Chromoendoscopy Agents Market: Introduction
According to the report, the global chromoendoscopy agents market was valued over US$ 100 Mn in 2020 and is projected to expand at a CAGR of ~3% from 2021 to 2031. Chromoendoscopy, particularly in combination with magnifying endoscopy, has helped healthcare professionals in the detection of neoplastic lesions in the gastrointestinal mucosa, specifically in ulcerative colitis and Crohn’s colitis. Chromoendoscopy is helpful in the upper gastrointestinal tract, primarily in evaluating Barrett’s oesophagus (BO) for the presence of dysplasia. It also improves visualization and detection of suspicious lesions, and helps to define the extent of neoplastic lesions that may be responsive to endoscopic resection. Such advantages associated with chromoendoscopy over conventional white light endoscopy are expected to contribute to market growth.
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The global population is aging rapidly. According to the WHO, nearly 2 billion people are expected to be aged 60 and above by 2050, which is around 16.7% of the global population. Incidence and prevalence of gastrointestinal diseases (GI), such as colorectal and pancreatic cancers, inflammatory bowels disease, and gastroesophageal reflux disease (GERD), increase with age. Several of these conditions can be diagnosed or cured by using endoscopy procedures. Hence, increase in geriatric population and surge in incidence of diseases are expected to boost the demand for chromoendoscopy agents.
Moreover, favorable medical reimbursement policies for different endoscopy procedures in developed countries such as the U.S., Australia, New Zealand, the U.K., and Germany have enabled most people affected with gastrointestinal diseases to opt for effective endoscopic procedure. These reimbursement policies have driven the revenue of leading players in the international market. The chromoendoscopy agents market in Asia Pacific is expected to expand at a CAGR of 4% from 2021 to 2031. Robust economic development, high gastrointestinal disease burden, and developing healthcare sector are anticipated to drive the market in Asia Pacific.
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Increase in Incidence of Gastrointestinal Diseases to Drive Global Market
The incidence and prevalence of gastrointestinal (GI) diseases across the world are increasing at a high rate affecting millions of people. According to Acid Reflux (GERD) Statistics and Facts, 60% of adults develop GERD within a year, and up to 30% have symptoms on a weekly basis. GERD affects around 7 million people in the U.S. According to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), GERD affects 20% of the population of the U.S.
The incidence of GERD is high in countries in North America, Australia/Oceania, and Northern Europe, while incidence is moderate in Western & Southern Asia and South America. Eastern Asia and Southern Europe have low incidence of GERD. According to the Global Cancer Statistics, over 1.9 million new colorectal cancer (including anus) cases and 935,000 deaths were recorded in 2020, accounting for around one in every 10 cancer cases and deaths. Colorectal cancer is the third most common cancer in the U.S., but it is the second in terms of mortality.
Chromoendoscopy agents are used in visualization and detection of dysplastic and malignant lesions in the gastrointestinal tract, which can be difficult to distinguish from normal mucosa. Therefore, increase in incidence of gastrointestinal diseases is a major factor expected to drive the global chromoendoscopy agents market during the forecast period.
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Absorptive Agents Dominated Chromoendoscopy Agents Market
In terms of product type, the global chromoendoscopy agents market has been classified into absorptive agents, contrast agents, and reactive agents. The absorptive agents segment dominated the global chromoendoscopy agents market in 2020, and the trend is anticipated to continue during the forecast period. The segment’s dominance can be attributed to increase in applications of absorptive agents in visualization & detection of neoplastic lesions, presence of dysplasia, and promising results of absorptive stains in the diagnosis of gastrointestinal abnormalities.
High Use of Chromoendoscopy Agents to Detect Colon Neoplasia
Based on application, the global chromoendoscopy agents market has been categorized into esophageal, gastric, and colorectal. The colorectal cancer segment held major share of the market in 2020. The segment is anticipated to expand at a higher CAGR during the forecast period. Chromoendoscopy agents have proven to be effective in the detection and visualization of colon neoplasia.
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Hospitals to be Major End Users
In terms of end user, the global chromoendoscopy agents market has been divided into diagnostic centers, hospitals, and others. The hospitals segment dominated the market in 2020. The segment is anticipated to grow at a rapid pace during the forecast period. Hospitals are equipped with all the equipment and consumables required for chromoendoscopy. Moreover, presence of skilled professionals and ability to handle numerous operations at one time are expected to drive the segment during the forecast period.
North America to Dominate Global Market; Asia Pacific to Offer Significant Opportunities
In terms of region, the global chromoendoscopy agents market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for a prominent share of the global chromoendoscopy agents market during the forecast period. High awareness about latest healthcare technologies and purchasing power is anticipated to boost the chromoendoscopy agents market in North America. Favorable reimbursement policies in the region also enable patients to avail the best healthcare facilities.
The chromoendoscopy agents market in Europe is expected to expand at a high CAGR in the near future. Developed healthcare infrastructure in the region has helped patients undergoing chromoendoscopy in covering their expenditure. Most healthcare providers in countries such as Germany, the U.K., and France provide full or partial coverage of costs related to treatment, medication, physician cost, and tests depending on the patient’s insurance plan and income.
The chromoendoscopy agents market in Asia Pacific is likely to grow at a rapid pace in the near future, due to rise in prevalence of gastrointestinal diseases and increase in geriatric population.
Growth Strategies of Key Players
Key players operating in the global chromoendoscopy agents market are Cosmo Pharmaceuticals NV., Merck KGaA, Thermo Fisher Scientific, Provepharm Life Solutions, Enzo Life Sciences, Inc., American Regent, Inc., Micro-Tech Endoscopy, Cerba Research, Sisco Research Laboratories Pvt. Ltd., and LobaChemie Pvt. Ltd., among others.
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