by Colonoscopy is an endoscopic medical examination that visualizes the interior of the colon and allows the early detection of colorectal cancer through biopsy or removal of polyps. Colonoscopy devices include video colonoscopes, fiberscopes, and colon tubes used to perform minimally invasive diagnostic and therapeutic procedures for various intestinal conditions like bleeding, ulcers, polyps or colon cancer. The introduction of HD endoscopy systems, 3D technology and Narrow Band Imaging have improved the visualization capability of devices, aiding early cancer diagnosis. Additionally, single-use miniature capsule endoscopes eliminate the need for sedation and are gaining prominence for screening asymptomatic average-risk patients.
The global Colonoscopy Devices Market is estimated to be valued at US$ 2500.4 Mn in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising Geriatric Population Seeking Colon Cancer Screening
As per estimates, over 55% of all colorectal cancer cases and 70% of all colorectal cancer deaths occur in those aged 65 years or older. With growing life expectancy globally, the geriatric population is on surge, driving up the demand for colon cancer screening using minimally invasive colonoscopy devices. Between 2023 and 2030, the number of Americans aged 65 and older will grow by over 35% according to Census data, presenting lucrative opportunities for players in this market.
Technological Advancements fueling Adoption of Colonoscopy Devices
Continuous technological upgrades including HD imaging, narrow band imaging, and robotic endoscopy systems have enhanced visualization capabilities and made procedures more efficient. Additionally, development of capsule endoscopes has increased accessibility to screening. Such advancements indirectly encourage overall adoption of colonoscopy devices especially in developed regions with high penetration of healthcare IT.
Segment Analysis
Colonoscopy Devices Market Size can be segmented into colonoscopes, visualization systems, irrigation systems and other surgical equipment. Colonoscopes segment currently dominates the global colonoscopy devices market. Advancements in colonoscope technologies like HD colonoscopes and 3D colonoscopes allowing higher resolution imaging and diagnosis has increased their demand. Colonoscopes provide imaging of the complete colon and help in detecting abnormalities thus making it an integral part of colon cancer screening. Their widespread usage in diagnosis and screening procedures has helped colonoscopes segment maintain its leading position in the market.
PEST Analysis
Political: Laws and regulations pertaining to screening and diagnosis of colon cancer have been promoting awareness and screening rates. Favourable reimbursement policies in developed countries support colonoscopy procedures.
Economic: Rising healthcare expenditure and increasing focus on preventive healthcare is driving demand. Growth in aging population and risk of colon cancer also contributes to market growth.
Social: Growing public awareness about colon cancer screening and its benefits through various awareness campaigns led by governments and healthcare organizations. Rising social acceptability of colonoscopy tests.
Technological: Advancements like HD imaging, narrow band imaging, robotic colonoscopies, capsule endoscopes provide better visualization and comfort to patients. These new technologies help achieve higher adenoma detection rates.
Key Takeaways
The global colonoscopy devices market is expected to witness high growth over the forecast period of 2023 to 2030. The global Colonoscopy Devices Market is estimated to be valued at US$ 2500.4 Mn in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030.
Regional analysis related content comprises
The North America region is expected to maintain its lead position owing to rising incidence of colon cancer, favourable reimbursement scenarios and growing awareness regarding screening. As per latest statistics, the US witnessed around 149,500 new colon cancer cases in 2020. Presence of developed healthcare infrastructure and adoption of new technologies also contribute to its large share. On the other hand, Asia Pacific region is anticipated to witness fastest growth through the forecast period on back of growing healthcare sector, rising investment by key players and increasing disposable incomes in developing countries.
Key players related content comprises
Key players operating in the colonoscopy devices market are SIGA Tec, Olympus, KARL STORZ, Boston Scientific, Fujifilm, Cook Medical etc. Major players are focusing on new product launches, geographic expansion and mergers & acquisitions to strengthen their market position. For instance, in 2022 Olympus launched EVH320J endoscope with highest resolution and ease of use features to drive better evaluation of the colon.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
