Colonoscopes -Market Insights, Competitive Landscape and Market Forecast–2027

Colonoscopes -Market Insights, Competitive Landscape and Market Forecast–2027

Colonoscopes Market By Product (Flexible Non-Video Colonoscopes And Flexible Video Colonoscopes), By Application (Colorectal Cancer, Ulcerative Colitis, Lynch Syndrome, Crohn’s Disease, And Others), By End User (Hospitals, Ambulatory Surgery Centers, And Others), by geography is expected to grow at a steady CAGR forecast till 2027 owing to the increased prevalence of intestinal or colorectal cancer, increased awareness and demand for minimally invasive surgeries

Global Colonoscopes Market is growing at a CAGR of 4.78% during the forecast period from 2022 to 2027. The increase in demand for colonoscopes is primarily attributed to the increasing prevalence of intestinal or colorectal cancer, increasing awareness and demand for minimally invasive surgeries, continuous technological advancements of the devices, increased awareness of early diagnosis and treatment of cancer across the world among others are anticipated to bolster the market, thereby contributing to the growth of the colonoscopes market during the forecast period from 2022-2027.

Colonoscopes Market Dynamics:

The colonoscopes market is witnessing a growth in product demand owing to various reasons. The key factor responsible for the rising growth of colonoscopes are the increasing prevalence of colorectal cancer as people are getting more use of various type of canned or packed food, processed meat, and tobacco as they contains several type of carcinogenic substances. Further, certain chemicals such as diesel engine exhaust, metals like chromium, nickel, benzene gases and various other pollutants can also cause colorectal cancer. Bad lifestyle and eating habits, too much alcohol consumption and obesity are also some of the other factors responsible for causing colorectal cancer which may increase the use of colonoscopes for the diagnosis and proper treatment, therefore driving the market growth during the forecast period.

A colonoscope is also used to look for precancerous polyps, growth on the inner lining of the colon or rectum. For instance, according to National Cancer Institute (NIH), Cancer fact sheet 2022, an estimated 151,030 (approximately 7.9% of all new cancer cases) new colorectal cases will be reported along with 52,580 deaths in the United States. With the early diagnosis and treatment with colonoscope these deaths can be prevented. Therefore, the increasing prevalence of colorectal cancer worldwide will increase the use of colonoscopes as the device is used to detect the presence of cancer cells in the body and drvie the market growth.

Moreover, World Health Organization (WHO) has observed March 2022, as Colorectal Cancer Awareness Month to highlight the importance of screening for colorectal cancer, as well as to promote healthy lifestyle habits that can decrease a person’s risk of developing cancer of the colon, rectum, or anus. As due to various government programs the awareness among the people related to colorectal cancer and benefit of early diagnosis of the disease is increasing, this may increase the demand of the colonoscopes used to detect the presence of colorectal cancer.

Furthermore, as per the International Agency for Research on Cancer (IARC) the burden of colorectal cancer will increase by 56% between 2020 and 2040, to more than 3 million new cases per year. The estimated increase in the number of deaths from the disease is even larger, by 69%, to about 1.6 million deaths worldwide in 2040. The mortality rate may be reduced or controlled by doing early diagnosis so that the treatment can be done at an early stage. The increasing awareness of early diagnosis will elad to early diagnosis which will propel the market demand of the colonoscopes.

Another factor responsible for product growth is increased awareness of minimally invasive surgeries to diagnose and treat colorectal cancer. The majority of stage one and two colorectal cancer is treated by removing the polyps from the body. The polyps can be removed by using colonoscopes, thereby increasing the demand of the product in the market. Therefore, with proper monitoring and care the colorectal cancer can be prevented. Hence, the growth of the colonoscopes market is expected to rise during the forecast period from 2022 to 2027.

However, the availability of alternative diagnostic technique, lack of skilled healthcare professionals, and the high cost of equipment may be certain limiting factors of the colonoscopes market growth.

Additionally, the ongoing COVID-19 pandemic has slightly impacted the market for colonoscopes. At the onset of the disease, there was a significant shortage, owing to the imposition of stringent lockdowns to curb the spread of the virus. Hospital admissions for patients suffering from cancers were not a priority in comparison to the patients suffering from Coronavirus. Furthermore, surgeries were temporarily stopped during the pandemic. To reduce the COVID-19 transmission risk, colonoscopy centers have postponed and canceled the semi-urgent and elective cases. However, with masses being vaccinated, the colonoscopes market has picked momentum.

Colonoscopes Market Segment Analysis:

Colonoscopes market by product (flexible non-video colonoscopes and flexible video colonoscopes), by application (colorectal cancer, ulcerative colitis, lynch syndrome, crohn’s disease, and others) by end user (hospitals, ambulatory surgery centers, and others), and by geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the product segment of the colonoscopes market, the flexible video colonoscopes are estimated to hold a significant share in the colonoscopes market in the year 2021. This can be ascribed to the various advantages that are associated with the device. These devices help to diagnose the presence of abnormal cell in colon and rectum. Also, studies have shown that video colonoscopes utilizes computer virtual-reality techniques to navigate inside a three-dimensional (3D) patient-specific colon model. Video colonoscopy is a technique that uses a computerized tomographic (CT) scan (a type of three-dimensional x-ray) to construct virtual images of the colon.

Furthermore, advantageous property such as even finding the polyps that are usually hiding behind folds in colon or rectum which occasionally are missed by traditional colonoscopy. These polyps can be diagnosed using video colonoscopes. The tube of colonoscope is not inserted to the whole length of colon or rectum, resulting in less pain and discomfort.

It is sometimes difficult to visualize the entire colon with the traditional colonoscopy. For instance, in case of narrowed or inflamed or obstructed colon, detecting the presence of polyps is bit tough. In this case flexible video colonoscope can be advantageous. It can also be used to obtain whole image of colon which is sometime difficult in fiber optic colonoscopes.

Moreover, the scanning by video colonosopes takes only 10 minutes, and usually no conscious sedation is necessary as compared to fiber optic colonoscopes.

In some cases, the colon is inflamed due to some ailment which creates difficulty in performing colonoscopy.

Moreover, the new product launches in the various local markets, in turn, drive the product demand in the market. For instance, in May 2021, Pentax announced FDA 510(k) clearance for PENTAX Medical Video Colonoscopes (EC Family).

Therefore, the advantages offered by the video colonoscopes are predicted to contribute to the increasing demand, thereby driving the growth of the overall colonoscopes market during the forecast period.

North America is expected to dominate the overall Colonoscopes Market:

Among all the regions, North America is expected to account for the significant share in the global colonoscopes market. Factors such as the growing prevalence of colorectal cancer, increased prevalence of obesity, increased use of tobacco and alcohol, increasing geriatric population, and increasing government initiatives are expected to aid in the growth of the North America colonoscopes market.

According to the American Cancer Society, Colorectal Cancer Facts and Figures 2020-2022 report, polyps are detected in about half of average-risk individuals 50 years of age or older undergoing colonoscopy, with higher prevalence in older age groups and among men compared to women. As per the same source, in 2020, there were an estimated 104,610 new cases of colon cancer and 43,340 cases of rectal cancer diagnosed in the US. According to the same source, approximately 4.4% of men (1 in 23) and 4.1% of women (1 in 25) will be diagnosed with colorectal cancer in their lifetime. The prevalence of colorectal cancer is increasing in US, thereby demand of diagnosis and treatment with colonoscopes will increase propelling the market for colonoscopes.

Moreover, according to National Colorectal Cancer Roundtable, nearly one in three adults’ ages 50-75 in US is not getting screened for colorectal cancer. This estimation can be reduced by educating the people about use and benefits of colonoscopes, thereby increasing the demand of colonoscopes in the market.

As per Colon Cancer Coalition, by 2030, colorectal cancer may be one of the leading cause of cancer death in adults under 50 in North America. The mortality rate can be controlled by encouraging and creating awareness of regular screening for colorectal cancer. The early diagnosis and treatment of colorectal cancer may reduce the mortality rate. Thus propelling the market of colonoscopes in North America.

Furthermore, the government taking various initiatives for creating awareness of early diagnosis among the population. Various programs promote healthy lifestyle habits that can decrease a person’s risk of developing cancer of the colon, rectum, or anus. The steps taken by government in turn will increase the demand of colonoscopes in the forecast period.

Additionally, increased use of tobacco, alcohol is also increasing the prevalence of colorectal cancer in North America. Obesity is also one of the major risk factor for causing colorectal cancer. According to WHO, in 2016, in US more than 1.9 billion adults aged 18 years and older were overweight, of these over 650 million adults were obese. In 2019, an estimated 38.2 million children in US under the age of 5 years were overweight or obese. Obesity and overweight act as the major risk factor for colorectal cancer or other type of cancer. Obesity can change the function of essential hormones like insulin and leptin. Insulin is the hormone that regulates blood sugar and obese individuals have higher levels of insulin than those with a normal weight. This causes cell functions to change as the hormones cause irregular cell growth in the colon. Leptin is also responsible for cell growth in areas of the colon. As the prevalence of obesity is increasing thereby increasing the prevalence of colorectal cancer, which will increase the demand of colonoscopes in the market.

Therefore, the rising prevalence of colorectal cancer,obesity and overweight as well as new product launches in the North America region would result in the rising demand for colonoscopes and provide a conducive growth environment in the North American region.

Colonoscopes Market Key Players:

Some of the key market players operating in the colonoscopes market include FUJIFILM Holdings America Corporation, GI-View., Huger Medical Instrument Co., Ltd, KARL STORZ SE & Co. KG, Olympus America, PENTAX Medical, SonoScape Medical Corp., Consis Medical., Smart Medical Systems Ltd., EndoMed Systems, Motus GI Holdings, Inc., Boston Scientific Corporation, among others.

Recent Developmental Activities in the Colonoscopes Market:

• In April 2022, SMART Medical Systems announced an additional FDA clearance for its G-EYE Colonoscope, based on Olympus' 510(k) cleared PCF colonoscope series. With this additional FDA clearance, G-EYE® is now available for use in the U.S. market on the commonly used colonoscope models of all three leading endoscopy brands - OLYMPUS, FUJIFILM, and PENTAX Medical.
• In April 2021, Cosmo Pharmaceuticals NV announced the FDA approval of GI Genius intelligent endoscopy system, its revolutionary device for lesion detection during colonoscopy. The GI Genius uses AI-based machine learning to help identify lesions such as polyps or suspected tumors in real time during a colonoscopy.
• In October 2020, Olympus announced the 510(k) clearance and market availability of two colonoscopes, the PCF-H190T and the PCF-HQ190.
• In July 2020, Olympus Corporation announced that it has signed an agreement to acquire Arc Medical Design Limited. The acquisition will expand its offering in gastrointestinal therapeutic devices and the development of advanced colonoscopy tools for improving early detection and treatment of colorectal cancer (CRC).

Key Takeaways from the Colonoscopes Market Report Study

• Market size analysis for current colonoscopes market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the colonoscopes market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the global colonoscopes market.
• Various opportunities available for the other competitor in the colonoscopes market space.
• What are the top performing segments in 2021? How these segments will perform in 2027.
• Which is the top-performing regions and countries in the current colonoscopes market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for colonoscopes market growth in the coming future?

Target Audience who can be benefited from this Colonoscopes Market Report Study

• Colonoscopes products providers
• Research organizations and consulting companies
• Colonoscopes-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in colonoscopes
• Various End-users who want to know more about the colonoscopes market and latest technological developments in the colonoscopes market.

Frequently Asked Questions for Colonoscopes Market:

1. What are Colonoscopes?

Colonoscopes are medical devices that consist of a thin, flexible fiber-optic instrument inserted through the anus in order to examine the colon. It is used screening test that detects colorectal cancer. A colonoscope is also used to look for precancerous polyps, which are growths on the lining of the colon.

2. What is the market for Global Colonoscopes?

Global Colonoscopes market is growing at a CAGR of 4.78% during the forecast period from 2022 to 2027.

3. What are the drivers for the Global Colonoscopes Market?

The Colonoscopes market is witnessing a positive market growth owing to the increased prevalence of intestinal or colorectal cancer, increasing awareness and demand of minimally invasive surgeries, continuous technological advancements, and increased awareness of early diagnosis and treatment of cancer across the world are anticipated to bolster the market.

4. Who are the key players operating in the Global Colonoscopes Market?

Some of the key market players operating in the Colonoscopes market include FUJIFILM Holdings America Corporation, GI-View., Huger Medical Instrument Co., Ltd, KARL STORZ SE & Co. KG, Olympus America, PENTAX Medical, and SonoScape Medical Corp., Consis Medical., Smart Medical Systems Ltd., EndoMed Systems, Motus GI Holdings, Inc., Boston Scientific Corporation and others.

5. Which region has the highest share in Colonoscopes Market?

North America is expected to hold the highest revenue share in the Colonoscopes market in the year 2021. Factors such as increase in awareness among the population about colon cancer, increase prevalence of colorectal cancer, increased prevalence of obesity and surge in investments by key players in R&D of technologically advanced colonoscopes are expected to aid in the growth of the North America Colonoscopes Market in this region.

Please Note: It will take 7-10 business days to complete the report upon order confirmation.