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.
Market Overview:
Colonoscopy bowel preparation drugs are used to cleanse the colon before a colonoscopy procedure. These drugs help clear stool and debris from the colon so that the colonoscopy provides a clear view of the colon and rectum. The commonly used colonoscopy bowel preparation drugs include sodium picosulfate, magnesium citrate, and polyethylene glycol with electrolytes.
Market Dynamics:
Rising prevalence of colorectal cancer is expected to drive the growth of the colonoscopy bowel preparation drugs market over the forecast period. Colorectal cancer is the third most common type of cancer globally. According to the World Cancer Research Fund, in 2020, there were around 1.93 million new cases of colorectal cancer worldwide. Early detection through colonoscopy and treatment increases chances of survival. This is increasing the adoption of colonoscopy procedures which in turn is boosting the demand for colonoscopy bowel preparation drugs.
Another factor expected to aid the growth of the market is increasing investments by major players to develop advanced bowel preparation drugs with improved palatability and reduced associated side effects like nausea, vomiting, and dehydration. For instance, in November 2020, Ferring Pharmaceuticals received FDA approval for Plenvu, an oral sodium picosulfate, magnesium citrate, and citric acid powder-based bowel cleansing agent.
SWOT Analysis
Strength:
1. Colonoscopy bowel preparation drugs help cleanse colon effectively to allow clear visualization during the colonoscopy procedure.
2. New formulations such as low volume solutions and taste masking formulations improving patient compliance and experience.
3. Growing focus of pharmaceutical companies on development of safe and effective bowel preparation solutions.
Weakness:
1. Higher cost associated with colonoscopy bowel preparation drugs compared to other gastrointestinal diagnostic procedures.
2. Side effects such as vomiting, nausea, and abdominal pain associated with intake of bowel preparation solutions leading to poor patient compliance.
Opportunity:
1. Rising geriatric population and increasing awareness about colorectal cancer screening presents high growth opportunities.
2. Emerging markets in Asia Pacific and Latin America expected to witness high demand due to growing healthcare spending.
Threats:
1. Availability of alternative procedures such as CT colonography and capsule endoscopy posing competition to colonoscopy.
2. Stringent regulatory approvals for new drug formulations delaying product launches.
Key Takeaways
The global Colonoscopy Bowel Preparation Drugs Market Growth is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing volumes of colonoscopy procedures performed globally for colorectal cancer screening.
Regional analysis
North America region currently dominates the global colonoscopy bowel preparation drugs market accounting for over 35% revenue share in 2023. Increasing incidence of colon cancer and favorable reimbursement policies drive the growth in the region. The Asia Pacific region is expected to grow at fastest pace exhibiting CAGR of around 6.5% during 2023-2030 owing to rising healthcare infrastructure and expenditure in countries like China and India.
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. Major players are focusing on new product launches and geographical expansion strategies to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
