Colonoscopy Devices Market Market Trends Insights 2024-2032
Global Colonoscopy Devices Market Analysis
The global colonoscopy devices market is expected to reach a value of approximately US$ 2.84 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.13% from 2024 to 2032. In 2023, the market was valued at US$ 1.81 billion, according to Renub Research.
A colonoscopy is a medical procedure that examines the inside of the colon to diagnose conditions such as inflammatory bowel disease and colon cancer. It involves the use of a flexible tube called a colonoscope, which is inserted through the rectum to the colon. The procedure is crucial for detecting early signs of cancer, particularly colorectal cancer, which predominantly affects individuals aged 50 and above. It allows healthcare providers to detect and remove polyps before they turn cancerous, significantly reducing the risk of cancer development.
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Key Trends Driving the Global Colonoscopy Devices Market
- Increasing Incidence of Colorectal Cancer
Colorectal cancer is one of the most common cancers worldwide and a leading cause of cancer-related deaths. In 2020, more than 1.9 million new cases and over 930,000 deaths from colorectal cancer were reported globally. With the expected rise in cases to 3.2 million by 2040, the demand for colonoscopy devices is anticipated to grow, as colonoscopies play a vital role in early cancer detection and prevention.
- Growing Preference for Minimally Invasive Techniques
The shift toward minimally invasive techniques in colon and rectal surgeries is fostering the growth of the colonoscopy devices market. Laparoscopic techniques, which use small incisions and a camera to perform surgery, are increasingly favored due to their reduced recovery times and improved outcomes. This trend is expanding the use of colonoscopy devices and boosting the market.
- Emphasis on Early Detection
Regular screening for colorectal cancer through colonoscopy can help detect precancerous polyps before they develop into cancer, significantly improving survival rates. Early-stage detection of colorectal cancer offers a 5-year survival rate of over 90%. Awareness campaigns and public health initiatives supporting regular screenings are contributing to the growth of the colonoscopy devices market.
- Technological Advancements
Ongoing technological innovations are transforming the field of colonoscopy. New systems, such as Olympus Corporation’s next-generation EVIS X1TM endoscopy system, are enhancing the efficiency and accuracy of colonoscopies. These advancements are contributing to the growing demand for more sophisticated and effective colonoscopy devices.
Regional Market Insights: United States
The United States holds a dominant position in the global colonoscopy devices market, driven by its advanced healthcare infrastructure, high incidence of colorectal cancer, and strong adoption of innovative technologies. In 2023, the National Institutes of Health reported an estimated 153,020 new cases of colorectal cancer in the U.S. With favorable reimbursement policies and stringent FDA regulations ensuring safety and effectiveness, the U.S. market is expected to continue to lead in the global colonoscopy devices sector.
Leading Companies in the Global Colonoscopy Devices Market
The global colonoscopy devices market is highly competitive, with key players such as:
- Boston Scientific Corporation
- Fujifilm Holdings Corporation
- Hoya Corporation
- Medtronic plc
- Olympus Corporation
- Stryker Corporation
- Steris Corp.
- Merit Medical Systems Inc.
- Getinge AB
Recent Developments
- March 2024: Endostart, an Italian medical device company, received FDA 510(k) clearance for its Endorail device, designed to optimize prolonged gastrointestinal procedures.
- January 2024: AnX Robotica’s AI-assisted endoscopy tool, NaviCam ProScan, received de novo clearance from the FDA.
- July 2023: The FDA approved the MAGENTIQ-COLO™ AI gastrointestinal lesion detection system, enhancing real-time detection during colonoscopy procedures.
Market Segmentation
By Product Type:
- Colonoscope
- Visualization System
- Others
By Application:
- Colorectal Cancer
- Ulcerative Colitis
- Crohn’s Disease
- Others
By End-User:
- Hospitals
- Clinics & Ambulatory Surgical Centers
- Others
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Global Market Breakdown by Region:
- North America
- United States
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
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