Colonoscopy Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Colonoscopy Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The colonoscopy devices market studied is anticipated to witness a CAGR of nearly 6.1% during the forecast period (2022-2027).

The emergence of the COVID-19 pandemic affected the global economy and the healthcare system. Many organizations have been making targeted efforts to promote cancer screening via awareness campaigns in recent months, which is expected to boost future colonoscopy devices' market demand. A notable example of this is the collaboration inked between the Community Oncology Alliance (COA) and Cancer Care in April 2021 to launch a new public awareness campaign dubbed "Time to Screen." The campaign was aimed at increasing focus on cancer screening by publishing educational information regarding screening for various types of cancer and assistance for screening appointments. Moreover, according to the article published by Health Canada titled 'Colorectal cancer screening during the COVID-19 pandemic,' published in June 2021, colorectal cancer screening, along with other health care services, was suspended in Canada in the initial phase of the COVID-19 pandemic response. This pause was deemed necessary to allow health care facilities to establish appropriate infection-control measures to prevent COVID-19 outbreaks and reserve health system capacity for COVID-19 patients. Thus, these factors indicates that the colonoscopy devices market is expected to be slightly impacted by the COVID-19 and may project growth over the forecast period.

The colonoscopy device market is majorly driven by the increasing preference for minimally invasive techniques, technological advancements and rising prevalence of colorectal cancer. The causes of colorectal cancer are unspecified. Moreover, several genetic environmental factors may increase the risk of developing the disease.

According to GLOBOCAN 2020 updates, colorectal cancer is the most common cancer among women after breast cancer. About 865,630 women and 1,065,960 men were diagnosed with colorectum cancer in 2020. Moreover, factors, such as upcoming launches of promising pipeline candidates, the emergence of more front-line therapies, and favorable government initiatives, are likely to fuel market expansion. Moreover, the adoption of various startegies in the studied market will also boost the market growth. For insatnce, in July 2022, US Digestive Health (“USDH”), a network of top-rated gastrointestinal (GI) practices, announced that it is now offering patients AI-assisted colonoscopy screenings with the country’s largest installation of GI Genius intelligent endoscopy modules. Colonoscopy has long been considered the gold standard for detecting polyps that can eventually lead to colorectal cancer. Now, patients at USDH have the strength of an AI-assisted option for screening with GI Genius, the food and drug adminstration (FDA)-cleared device that employs AI to help physicians detect polyps.

However, the availability of alternative treatment for rectal disease and risk associated with colonoscopy procedures may hamper the demand for colonoscopy devices.

Key Market TrendsColonoscope Segment Dominates the Market and is Expected to Continue to Do the Same during the Forecast Period

The colonoscope segment is expected to dominate the market through the forecast period. Colonoscopy devices are used to detect lesions in the proximal aspect of colonic folds either by offering a retrograde view of the lumen or by straightening the haustral folds during withdrawal. It improves its quality indicators and other metrics associated with the examination’s outcomes. Associated advantages of colonoscopy over other treatment alternatives, such as improved, precision, accuracy, and treatment safety, are anticipated to increase its demand in surgical centers.

In addition, the alarming rise of colorectal cancer is also expected to boost the demand for colonoscopy devices over the forecast period. According to the World Health Organisation, in 2020, colon and rectum cancer accounts for around 1.93 million cases and more than 916,000 deaths globally. Moreover, the number of annual colonoscopy procedures is also likely to grow, due to the expanding therapeutic capabilities of colonoscopy devices.

Several companies are adopting various strategies to grow their presence in the market. For instance, In April 2021, FUJIFILM launched G-EYE 700 Series Colonoscope. G-EYE is a technology developed by Smart Medical to assist with visualization, stabilization and control during routine examinations.

Moreover, in November 2021, Cosmo Pharmaceuticals N.V. announced topline results from a randomized, international, multi-center study evaluating the safety and efficacy of artificial intelligence (AI) device GI Genius as an aid for the detection of colorectal polyps in combination with colonoscopy. This study provides a wide experience of the use of the device in clinical settings, and the results show how effective GI Genius is in reducing the percentage of adenomas and polyps that go undetected during white light colonoscopy. Studies such as there is expected to boost the market growth in the coming years.

The United States Dominates the Market and is Expected to Continue to Do the Same during the Forecast Period

Currently, the United States dominates the market for colonoscopy devices, and it is expected to continue its stronghold for a few more years. Key factors responsible for its dominance are an increase in treatment rates, high incidence of colorectal cancer in the country, inflated medicine prices as compared to other major regions.

As per American Cancer Society, 2022 updates, in the United States, colorectal cancer is the third most common cancer diagnosed and there will be an estimated 106,180 new cases of colon cancer and 44,850 cases of rectal cancer diagnosed in the United States.

Furthermore, one of the major risk factors for developing cancer is age. For instance, the American Society of Clinical Oncology article titled ‘Colorectal Cancer: Risk Factors and Prevention,’ updated in May 2022, reported that most colorectal cancers occur in people older than 50. The average age at the time of diagnosis for colon cancer in men is 68 years, and that for women is 72 years, while for rectal cancer, it is age 63 years for both men and women in the United States. Thus, the high incidence of colorectal cancer will drive its diagnosis and treatment, therefore driving the studied market.

Furthermore, increasing healthcare expenditure and the presence of well-established healthcare infrastructure are also fueling the growth of the overall regional market to a large extent.

Competitive Landscape

The market is highly competitive and consists of several global players. As the market is progressing, the firms are trying to achieve clear differentiation in colonoscopy systems, based on their application. Due to the requirements of high-quality imaging and operative capabilities, various customer groups are shifting toward optimized visualization systems that integrate colonoscope and camera. Some of the companies which are currently present in the market are Boston Scientific Corporation, Fujifilm Corporation, Olympus Corporation, PENTAX Medical, Medtronic etc.

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