February 24, 2024
Colonoscopy Devices Market

Projected Increase In Colon Cancer Rate To Boost The Growth Of Colonoscopy Devices Market

Market Overview:

Colonoscopy devices are used to examine inside of the large intestine (colon) and rectum. They help doctors detect abnormalities such as colon polyps, tumors, and inflammatory bowel disease, and provide treatment through biopsy or removing polyps. Key colonoscopy devices are colonoscopes, insufflators, irrigators, and ablation devices. Colonoscopy provides advantages over other diagnostic procedures as it allows doctors to perform biopsy or polyp removal during the procedure itself. With rising colon cancer rates globally, colonoscopy devices play a vital role in early cancer detection and management.

The global Colonoscopy Devices Market is estimated to be valued at US$ 2,500.4 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Growing obese and aging population: Obese and older individuals above 50 years have higher risk of colon polyps and cancer. As per WHO, worldwide obesity nearly tripled between 1975 to 2016. Also, proportion of global population aged over 60 years is estimated to double from 12% to 22% between 2015 and 2050. These demographic changes are expected to fuel the demand for colonoscopy devices globally. Rising awareness and screening programs: Various government and non-profit organizations are focusing on creating awareness about colon cancer symptoms and importance of regular screening. The American Cancer Society recommends screening for colon cancer starting at age 45 for average-risk people and earlier for those with family history. This is prompting more number of people to opt for colonoscopy, benefiting the market.

Porter’s Analysis

Threat of new entrants: Low-moderate threat of new entrants as the market requires high R&D investment and regulatory approvals.

Bargaining power of buyers: Moderate bargaining power of buyers as there are many established brands but customized products attract customers.

Bargaining power of suppliers: Low bargaining power of suppliers as there are many component suppliers and manufacturing does not require high raw material components.

Threat of new substitutes: Low threat as colonoscopy is an established procedure with no major substitute available currently.

Competitive rivalry: High competitive rivalry among established players to gain greater market share through innovative product launches and regional expansion.

Key Takeaways

The Global Colonoscopy Devices Market Size is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing incidence of colon cancer and favorable government initiatives and awareness programs.

The market size for Colonoscopy Devices was valued at US$ 2,500.4 Mn in 2023 and is anticipated to reach over US$ 3,675.6 Mn by 2030. North America dominates the global Colonoscopy Devices market owing to rising cases of colon polyps and cancer, availability of advanced healthcare facilities, and high healthcare expenditure.

Key players operating in the Colonoscopy Devices market are Karl Storz SE & Co. KG, Olympus Corporation, Endo Med Systems GmbH, HOYA Corporation, Getinge AB, Avantis Medical Systems, Boston Scientific Corporation, and FUJIFILM Holdings Corporation, among others. Key players are focusing on developing innovative device platforms, acquiring smaller players, and expanding their global presence through strategic collaborations to sustain their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it