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| Colonoscopy Bowel Preparation Drugs Market Growth |
The global Colonoscopy Bowel Preparation Drugs Market is estimated to be valued
at US$ 2098.52 Mn in 2023 and is
expected to exhibit a CAGR of 4.9% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Colonoscopy bowel preparation drugs are prescribed medications given before
colonoscopy procedure for cleansing the colon and rectum. They play an
important role in properly cleansing the colon and ensuring effective
examination during colonoscopy. The drugs temporarily clear out residue from
the bowels so the physician can clearly view the colon lining through the
colonoscope. Some common types of colonoscopy bowel preparation drugs include
Oral Sodium Phosphate (OSP), Polyethylene Glycol (PEG), and Sodium Picosulfate
with Magnesium Citrate. These drugs are available over the counter or with
prescription and need to be taken as per doctor's instructions prior to
colonoscopy to reduce residual stool and make the procedure more comfortable and
effective.
Market key trends:
Rising prevalence of colorectal cancer and growing awareness about preventive
healthcare are major factors driving the demand for colonoscopy procedures
worldwide. Non-invasive diagnostic procedures like colonoscopy have gained
immense popularity over invasive surgeries for early detection of colorectal
cancer and polyps. According to World Cancer Research Fund, colorectal cancer
accounts for over 1.8 million new cancer cases and 881,000 deaths globally each
year. As the number of colonoscopy procedures rises, demand for effective bowel
cleansing drugs is also increasing significantly. New product launches with
improved formulations that reduce procedure time and provide better colon
cleanliness are boosting the Colonoscopy
Bowel Preparation Drugs Market Growth. Increasing R&D investments
by manufacturers for developing safer and more palatable drugs in line with
evolving consumer needs is another key trend favoring market expansion over the
forecast period. Moreover, growing geriatric population who are at high risk of
colon cancer will continue augmenting the market in coming years.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the colonoscopy bowel
preparation drugs market is moderately low due to high capital requirement and
presence of dominant players in the industry.
Bargaining power of buyers: The bargaining power of buyers is moderate due to
availability of generic brands at lower prices compared to branded drugs for
bowel preparation.
Bargaining power of suppliers: The bargaining power of suppliers is low due to
presence of many suppliers in the market.
Threat of new substitutes: The threat of new substitutes is low in the
colonoscopy bowel preparation drugs market as the available alternatives have
limitations compared to bowel cleansing agents.
Competitive rivalry: The competitive rivalry in the colonoscopy bowel
preparation drugs market is high as major players compete for a larger market
share.
Key Takeaways
The global colonoscopy bowel preparation drugs market is expected to witness
high growth, exhibiting a CAGR of 4.9% over
the forecast period, due to increasing number of colonoscopy procedures
worldwide. By 2023, the market size for colonoscopy bowel preparation drugs
market is estimated to reach US$ 2098.52
Mn.
Regional analysis: North America leads the global colonoscopy bowel preparation
drugs market due to growing geriatric population and increasing awareness about
CRC screening in the region. Asia Pacific exhibits the fastest growth in the
market supported by rising medical tourism, developing healthcare
infrastructure and growing preference for minimally invasive surgeries.
Key players: Key players operating in the colonoscopy bowel preparation drugs
market are Ferring B.V., Bayer AG, Braintree, Bausch Health Companies Inc., and
Norgine B.V. Ferring B.V. dominates the market owing to its diverse product
portfolio of oral bowel preparation drugs including peg-3350, sodium
picosulfate etc. Bausch Health Companies Inc. also has a significant presence
backed by its well-known brand MOVIPREP.
Read More: https://www.ukwebwire.com/colonoscopy-bowel-preparation-drugs-market-trends/