What is Colonoscopy and its Growing Industry Impacts
A colonoscopy is a medical examination that looks for changes in the large intestine (colon) and rectum, such as swollen, irritating tissues, polyps, or cancer. The global colonoscopy devices market was worth $1.37 billion in 2021 and will reach $2.14 billion by 2030 at a CAGR of 5.1% during the forecast period.
As per the National Library of Medicine and the National Institutes of Health, nearly 11 million colonoscopies, 6.1 million upper endoscopies, 313,000 flexible sigmoidoscopies, 178,400 upper endoscopic ultrasonography tests, and 169,500 endoscopic retrograde cholangiopancreatography procedures are performed in the United States each year.
Key industry drivers
The colonoscopy devices market is majorly driven by the factors such as the increasing incidence of colorectal cancer, increasing preference for minimally invasive techniques, and technological advancements.
Colorectal cancer is the second most leading cause of cancer in women after breast cancer, according to GLOBOCAN 2020 statistics. In 2020, there were around 865,630 female and 1,065,960 male colorectal cancer diagnoses.
Furthermore, factors such as impending pipeline candidate debuts, the appearance of more front-line medicines, and favorable government efforts are projected to fuel market expansion. Furthermore, the implementation of various strategies in the investigated market will enhance the market growth. For example, in July 2022, US Digestive Health (“USDH”), a network of top-rated gastrointestinal (GI) practitioners, revealed that the country’s largest installation of GI Genius intelligent endoscopy modules is now delivering patients AI-assisted colonoscopy exams.
Market restraints
Alternative therapies for rectal disease, as well as the risks associated with colonoscopy procedures, may limit demand for colonoscopy gadgets. Furthermore, the market expansion is anticipated to be limited by the risk involved in the procedure, a scarcity of skilled doctors, and unfavorable reimbursement systems.
Key opportunity
Annual colonoscopy treatments are projected to increase as the therapeutic capabilities of colonoscopy devices improve. In addition, as people become more aware of the risks of colon-related disorders, the global market for colonoscopy devices is expected to grow in the coming years.
Segmentation analysis
- On the basis of components, the colonoscopy devices market is segmented into visualization systems, colonoscopy, and others. The colonoscopy segment is anticipated to rule the colonoscopy devices market globally with a 4.97% CAGR during the projected time.
- In terms of application, the colonoscopy devices market is segmented into Crohn’s disease, colorectal cancer, lynch syndrome, ulcerative colitis, and others. Colorectal cancer has the biggest market share for colonoscopy instruments. Colorectal cancer develops from the colon’s inner wall and is the third largest cause of mortality in the United States. According to the World Health Organization, there were over 1.80 million colorectal cancer cases and over 862000 deaths globally in 2018.
- On the basis of end-user, the colonoscopy devices market is segmented into diagnostics centers, hospitals & ambulatory surgery centers, and others. Ambulatory surgery centers are expected to be the largest end-user category for the market due to the rising acceptance and growth in the number of colonoscopy operations. In addition, advantages, including cost savings, individualized care, and a clean environment, will probably spur demand for colonoscopy procedures in ambulatory surgery centers over the coming few years. As a result, the industry for the hospital segment is anticipated to develop at a compound annual growth rate (CAGR) of 4.13% and reach the US $1 billion by 2027.
Regional analysis
North America is predicted to have the biggest colonoscopy devices market. The increase in colon-related diseases, including colorectal cancer, is driving the growth of this market in North America. The United States currently controls the market for colonoscopy instruments, and this dominance is projected to last for a few more years. The high incidence of colorectal cancer in the nation, the rising treatment rates, and the elevated drug prices in comparison to other major regions are important factors contributing to the growth of this region’s market.
According to American Cancer Society 2022 updates, colorectal cancer is the third most prevalent cancer diagnosed in the United States, with an anticipated 106,180 new cases of colon cancer and 44,850 new instances of rectal cancer.
Major players
- Boston Scientific Corporation
- Medtronic Plc
- Getinge Group
- Avantis Medical Systems
- Fujifilm Holdings
- Olympus Corporation
- HOYA Group
- Other players
