Market Overview:
The Global Colonoscopy Bowel Preparation Drugs Market held USD 1719.8 million in 2020 and is to grow over CAGR 4.5% from 2020-2030. Colonoscopy is a significant screening test for recognizing colorectal cancer growth. Colonoscopy is reliant on pre-method known as colonoscopy bowel preparation in which purifying of colon is initiated in patients undertaking colonoscopy.
Market Dynamics and Factors:
Colonoscopy bowel preparation drugs market is relied upon to observe appreciable development, attributable to rising innovative product development for the improvement of colonoscopy bowel preparation drugs, so as to offer superior product in the market. For example, in 2019, Colonary Concepts, a biotechnological firm active with the advancement of colon arrangement product, reported third phase clinical preliminary of their Edible Colonoscopy preparation utilized for cleansing bowel.
Colonoscopy bowel preparation drugs market is anticipated to observe critical development, due to rising implementation of strategies including agreements & collaboration by market players. For example, in January 2019, Norgine B.V. & KOREA PHARMA CO., LTD., a major pharmaceutical producer in Korea, have obtained sole license & distribution rights for Korea, by which Korea Pharma will market and disperse Norgine's drug, PLENVU.
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Market Segmentation:
Based on the type, the colonoscopy bowel preparation drugs industry is segmented into Hyposmotic Agents, Isosmotic Agents, Combination Agents and Hyperosmotic Agents. On the basis of retail channel, the colonoscopy bowel preparation drugs market trends varies into retail pharmacies, hospital pharmacies and others. Geographical breakdown and analysis of each of the aforementioned segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
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Geographic Analysis:
North America held a predominant share in global colonoscopy bowel preparation drugs market, attributable to rising rate of colorectal cancer in the region. For example, as indicated by the Global Cancer Statistics (GLOBOCAN) reported in January 2020, in the U.S., around 147,950 new patients of large bowel cancer are diagnosis yearly, of which around 104,610 cases are of colon cancer and remaining are colorectal cancer. As per a similar source, around 53,200 Americans pass away every year because of colorectal cancer, which represents around 8% of all cancer mortality, globally.
In addition, Europe also will be observing appreciable is relied upon huge development in colonoscopy bowel preparation drugs market during the estimated time frame, attributable to supportive initiatives by the EU commission for development of novel drugs. For instance, PRIME (Priority Medicine) implemented by the EU commission to support collaboration between government and pharmaceutical manufacturers for development of new medicines for unmet medical conditions should accelerate colonoscopy bowel preparation drugs market growth.
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Competitive Scenario:
Global colonoscopy bowel preparation drugs market, is highly competitive, consists of a few major players. In accordance to colonoscopy bowel preparation drugs market share, few of the major players currently dominate the market. Key colonoscopy bowel preparation drugs market companies are implementing strategic initiatives including merger & acquisition, joint ventures and production capacity expansion to cater growing colonoscopy bowel preparation drugs demand globally. Key players enhancing the global colonoscopy bowel preparation drugs market size include Bayer AG, Ferring, Bausch Health Companies Inc and Braintree.
