Chromoendoscopy Agents Market to Grow with a CAGR of 5.90% through 2028
Rising awareness of preventive healthcare and
advancements in endoscopic technology are expected to drive the Global Chromoendoscopy
Agents Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Chromoendoscopy
Agents Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Chromoendoscopy Agents Market stood at
USD 191.85 million in 2022 and is anticipated to grow with a CAGR of 5.90% in
the forecast period, 2024-2028. This can be attributed to technological
innovations in contrast agents. Continuous research and development efforts by
pharmaceutical and medical imaging companies have led to the development of
safer, more biocompatible, and efficient contrast agents. These innovations
have addressed concerns about adverse reactions and toxicity associated with
older agents, further boosting the adoption of chromoendoscopy.
Moreover, chromoendoscopy is finding applications
beyond cancer detection. It is increasingly used in the diagnosis and
monitoring of various gastrointestinal conditions, including inflammatory bowel
disease (IBD), Barrett's esophagus, and polyp detection. The expanding scope of
chromoendoscopy for different medical conditions creates new growth
opportunities for the market.
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Agents Market.”
In the context of the market, drivers and constraints
represent inherent factors, while opportunities and challenges are external
factors. The Chromoendoscopy Agents Market is experiencing growth due to
various intrinsic factors. Factors such as the rising elderly population,
continuous technological advancements, and the increased adoption of advanced
medical procedures are propelling market expansion. Notably, the geriatric
demographic is prone to gastrointestinal diseases, with cancer being a leading
cause of mortality. For instance, in 2018, the World Health Organization
reported 9.6 million deaths attributed to cancer, leading to heightened demand
for improved healthcare infrastructure and advanced medical procedures, thereby
fueling market growth.
Additionally, there are extrinsic factors contributing
to market opportunities. Increased research and development activities, rising
cancer awareness, and growing healthcare expenditure are opening doors for
market growth. Collaborative efforts between companies also present significant
opportunities for product and technology development. Furthermore, government
initiatives promoting cancer diagnosis and treatment awareness are raising
public consciousness, which in turn can stimulate market growth.
However, certain challenges may impede market growth.
The lack of skilled professionals is a noteworthy obstacle, as chromoendoscopy
relies on experienced endoscopists due to its operator-dependent nature.
Furthermore, the rapid advancements in biotechnology, such as wireless brain
sensors and robotic surgeries, have created a knowledge and skills gap among
individuals, potentially hindering market expansion.
The Global Chromoendoscopy Agents Market is segmented into
product, application, end-users, regional distribution, and company.
Based on its product, Contrast Agents are poised to
capture a substantial market share in the Global Chromoendoscopy Agents Market
during the forecast period for several compelling reasons. Firstly, the growing
prevalence of gastrointestinal disorders and colorectal cancer worldwide has
necessitated more accurate and efficient diagnostic tools, which is driving the
demand for chromoendoscopy agents. These agents enhance the visualization of
mucosal abnormalities during endoscopic procedures, enabling early detection
and precise diagnosis. Moreover, the rising adoption of minimally invasive
procedures and the increasing awareness among healthcare professionals about
the benefits of chromoendoscopy further fuel the market growth. Additionally,
ongoing research and development activities are leading to the introduction of
innovative contrast agents with improved properties, making them an attractive
choice for clinicians. As a result, Contrast Agents are expected to experience
robust market growth and gain a significant market share in the coming years.
Based on end-users, Specialty Clinics are anticipated
to garner a substantial market share in the Global Chromoendoscopy Agents
Market during the forecast period for several compelling reasons. Firstly, the
increasing prevalence of gastrointestinal diseases and the growing demand for
early and accurate diagnostic methods have prompted patients to seek
specialized healthcare services. These clinics are equipped with
state-of-the-art endoscopic facilities and skilled professionals, offering
specialized chromoendoscopy procedures. Secondly, the rising trend of
outpatient care and the convenience it offers to patients have spurred the
growth of specialty clinics. Furthermore, collaborations between pharmaceutical
companies and these clinics for clinical trials and research projects are
expanding their capabilities and making them attractive destinations for
chromoendoscopy procedures. As a result, Specialty Clinics are poised to
experience substantial market growth and gain a significant share in the global
chromoendoscopy agents market during the forecast period.
Major companies operating in Global Chromoendoscopy
Agents Market are:
- Merck & Co., Inc.
- Enzo Life Sciences Inc
- Thermo Fisher Scientific Inc
- Cosmo Pharmaceuticals SA
- Loba Chemie Pvt Ltd
- Provepharm SAS
- Sisco Research Laboratories Pvt Ltd
- Medtronic PLC
- Boston Scientific Corp
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“The global chromoendoscopy agents market is
undergoing significant transformation, driven by emerging trends that reflect
advancements in technology, patient-centered care, and a growing focus on early
disease detection. As healthcare systems worldwide continue to emphasize
preventive healthcare and personalized medicine, the demand for chromoendoscopy
procedures and associated agents is expected to rise. Innovations in contrast
agents, the integration of AI, and expanding applications will shape the market's
future, making chromoendoscopy an indispensable tool in the diagnosis and
management of gastrointestinal disorders,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Chromoendoscopy Agents Market By
Product (Absorptive Agents, Contrast Agents,
Reactive Agents), By Application (Colorectal, Esophageal, Gastric), By
End-Users (Ambulatory Surgery Centers, Diagnostic Centers, Hospitals &
Specialty Clinics, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Chromoendoscopy Agents Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Chromoendoscopy Agents Market.
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