PUBLISHER: The Business Research Company | PRODUCT CODE: 1409309
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409309
“Colonoscopes Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on colonoscopes market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for colonoscopes? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The colonoscopes market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A colonoscope is a slender, tube-such as medical instrument equipped with a light and camera used for the examination of the colon and rectum. Its primary purpose is to detect and diagnose conditions such as bowel cancer, colon polyps, and other gastrointestinal issues. It aids in investigating symptoms such as blood in stool, unexplained diarrhea, and abdominal discomfort.
The two main categories of colonoscopes are fiber optic colonoscopy devices and video colonoscopy devices. Fiber optic colonoscopy involves a minimally invasive examination of the large intestine to screen for colon cancer and assess lower bowel conditions. These devices employ various technologies, including specialized instruments, accessories, and services tailored for applications such as colorectal cancer diagnosis, lynch syndrome detection, and management of gastrointestinal conditions such as ulcerative colitis, Crohn's disease, and polyp identification. These tools are utilized across various healthcare facilities including hospitals, clinics, ambulatory surgery centers, and other medical institutions.
The colonoscopes market research report is one of a series of new reports from The Business Research Company that provides colonoscopes market statistics, including colonoscopes industry global market size, regional shares, competitors with a colonoscopes market share, detailed colonoscopes market segments, market trends and opportunities, and any further data you may need to thrive in the colonoscopes industry. This colonoscopes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The colonoscopes market size has grown strongly in recent years. It will grow from $1.8 billion in 2023 to $1.93 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The historic growth in the use of colonoscopes can be attributed to several factors including a rise in colorectal diseases incidence, the aging population leading to higher healthcare needs, improvements in healthcare infrastructure, the implementation of preventive screening programs, favorable reimbursement policies, and increased patient education and awareness regarding gastrointestinal health. These elements collectively contributed to the increased utilization of colonoscopes for diagnostic and screening purposes during this period.
The colonoscopes market size is expected to see strong growth in the next few years. It will grow to $2.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. In the forecast period, the growth in colonoscopy utilization is anticipated due to the integration of artificial intelligence, a worldwide surge in colorectal cancer cases, the adoption of telemedicine and remote monitoring, personalized medicine strategies, and supportive regulatory measures with standardized practices. Anticipated trends during this period encompass technological advancements, the development of smaller and portable devices, the increasing incidence of colorectal diseases, a shift towards disposable colonoscopes, the introduction of telemedicine services for remote colonoscopy, and the evolution of regulatory frameworks. These factors collectively contribute to the expected rise in the use and enhancements of colonoscopy procedures.
The anticipated increase in the prevalence of colorectal cancer is poised to drive the growth of the colonoscopes market. Colorectal cancer, characterized by uncontrolled cell growth in the colon or rectum, is commonly screened using colonoscopes. These medical instruments aid in the detection of tumors, ulcers, polyps, and other abnormalities through a flexible, illuminated tube equipped with a viewing lens and tissue-removing tools. In May 2022, the American Society of Clinical Oncology (ASCO) reported that colorectal cancer affected 1,880,725 individuals in 2020, with 151,030 new diagnoses in 2022 and 52,580 associated deaths. The increasing prevalence of colorectal cancer is expected to sustain and elevate the demand for colonoscopes, driving the growth of the market.
The expanding size of the aging population is anticipated to further support the growth of the colonoscopes market. The aging population, comprising individuals aged 60 and above, is more susceptible to conditions such as colon cancer. Given the critical role of colonoscopes in examining the colon and identifying abnormalities, their utilization is expected to increase in response to the healthcare needs of this demographic. According to the World Health Organization, by 2030, 1 out of 6 people globally will be aged 60 or above, and the population of older individuals is projected to more than double, reaching 2.1 billion by 2050. The growing aging population is a significant factor positively influencing the colonoscopes market during the forecast period.
Product innovation emerges as a key trend gaining traction in the colonoscopes market. Major companies in this sector are actively engaged in developing innovative solutions to enhance their market position. In November 2021, Fujifilm Holdings Corporation, a Japan-based company in the colonoscopes market, launched ColoAssist PRO, an endoscope visualization system. This product is designed to assist healthcare professionals in efficiently and accurately maneuvering the colonoscope inside the patient. Unique features include the use of electromagnetic coils, integration within the transceiver dish, and a user-friendly interface. The system also incorporates a color gradation function to facilitate continued procedures, potentially reducing discomfort for the patient. Product innovation remains a crucial driver for the growth of the colonoscopes market.
Major players in the colonoscopes market are actively investing in the development of artificial intelligence (AI)-based colonoscopy devices as part of their strategic initiatives to strengthen their market positions. An AI-based colonoscopy device represents an advanced medical instrument that incorporates artificial intelligence algorithms to enhance the accuracy and efficiency of colon examinations, particularly in detecting abnormalities and potential signs of colorectal diseases. In April 2021, Medtronic, an American medical device company, launched the GI Genius intelligent endoscopy module, an innovative computer-aided polyp detection system powered by artificial intelligence (AI). This module is designed to assist clinicians in identifying colorectal polyps during colonoscopy by providing increased visibility, thereby enhancing the diagnostic process.
In April 2022, Laborie Medical Technologies Inc., a prominent Canada-based medical equipment company, acquired GI Supply Inc. for an undisclosed amount. Through this strategic acquisition, Laborie Medical Technologies Corp. aims to offer cutting-edge technologies that support the preservation and restoration of human dignity, improving lives by providing clinical customers and patients with appropriate solutions for their needs. GI Supply Inc., a US-based medical equipment manufacturing company, specializes in providing specialty endoscopy and paracentesis products for gastroenterologists and colorectal surgeons. This acquisition is expected to contribute to the advancement of technologies in the field, further enhancing the capabilities and offerings in the colonoscopes market. The development of AI-based colonoscopy devices and strategic acquisitions underscore the commitment of major companies to advancements in technology and innovation in the healthcare sector.
Major companies operating in the colonoscopes market report are Fujifilm Holdings Corporation, Karl Storz SE & Co. KG, Olympus Corporation, Endomed Systems GmbH, Boston Scientific Corporation, Avantis Group, Hoya Corporation, SonoScape Medical Corporation, PENTAX Medical, Getinge AB, Consist Medical, Endo Technologies, Ambu A/S, Huger Medical Instrument Co. Ltd., InMotion Medical Inc., Steris Corporation, ESS Medical Inc., Absolute Medical Inc., Medical Recovery Company Inc., Pro Scope Systems, MedWrench LLC, EndoChoice Holdings Inc., Medtronic plc, Stryker Corporation, Flexicare Medical Limited, Shenzhen Sonoscape Medical Systems Co. Ltd., SMART Medical Systems Ltd., Gadelius Medical K.K., Richard Wolf GmbH, LocaMed Limited, Renishaw plc .
North America was the largest region in the colonoscopes market in 2023. The regions covered in the colonoscopes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the colonoscopes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The colonoscopes market consists of sales of screening colonoscopes, diagnostic colonoscopes, and virtual colonoscopes. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.