by The 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.
Colonoscopy bowel preparation drugs are oral solutions given to a patient to clean the colon before a colonoscopy procedure. They work by rapidly emptying feces from the colon. This is crucial to ensure the colon is clean during the procedure so polyps and other abnormalities can be clearly seen. Bowel preparation improves the quality of the colonoscopy and accuracy of detection.
Market Overview:
Colonoscopy bowel preparation drugs empty the colon and help with a thorough examination of the colon and rectum during a colonoscopy procedure. They are available as prescription oral solutions containing stimulant laxatives such as polyethylene glycol or sodium picosulfate. These solutions work by drawing water into the intestines which softens the stool and promotes bowel movements. Their need has grown with rising colon cancer rates and increasing adoption of colonoscopy screening worldwide.
Market key trends:
One of the key trend transforming the Colonoscopy Bowel Preparation Drugs Market Growth is increased demand for minimally invasive procedures. Colonoscopy is a minimally invasive procedure used for colon cancer screening and diagnosis. Compared to traditional surgical exploration of the colon, it is better tolerated by patients and associated with quicker recovery. As patients prefer less invasive options, the adoption of colonoscopy as a primary screening tool for colon cancer has increased significantly. This rising utilization of colonoscopy procedure is expected to drive the demand for bowel preparation drugs over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the colonoscopy bowel preparation drugs market is moderate as substantial capital is required for R&D to develop new products.
Bargaining power of buyers: The bargaining power of buyers is high as colonoscopy bowel preparation drugs are primarily bought by hospitals, diagnostic centers, and healthcare organizations that have significant influence over prices.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw materials required for manufacturing colonoscopy bowel preparation drugs are abundantly available.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternative preparation methods available for colonoscopy procedures.
Competitive rivalry: The competitive rivalry is high due to the presence of many established players in the market.
SWOT Analysis
Strengths: Large product portfolio and strong brand image. Established global distribution network.
Weaknesses: High R&D and marketing costs. Stringent regulatory norms.
Opportunities: Increasing healthcare expenditure in developing countries. Rising geriatric population driving demand for colonoscopy procedures.
Threats: Emergence of alternative less invasive diagnostic procedures. Patent expiries of major drugs.
Key Takeaways
The global colonoscopy bowel preparation drugs market is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing awareness about preventive healthcare and rising geriatric population. North America holds the major share in the market currently due to high adoption of colonoscopy procedures. Asia Pacific is poised to grow at the fastest rate due to improving healthcare infrastructure and increasing healthcare spending across countries like China and India.
Regional analysis – North America currently dominates the global colonoscopy bowel preparation drugs market and is expected to continue its dominance over the forecast period. This is attributed to the growing prevalence of colorectal cancer, rising technological advancements, increasing healthcare expenditure, and growing geriatric population in the region. The Asia Pacific market is projected to witness the highest growth during 2023-2030, owing to improving access to healthcare facilities, and rising medical tourism in countries like India and China.
Key players – Key players operating in the colonoscopy bowel preparation drugs market include Ferring B.V., Bayer AG, Braintree, Bausch Health Companies Inc., and Norgine B.V. The players are focusing on R&D activities to develop advanced colonoscopy bowel preparation drugs and expand their regional presence through collaborations with hospitals and diagnostic centers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
