Global Colonoscopy Market 2022-2028

Global Colonoscopy Market 2022-2028

The global colonoscopy devices market was valued at around $XX billion in 202121 and is anticipated to reach nearly $XX billion in 2028 growing at a CAGR of 5.4% during the forecast period. Major factors that are augmenting the market growth include the rising prevalence of intestinal disorders such as colorectal cancer, gastrointestinal bleeding, ulcerative colitis, and other inflammatory bowel diseases across the globe. As per the World Cancer Research Federation (WCRF) Colorectal cancer is the third most commonly prevalent cancer in men and the second most commonly occurring cancer in women. There were 1.8 million total new cases of colorectal cancer in 2021. Along with the trend of smoking and unhealthy eating habits are increasing among the people which is a major risk for the development of various inflammatory bowel diseases (IBD) such as Crohn’s disease and ulcerative colitis. Smoking increases the risk of developing Crohn’s disease. The increasing prevalence of IBD results in the need for research for the diagnosis of IBD and innovations in healthcare systems.

Based on end-user, the colonoscopy devices market is classified into hospitals, clinics, and others. The hospitals segment led the global colonoscopy devices and is anticipated to grow at a CAGR of 4.8% during the forecast period.

Geographically, the report analyzes the global market into North America, Europe, Asia-Pacific, and Rest of the World. North America dominated the market in 2021 and is further estimated to follow the same trend over the forecast period. Rising prevalence and incidence of IBD and cancer coupled with high diagnosis rates of colorectal cancer across the region is the major driving factor for the market. The World Health Organization (WHO) has stated that the incidence of colorectal cancer is around 93,898 in men and 85,873 in women, and around 33,752men and 30,369 women have mortality from colorectal cancer in 2021.

The global colonoscopy devices market is characterized by the presence of several market players that are developing and providing colonoscopy devices to cater to a wide range of industries across the globe. Some of the key manufacturers of the market include Boston Scientific Corp., Fujifilm Holdings Corp., Hoya Corp., Karl Storz SE & Co. KG, Olympus Corp., Medtronic PLC, and many others. These players adopt various strategies to capitalize on market growth opportunities. Mergers and acquisitions, product launch, geographical expansion, and partnerships and collaborations are some of the strategies that are majorly adopted. For instance,

In May 2021, FUJIFILM Medical Systems U.S.A., Inc. announced to build a new “smart” manufacturing facility in the site of FUJIFILM Techno Products Co., Ltd. which is one of the company’s production bases for endoscopy products. The new manufacturing facility employs AI and IoT technologies for achieving significant high production efficiency. The facility will be manufacturing endoscopes compatible with the company’s endoscopy systems such as ELUXEO and LASEREO, which use two distinct light wavelengths for observation to support the detection of minute lesions.