A colonoscopy is a technique that enables your doctor to examine the whole interior of your colon (large intestine). Colonoscopy equipment comprises a long, flexible, and thin tube with a light, camera, and tools attached to one end. These tools can be used to remove polyps, which can then be studied under a microscope to see whether an infection is present. Numerous tools have been designed to improve visualization angles, such as endoscopes, short-run radius colonoscopes, colonoscopy devices with multiple lenses, and various accessory devices.
The market for colonoscopy devices in 2021 was USD 1.37 billion and will reach USD 2.14 billion by 2030 at a 5.1% CAGR.
The growing patient population with intestinal disorders is fostering the growth of the market for colonoscopy instruments. Another factor anticipated to assist market growth is the rising demand from medical professionals for sophisticated colonoscopy instruments to examine/track anomalies in the large intestine and supply efficient medicine that helps to eradicate the issues.
Market Dynamics
Drivers
The prevalence of colorectal cancer is likely to rise, and improvements in colonoscopy technology will propel market growth for colonoscopy accessories. The increasing number of patients with intestinal disorders is the main factor driving the global market for colonoscopy equipment. Rectal cancer, colon cancer, and GI bleeding-related illnesses are all seeing an increase in fatalities, which is raising public awareness and advancing diagnostic techniques. The primary reason driving the growth of the global market for colonoscopy devices is the rising incidence of colorectal cancer.
Restraints
The global colonoscopy device market’s growth is constrained by the risks connected with the gadgets, their high cost, and consumers’ lack of understanding. A major factor restricting the global colonoscopy device market is the requirement for a professional with adequate understanding and abilities to handle colonoscopy equipment. The market’s expansion is constrained by a lack of doctors skilled in colonoscopy procedures and unfavorable reimbursement practices.
Opportunities
The number of annual colonoscopies is anticipated to increase as a result of the improved therapeutic capabilities of colonoscopy tools. Furthermore, the market for colonoscopy equipment will grow in the next years as people become more aware of the effects of colon-related issues.
Market Segmentation
- On the basis of product, the market for colonoscopy devices is segmented into visualization systems, colonoscopes, and others. Because HD visualization systems are becoming increasingly popular, the market will grow at the quickest rate. Because they aid in detecting and treating complex disorders such as colorectal cancer, Lynch syndrome, ulcerative colitis, and others, it is well-liked among medical professionals. By providing a retrograde view of the lumen or straightening the haustral folds during withdrawal, colonoscope devices are also used to detect lesions in the proximal portion of colonic folds.
- By application, colorectal cancer has the biggest market share for colonoscopy equipment. The third most common cancer-related death in the US is colorectal cancer, which develops on the inner wall of the colon. The World Health Organization estimates more than 1.80 million colorectal cancer cases and more than 86 2000 fatalities globally in 2018.
- Hospitals and outpatient surgery centers will experience the largest CAGR growth among end users. The global colonoscopy device market’s hospital segment is expanding quickly as a result of the rise in private hospitals and patients. Due to the rise in rectum surgeries, improvements in colonoscopy technology, trained staff, high-quality facilities, and equipment, more patients are choosing hospitals for their surgical procedures.
Regional Insights
North America is the biggest regional market for colonoscopy devices market. The most extensive colonoscopy device market in North America is in the United States, where rising treatment rates, rising healthcare costs, and a well-developed healthcare infrastructure are driving demand for these products. Additionally, colorectal cancer is expected to have a high incidence and be the most common cancer to cause death in the United States. As per the National Center for Health Statistics, 53,200 people died from the disease in 2020, including 17,930 cases and 3,640 deaths in people under the age of 50.
Key Players in the colonoscopy devices market
- Olympus Corporation
- KARL STORZ
- Medtronic
- Fujifilm Holdings
- Endomed Systems
- Avantis Medical Systems
- NA-MED
- Boston Scientific
- HOYA Group
- Getinge Group
The market for colonoscopy devices in 2021 was USD 1.37 billion and will reach USD 2.14 billion by 2030 at a 5.1% CAGR. The market for colonoscopy devices is expanding as a result of increased focus on creating technologically superior goods and an increase in colonoscopy device production. Additionally, a technologically advanced healthcare system and an increase in rectal disease cases drive market demand.