by The Colonoscopy Devices Market is estimated to be valued at US$ 2,500.4 Mn or 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 Overview:
Colonoscopy devices are primarily used to perform minimally invasive procedures that allow the visualization of the interior lining of the colon and lower intestine. The main types of devices used for colonoscopy procedures include video colonoscopes, fiber optic colonoscopes, and colon capsules. Video colonoscopes provide high-definition images of the colon and allow biopsy procedures to be performed. Fiber optic colonoscopes provide light to illuminate the colon but do not provide video imaging. Colon capsules are small ingestible cameras that can take pictures of the colon as they pass naturally through the intestinal tract.
Market Dynamics:
The growth of the colonoscopy devices market is primarily driven by the increasing prevalence of colorectal cancer worldwide. As per the Colorectal Cancer Alliance, colorectal cancer is the third leading cause of cancer-related deaths in both men and women in the U.S. Over 149,500 new cases of colorectal cancer are expected to be diagnosed in 2022 in the U.S. Screening through colonoscopy procedures allow early detection and prevention of the disease. Another key driver is the rising preference for minimally invasive surgeries owing to advantages such as reduced hospital stay, less pain, and quicker recovery time. Technology advancement such as the development of capsule endoscopes and robotic colonoscopes are also expected to propel the market growth over the forecast period.
Here is the Segment Analysis, PEST Analysis and Key Takeaways section for the given Colonoscopy Devices Market details in 701 words without conclusion:
Segment Analysis
The colonoscopy devices market is dominated by visualization systems sub-segment. This sub-segment accounted for over 40% share of the global market in 2022 owing to continuous technological advancements in imaging modalities. Newer devices offer superior optics, images, and wider fields of view for better visualization during the procedures.
PEST Analysis
Political: Regulations regarding medical devices approval and usage varies across countries and regions which impacts the market. Favorable regulations support the adoption of newer technologies.
Economic: Growing healthcare spending coupled with rising incidences of colon cancer and other gastrointestinal disorders is fueling the market growth. However, budgetary constraints in some countries restricts market growth.
Social: Rising awareness about early detection and prevention of colon disorders through screening is contributing to market growth. However, social stigma associated with colonoscopy in some cultures acts as a restraint.
Technological: Introduction of advanced technologies like artificial intelligence, robotics, virtual reality etc. in colonoscopy devices is supporting better diagnostic accuracy and minimally invasive procedures. Technologies like capsule endoscopy are enhancing patient comfort.
Key Takeaways
The Global Colonoscopy Devices Market Share is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing adoption of minimally invasive procedures and favorable government initiatives for cancer screening.
The North America region dominates the market and is expected to retain its position throughout the forecast period owing to supportive reimbursement policies and strong product availability in this region.
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 new product launches with advanced technologies to strengthen their market presence.
Regional analysis shows that Asia Pacific region is expected to exhibit the fastest growth during the forecast period. This is attributed to growing healthcare infrastructure, rising medical tourism, and increasing awareness about colonoscopy in the region.
Key players operating in the colonoscopy devices market are focusing on expanding their presence in emerging markets through collaborations and strengthening their product portfolio. Various initiatives by governments in terms of funding and awareness programs are further expected to support the market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
