Product Type (Endoscope, Electrosurgery, Handheld Instruments, Sealing Devices, Surgical Stapling Devices, Accessories), Indication (Colorectal Cancer, Diverticulitis, Ulcerative Colitis, Crohn's Disease, Others), End User (Surgical Centers, Hospitals, Clinics, Others) Industry Trends and Forecast to 2029
Market Analysis and Insights
Colorectal surgical devices market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 13.1% in the forecast period of 2022 to 2029 and is expected to reach USD 27,559.70 million by 2029 from USD 10,315.00 million in 2021. Rise in GDP per capita income and increase in geriatric population are the major drivers propelling the demand in the forecast period.
However, the high cost and lack of trained healthcare professionals may hamper the future growth of colorectal surgical devices market. Adoption of strategic alliances like partnerships and acquisitions by key market players act as opportunity for the growth of colorectal surgical devices market.
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Year
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2020
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Quantitative Units
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Revenue in USD Million, Pricing in USD
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Segments Covered
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By Product Type (Endoscope, Electrosurgery, Handheld Instruments, Sealing Devices, Surgical Stapling Devices, Accessories), By Indication (Colorectal Cancer, Diverticulitis, Ulcerative Colitis, Crohn's Disease, Others), By End User (Surgical Centers, Hospitals, Clinics, Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Turkey, Russia, Netherlands, Switzerland, Belgium, Rest of Europe, China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Israel, Egypt, and Rest of Middle East and Africa
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Market Players Covered
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Abbott (U.S.), Johnson & Johnson Services, Inc.(U.S.), B. Braun Melsungen AG (Germany), BD (U.S.), Boston Scientific Corporation (U.S.), Cardinal Health (U.S), CONMED Corporation (U.S.), Cook (U.S.), CooperSurgical, Inc. (U.S.), Medtronic (Ireland), Smith & Nephew (U.K.), Stryker (U.S.), W.L. Gore & Associates, Inc. (U.S.), Richard Wolf GmbH (Germany), Olympus Corporation (Japan), KARL STORZ SE & Co. KG (Germany), Hebson (India), Teleflex Incorporated, PENTAX Medical (Japan), and others
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Market Definition
The colorectal surgery is a field in medicine which deals with disorders of the anus, rectum, and colon. The various devices or products used in the colorectal surgery are endoscope, hand instruments, access instrument, electro surgery, surgical stapling devices, fluid management system, energy/vessel sealing devices and accessories.
Colorectal Surgical Devices Market Dynamics
Drivers
- Increase in geriatric population
The management of geriatric patients has become the forefront of colorectal surgery with the rising number of elderly patients and incidence of colorectal cancer. The elderly population brings a greater chance of health issues, and the rapid growth in the geriatric population is more prone to various types of diseases and disorders that require surgical procedures.
- Rise in number of patients suffering from diverticulitis and ulcerative colitis
Living with a chronic illnesses such as ulcerative colitis and diverticulitis requires several treatment approaches including medication, dietary modifications, nutritional supplementation, and surgery such as colorectal surgery.
The demand for surgical devices is high because of the increase in prevalence of diverticulitis and ulcerative colitis, which is expected to drive the market's growth.
Restraint
- High cost of colorectal surgery devices
In last few years, the Food and Drug Administration has authorized a huge number of advanced medical devices. This approved medical device has provided advanced medical treatment alternatives and helped improve the quality of patient’s life.
Opportunity
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Strategic initiatives taken by market players and the government
Strategic initiatives such as acquisition, partnership, contract agreement, and participation in conferences provide opportunities to flourish their customer base. Moreover, through such initiative strategies, the companies can expand their reach through new geographical or industry markets and access to new products or types of customers. Both the market players open the door to additional or new resources such as technology and talent.
Challenge
- Complications associated with procedure
Open or laparoscopic colorectal surgery comprises many different procedures for various diseases. Depending upon the operation and modifiable and non-modifiable risk factors, the intra- and postoperative morbidity and mortality rate vary.
These complications and risk factors are affecting the patient's perception of opting for the surgery, which is expected to challenge the market growth.
Colorectal Surgical Devices Market Scope and Market Size
Colorectal surgical devices market is segmented on the basis of product type, indication and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
Product Type
- Endoscope
- Electrosurgery
- Handheld Instruments
- Sealing Devices
- Surgical Stapling Devices
- Accessories
On the basis of product type, the market is segmented into endoscope, electrosurgery, handheld instruments, sealing devices, surgical stapling devices, and accessories.
Indication
- Colorectal Cancer
- Diverticulitis
- Ulcerative Colitis
- Crohn's Disease
- Others
On the basis of indication, the market is segmented into colorectal cancer, diverticulitis, ulcerative colitis, Crohn's disease, others.
End User
- Surgical Centers
- Hospitals
- Clinics
- Others
On the basis of end user, the market is segmented into surgical centers, hospitals, clinics, others.
Colorectal Surgical Devices Market Country Level Analysis
The colorectal surgical devices market is analyzed and market size information is provided by product type, indication, end user.
The countries covered in the colorectal surgical devices market report are the U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Turkey, Russia, Netherlands, Switzerland, Belgium, Rest of Europe, China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Israel, Egypt, and Rest of Middle East and Africa.
In 2022, North America is expected to dominate due to the presence of key market players along the largest consumer market with high GDP. The U.S is expected to grow due to rise in technological advancement.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
The colorectal surgical devices market also provides you with detailed market analysis for every country growth in colorectal surgical devices market industry. Moreover, it provides detailed information regarding colorectal surgical devices market sales, impact of regulatory scenarios, and trending parameters regarding colorectal surgical devices market. The data is available for historic period 2011 to 2019.
Competitive Landscape and Colorectal Surgical Devices Market Share Analysis
The colorectal surgical devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to colorectal surgical devices market.
Some major companies which are dealing in the colorectal surgical devices market are Abbott (U.S.), Johnson & Johnson Services, Inc.(U.S.), B. Braun Melsungen AG (Germany), BD (U.S.), Boston Scientific Corporation (U.S.), Cardinal Health (U.S), CONMED Corporation (U.S.), Cook (U.S.), CooperSurgical, Inc. (U.S.), Medtronic (Ireland), Smith & Nephew (U.K.), Stryker (U.S.), W.L. Gore & Associates, Inc. (U.S.), Richard Wolf GmbH (Germany), Olympus Corporation (Japan), KARL STORZ SE & Co. KG (Germany), Hebson (India), Teleflex Incorporated, PENTAX Medical (Japan), and others
Strategic alliances like mergers, acquisitions and agreement by the key market players are further expected to accelerate the growth of colorectal surgical devices market.
For instance,
- In May 2021, The Cooper Companies Inc., announced the acquisition of obp Medical to focus on providing impactful solutions that address providers’ needs. This acquisition has helped the company to increase the surgical segment’s product portfolio.
- In September 2018, Stryker announced that they had completed the acquisition of K2M Group Holdings, Inc., a global leader of complex spine and minimally invasive solutions. This acquisition has helped the company to increase the minimally invasive solutions portfolio.
Collaboration, product launch, business expansion, award and recognition, joint ventures and other strategies by the market player is enhancing the company footprints in the colorectal surgical devices market which also provides the benefit for organization’s profit growth.
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