The Colonoscopes by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Colonoscopes, The colonoscopes market size has grown strongly in recent years. It will grow from $1.8 billion in 2023 to $1.93 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to increasing incidence of colorectal diseases, aging population, healthcare infrastructure development, preventive screening programs, reimbursement policies, patient education and awareness.
The colonoscopes market size is expected to see strong growth in the next few years. It will grow to $2.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to artificial intelligence integration, global increase in colorectal cancer cases, telemedicine and remote monitoring, personalized medicine approaches, regulatory support and standardization. Major trends in the forecast period include technological advancements, miniaturization and portability, rising incidence of colorectal diseases, shift towards disposable colonoscopes, telemedicine and remote colonoscopy services, regulatory landscape changes.
The increase in the prevalence of colorectal cancer is expected to propel the growth of the colonoscopes market going forward. Colorectal cancer, also known as colon cancer, refers to a disease in which cells in the colon or rectum grow out of control. The colonoscope is most commonly used to screen for colorectal cancer and is used to detect tumors, ulcers, polyps in the colon, and other areas of bleeding or inflammation with a flexible, illuminated tube with a viewing lens and a tissue-removing tool. As a result, increase in the prevalence of colorectal cancer increases the demand for colonoscopes. For instance, in May 2022, according to a report shared by the American Society of Clinical Oncology (ASCO), a US-based professional organization, colorectal cancer is identified in 1,880,725 people in 2020. Further, in 2022, 151,030 individuals received a colorectal cancer diagnosis with 52,580 deaths and the number is expected to rise in the coming years. Therefore, the increase in the prevalence of colorectal cancer is driving the growth of the colonoscopes market.
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The colonoscopes market covered in this report is segmented –
1) By Product Type: Fiber Optic Colonoscopy Devices, Video Colonoscopy Devices
2) By Technology: Instruments, Accessories, Colonoscopy Devices Service
3) By Application: Colorectal Cancer, Lynch Syndrome, Ulcerative Colitis, Crohn’s Disease, Polyp
4) By End User: Hospitals, Clinics, Ambulatory Surgery Centers, Other End Users
Product innovation is a key trend gaining popularity in the colonoscopes market. Major companies operating in colonoscopes are focused on developing innovative solutions to strengthen their position in the market. For instance, in November 2021, Fujifilm Holdings Corporation., a Japan-based company operating in colonoscopes, launched its new product, ColoAssist PRO, which is an endoscope visualization system. It is aimed at assisting healthcare professionals to efficiently and accurately maneuver the colonoscope inside the patient. The unique features include utilization of electromagnetic coils, integration within the transceiver dish, and user-friendly interface. Additionally, it also incorporates a color gradation function to continue the procedure, potentially avoiding discomfort for the patient.
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