Rising Consumer Awareness Is Anticipated To Open Up The New Avenue For Colonoscopy Bowel Preparation Drugs Market
The Colonoscopy Bowel Preparation Drugs Market is estimated to be valued at US$ 2098.52 Mn or 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 oral medications prescribed to be consumed before colonoscopy procedures. They work by clearing solid waste from the colon and rectum, allowing for a clear view of the intestinal lining during the procedure. Common colonoscopy bowel preparation drugs include sodium picosulfate, magnesium citrate, and polyethylene glycol. They are available in powder, liquid and tablet forms. Colonoscopy procedures are performed to screen for colorectal cancer, check signs and symptoms of bowel disorders, and follow up on known bowel conditions.
Market Dynamics:
Increasing adoption of colonoscopy procedures for colorectal cancer screening is a major driver for the colonoscopy bowel preparation drugs market. As per global cancer statistics published in 2020, colorectal cancer is the third most common type of cancer worldwide. Early detection through screening colonoscopy and polypectomy can prevent development of colorectal cancer. This is increasing the demand for bowel cleansing drugs for proper visualization during procedures. Additionally, rising awareness about benefits of colonoscopy screenings through public awareness campaigns by governments and health agencies is also fueling market growth.
Segment Analysis
The global colonoscopy bowel preparation drugs market is segmented into prescription, and over the counter. The prescription segment dominates the market and accounts for the largest revenue share. This is because prescription bowel preparation drugs are more potent and are administered under medical guidance for effective colon cleansing before a colonoscopy procedure.
PEST Analysis
Political: Regulations regarding drug safety and efficacy laid down by regulatory bodies like FDA influence the research and development activities of market players.
Economic: Growth in the disposable income levels have increased healthcare spending and driven demand for colonoscopy procedures and associated drugs.
Social: Rising awareness about colon cancer screening and growing focus on preventive healthcare is boosting market growth.
Technological: Advancements in drug delivery mechanisms and formulations help in developing more effective yet tolerable bowel preparation drugs.
Key Takeaways
The Colonoscopy Bowel Preparation Drugs Market Growth is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing incidence of colon cancer and rising demand for colonoscopy procedures.
Regional analysis: North America dominates the market and accounts for the largest revenue share owing to early availability of advanced treatment options and reimbursement policies for colonoscopy screening in the region.
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 global colonoscopy bowel preparation drugs market size was valued at US$ 2098.52 Mn in 2023. Prescription oral bowel preparation drugs dominate the market. Some of the key oral prescription products available are Suprep, Colyte, and Nulytely.
Key players focus on introducing novel formulations for improved patient compliance. For instance, in 2019, Ferring received approval for PLENVU, the first three-dose, oral picolinate-based prescription bowel preparation.
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