by Colonoscopy Devices Market, By Component (Colonoscope, Visualization Systems, and Others) and By End User (Hospitals and Ambulatory Surgery Centers, Diagnostic Centers, and Clinics), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030.
Market Overview:
Colonoscopy is a medical procedure that allows a physician to examine the inside of the colon (large intestine) and the rectum using a slender, long, and flexible tube called a colonoscope. The colonoscope is equipped with a light source and a camera at its tip, enabling the doctor to visualize the entire colon and detect any abnormalities or signs of disease. The insertion tube is the flexible part of the colonoscope that allows it to be guided gently through the anus, rectum, and colon. It is designed to be flexible enough to navigate the twists and turns of the colon while maintaining rigidity for proper control.
Competitive Landscape:
Major players operating in the global colonoscopy devices market include FUJIFILM Holdings Corporation, Boston Scientific Corporation, Avantis Medical Systems, Getinge AB, HOYA Corporation, Endo Med Systems GmbH, Olympus Corporation, and Karl Storz SE & Co. KG.
Key Market Drivers:
The rising incidence of colorectal diseases, including colorectal cancer and inflammatory bowel diseases (IBD), is a significant driver for colonoscopy device adoption. For instance, according to Gut, in 2020, there were around 2 million new cases of colorectal cancer in the world. The global increase in the aging population is contributing to a higher prevalence of age-related colorectal disorders, bolstering the demand for colonoscopy procedures. This is expected to augment the growth of the global Colonoscopy Devices Market.
Continuous innovations and technological advancements in colonoscopy devices, such as high-definition imaging and minimally invasive techniques, are attracting greater interest from healthcare providers and patients. Increased awareness about the importance of regular screening for colorectal diseases, along with government and non-government initiatives for early detection, is propelling the market’s growth. This is estimated to enhance the growth of the global colonoscopy devices market.
Covid-19 Impact Analysis:
During the height of the COVID-19 pandemic, many non-urgent medical procedures, including colonoscopies, were postponed or canceled to prioritize resources for COVID-19 patients. This led to a temporary decline in the demand for colonoscopy devices. This disrupted the growth of the global colonoscopy devices market.
Key Takeaways:
North America is expected to dominate the growth of the global colonoscopy devices market, owing to the high prevalence of colorectal diseases, favorable reimbursement policies, and the presence of key market players. For instance, according to the American Cancer Society, currently, there are around 46,050 new cases of rectal cancer and 106,970 new cases of colon cancer in the United States.
The Asia-Pacific is estimated to witness high growth in the global colonoscopy devices market, owing to the increasing healthcare expenditure, rising awareness about colorectal diseases, and improving access to medical facilities. For instance, according to the Times of India, in 2021, there were around 40,000 detected colorectal cancer cases in India.
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.
