The significance of colorectal surgical devices lies in their role in advancing minimally invasive procedures, notably laparoscopic and robotic-assisted surgeries. These technological advancements contribute to the growth of less invasive techniques in colorectal surgery. The use of these devices enables surgeons to perform procedures with smaller incisions, leading to benefits such as reduced pain for patients, quicker recovery times, and lower postoperative complications. As a result, colorectal surgical devices play a pivotal role in enhancing patient outcomes and improving the efficacy of colorectal surgeries, making these procedures more patient-friendly and promoting a shift towards increasingly minimally invasive approaches in the field.
According to Data Bridge Market Research analyses the Global Colorectal Surgical Devices 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 geriatric population boosts the market growth"
The increase in the geriatric population serves as a significant driver for the colorectal surgical devices market. As the elderly population grows, there is a parallel rise in the incidence of colorectal disorders and diseases, such as colorectal cancer, diverticulitis, and inflammatory bowel diseases, which often require surgical interventions. The aging demographic is more prone to these conditions, creating a higher demand for colorectal surgical procedures and, consequently, the associated devices. Elderly individuals may face higher surgical risks, necessitating advanced and specialized colorectal surgical devices to ensure effective and safe procedures. This demographic shift contributes to the expansion of the colorectal surgical devices market.
What restraints the growth of the global colorectal surgical devices market?
“High cost of colorectal surgery devices hinders the market growth”
The high cost of colorectal surgery devices serves as a significant restraint in the colorectal surgical devices market. The expense associated with acquiring and utilizing these specialized medical devices poses a challenge for healthcare providers, hospitals, and patients such as. The cost factor can limit the widespread adoption of colorectal surgery devices, particularly in regions with budget constraints or healthcare systems facing financial challenges. The high cost may impact the decision-making process for healthcare institutions.
Segmentation: Global Colorectal Surgical Devices Market
The global colorectal surgical devices market is segmented on the basis of product type, indication, and end user.
- On the basis of product type, the global colorectal surgical devices market is segmented into endoscope, electrosurgery, handheld instruments, sealing devices, surgical stapling devices, and accessories
- On the basis of indication, the global colorectal surgical devices market is segmented into colorectal cancer, diverticulitis, ulcerative colitis, Crohn's disease, and others
- On the basis of end user, the global colorectal surgical devices market is segmented into surgical centers, hospitals, clinics, and others
Regional Insights: North America is expected to dominate the Global Colorectal Surgical Devices Market
The North America is expected to dominate the market due to the region's hosting of key market players, possessing the world's largest consumer market with high purchasing power, and maintaining a robust economy reflected by a high GDP. The expected growth in the U.S. is further driven by continuous technological advancements, reinforcing its historical role as an innovation leader. This technological progress will likely have a positive ripple effect on the overall market, fostering innovation, economic growth, and international competitiveness. While this dominance presents opportunities for market expansion, potential challenges such as market saturation and geopolitical risks should be acknowledged as factors that could impact sustained growth.
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Recent Developments in the Global Colorectal Surgical Devices Market
- In May 2021, Cooper Companies Inc. as they acquired Obp Medical, fortifying their commitment to impactful surgical solutions for providers' needs and expanding the surgical segment's product portfolio
- In September 2018, Stryker completed the acquisition of K2M Group Holdings, Inc., a global leader in complex spine and minimally invasive solutions, bolstering their portfolio and strengthening their position in the realm of minimally invasive surgical solution
The Prominent Key Players Operating in the Global Colorectal Surgical Devices Market Include:
- 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 Incorporate (U.S.)
- PENTAX Medical (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global colorectal surgical devices market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Colorectal Surgical Devices Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
