Colonoscope Market By Application (Colorectal Cancer, Ulcerative Colitis, Crohns Disease, Others), By End User (Hospitals, Ambulatory Surgery Centers, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global colonoscope market was valued at $1.2 billion in 2021, and is projected to reach $2.5 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.
A colonoscope is a flexible fiber-optic instrument inserted through the anus to examine the colon. It is helpful for diagnosing gastrointestinal diseases, such as inflammatory bowel disease and colon cancer. It can also help treat and prevent colon cancer. Healthcare providers recommend routine colonoscopies for middle-aged and older adults to screen for cancer. Most people have their first colonoscopy for routine cancer screening. Statistically, the risk of developing colorectal cancer goes up as age increases, which is why the American Cancer Society recommends regular screening at least by the age of 45. The colonoscope also allows for therapeutic actions like a dedicated tool could be introduced through the instrument port to perform a biopsy or removal of cancerous lesions. A gut version of skin prick testing using local reactions to food injected into the colonic mucosa via the colonoscope appears to have a better predictive value but is not widely applied.
The growth of the colonoscopes market is driven by an increase in incidence of colon related diseases, rise in demand for healthcare services for the aging population and continuous developments in the field of colonoscopy. Moreover, rise in geriatric population and surge in adoption of colonoscope systems to facilitate better diagnosis of colon diseases is expected to notably contribute toward the market growth. Furthermore, the global colonoscopes market growth is largely driven by factors such as an increase in advancements of colonoscope which is surely expected to lead the growth of the market. Prominent players in the global colonoscopes market have opted various strategies such as product launch, acquisition, and investments in R&D for advancement in colonoscopes to strengthen their position in the market and sustain the competitive environment. For instance, in 2022, SMART Medical Systems Ltd., announced an additional FDA clearance for its G-EYE Colonoscope which is based on Olympus' PCF colonoscope series which is also 510(k) cleared. With this additional FDA clearance, G-EYE is available for use in the U.S. market on the commonly used colonoscope models of all three leading endoscopy brands namely OLYMPUS, FUJIFILM, and PENTAX Medical.
A significant increase in awareness about the advantages of colonoscope, rise in the usage of this device in the screening, and surge in the number of patients suffering from colon related diseases are some of the other key factors driving the growth of the market. However, risks of complications during the colonoscopy and high cost of the device restricts the market growth. Conversely, the introduction of new and advanced products has changed the market dynamics during the forecast period and is expected to provide lucrative opportunities for the growth of the market. Extensive R&D activities in the field of medical devices along with significant improvement in medical infrastructure are anticipated to open new avenues for the expansion of the market.
The global colonoscopes market is segmented on the basis of application, end user and region. On the basis of application, the market is divided into colorectal cancer, ulcerative colitis, Crohns disease and others. On the basis of end user, the market is categorized into hospitals, ambulatory surgery centers and others. Region wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major companies profiled in the report include Olympus Corporation, Stryker Corporation, FUJIFILM Holdings Corporation, Medtronic Plc, Boston Scientific Corporation, PENTAX Medical, Endomed System, Sonoscape Medical Corporation, Ambu A/S, and Endofresh.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the colonoscope market analysis from 2021 to 2031 to identify the prevailing colonoscope market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the colonoscope market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global colonoscope market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
Colorectal Cancer
Ulcerative Colitis
Crohns Disease
Others
By End User
Hospitals
Ambulatory Surgery Centers
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Stryker Corporation
Medtronic plc
Pentax Medical
Olympus Corporation
Fujifilm Holdings
Sonoscape Medical Corp.
Ambu A/S
Endofresh
Boston Scientific Corporation
Endomed Systems
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