Global Colonoscopes Market: Current Analysis and Forecast (2022-2028)

Global Colonoscopes Market: Current Analysis and Forecast (2022-2028)

A colonoscopy is a procedure in which a doctor uses a colonoscope or scope, to look inside your rectum and colon. A colonoscopy can show irritated and swollen tissue, ulcers, polyps, and cancer. Colonoscopes are the instruments through which medical professionals perform colonoscopies. The rising prevalence of colorectal cancer and increasing demand for minimally invasive procedures contribute to colonoscopes' market growth. For instance, as per the American Society of Cancer, in 2020, 43,340 cases of rectal cancer were diagnosed in the US. Furthermore, the continuous advancements in colonoscopy devices and the increasing integration of advanced diagnostic systems in healthcare facilities contribute to the market growth of colonoscopes.

The Colonoscopes Market is expected to grow at a steady rate of around 5% owing to the increasing demand for advanced colonoscopes to modernize diagnostics and the frequent product launch by the major market players. For instance, in October 2019, Medtronic launched the GI Genius intelligent endoscopy module. The GI Genius module uses artificial intelligence to detect colorectal polyps, providing physicians with a powerful new solution in the fight against colorectal cancer.

• Based on the product, the market has been categorized into fiber optic colonoscopy devices and video colonoscopy devices. Among them, the fiber optic colonoscopy devices segment holds a dominant share of the market. Fiber optic colonoscopes are made-up of various optical fibers that are flexible in nature and give access to channels that the normal instrument cannot reach. These are the several factors responsible for the growth of the segment.
• Based on the application, the market has been categorized into colorectal cancer, lynch syndrome, ulcerative colitis, Crohn’s disease, polyps, and others. Among them, the colorectal segment holds a dominant share of the market. The rising number of colon and rectal cancer in the elderly population is attributed to the growth of the colorectal segment in the colonoscopes market. For instance, as per the American Society of Cancer, an estimated 104,610 new cases of colon cancer were reported in 2020 and the majority of colorectal cancer are in adults ages 50 and older, 17,930 (12%) will be diagnosed in individuals younger than age 50.
• Based on the end-user, the market has been categorized into hospitals & clinics, ambulatory surgical centers, and others. Among them, the hospitals & clinics category is to witness higher adoption of colonoscopes during the forecast period. This is mainly due to the rising number of emergency admissions in hospitals and the growing number of surgeries performed each year has contributed to the segmental growth of hospitals & clinics.
• For a better understanding of the market adoption of the colonoscopes industry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. In 2020, North America hold a dominant share of the market. This is mainly due to the presence of well-established market players in the region and frequent product launches in the category attributes to the market growth of colonoscopes in the region. For instance, in October 2020, Olympus announced the clearance and market availability of two colonoscopes, the PCF-H190T and the PCF-HQ190. The products provide an extension to the existing capabilities for physicians to diagnose and treat disorders of the gastrointestinal tract.
• Some of the major players operating in the market are Olympus Corporation; Stryker; ABSOLUTE MEDICAL SERVICES; Medical Recovery Company, Inc; PENTAX Medical; Pro Scope Systems; Endo Technologies; SonoScape Medical Corp; Boston Scientific Corporation; and KARL STORZ.