Colonoscopy Devices Market

Colonoscopy Devices Market Size (2023 to 2028)

As per our analysis report, the global colonoscopy devices market is expected to reach USD 2.75 billion by 2028 from USD 2.14 billion in 2023, growing at a compound annual growth rate (CAGR) of 5.08% during the forecast period.

Colonoscopy devices, as the name suggests, are used in the treatment of colonoscopy, where a long and flexible tube is inserted through the rectum to study the large intestine for any chronic ailments.

MARKET DRIVERS:

The rising cases of colorectal diseases across the globe are acting as a primary factor driving the global colonoscopy devices market. In addition, the worldwide surge in the elderly population and the increased awareness related to the early detection of cancerous diseases are also driving the demand in this market. Also, the changing lifestyle due to the rise in consumers' purchasing power, coupled with the increasing government spending on advanced healthcare infrastructure, is supporting the colonoscopy devices market.

In recent years, technological developments have modernized the medical sector, resulting in several non-invasive and minimally invasive procedures for various disease treatments. This spike in non-invasive procedures has encouraged more customers towards the colonoscopy process and increased the usage of devices like in endoscopes, balloon dilation catheters, endoscopic retrograde cholangiopancreatography, and Hoya in medical solutions. The trend of globalization and the easy availability of the internet have encouraged more users to use these devices, promoting the demand in the colonoscopy devices market. Moreover, the increased insurance coverage, supportive government regulations and intense competition among the manufacturers are further estimated to create lucrative growth potential for the colonoscopy devices market in the forecast period.

MARKET RESTRAINTS:

The major constraint to the market for colonoscopy devices is the high costs associated with these treatments in some of the cost-concerned healthcare societies. Also, there is still a huge gap in terms of patient awareness about the advantages of colonoscopy treatment for the early identification of chronic ailments in the large intestine, which is negatively affecting the business in a few developing or underdeveloped nations. In addition, even in some of the developed nations, people are uncomfortable to undergo the treatment due to the nature of the process that involves passing the tube through the anal section. Another significant factor limiting the acceptance of colonoscopy devices in the market is the availability of cost-effective alternative processes and the unavailability of certified professionals in the field. Besides, some less experienced healthcare service providers are offering low-quality services that are resulting in severe side effects and negative impressions among patients towards the processes. Moreover, the strict government requirements related to the safety of the procedures and long approval times are limiting some of the new companies from entering the market. However, with the new advances in technology and rising digitization across the world, more understanding about these treatments is predicted to increase among patients, boosting the global colonoscopy devices market.

Impact of COVID-19 on the Colonoscopy Devices Market:

The COVID-19 pandemic had a huge negative impact on the global colonoscopy devices market. The lockdown restrictions resulted in supply chain disruptions, leading to the delayed production and transportation of the devices used in colonoscopy. The shutdown of several clinics and healthcare facilities limited the footfall of patients and led to the postponement or cancellation of already scheduled treatments. Also, the concerns related to the spread of the virus through physical contact have forced many patients to avoid colonoscopy procedures. In addition, the temporary closure of companies led to the halt of research and development activities and a pause in the approval of several new products. Also, the switch in focus of people and government towards the control of the spread of the pandemic impacted the market for colonoscopy devices. Besides, there was a huge bottleneck due to the postponement of colonoscopy treatments during COVID-19, which is increasing the waiting time for new patients. On the other hand, with the ease of lockdown conditions and spike in health consciousness among individuals, the market is likely to be positive in the long run for the use of colonoscopy devices.

REPORT COVERAGE:

This research report on the colonoscopy devices market has been segmented and sub-segmented based on the product, application, end-user, and region.

Colonoscopy Devices Market – By Product:

• Colonoscope
• Visualization System
• Other Devices

The colonoscope products are foreseen to register the highest growth rate in this market during the forecast period. The worldwide spike in the number of colorectal cancer cases is primarily attributed to the demand for colonoscopy products.

Similarly, visualization systems are also anticipated to witness huge demand in this period because of the improving technological developments in healthcare settings. The use of these systems in the identification of rectum, anus and bowel cancers, along with the increasing investment from the end users to adopt innovative systems to control the mortality rate of those cancers, is supposed to create immense opportunities for the visualization systems in the predicted timeframe.

Colonoscopy Devices Market – By Application:

• Colorectal Cancer
• Crohn’s Disease
• Lynch Syndrome
• Ulcerative Colitis
• Others

Colorectal cancer applications account for the dominant share in the global colonoscopy devices market as this cancer is among the top five cancers with high death cases across the globe. The growing awareness among patients for the early detection of chronic diseases is likely to boost demand for these applications in the future. Similarly, the blooming medical investments to offer more safety and convenience to patients will create more scope for the applications of Lynch syndrome, ulcerative colitis, Crohn’s disease and others.

Colonoscopy Devices Market – By End User:

• Hospitals & Clinics
• Diagnostic Centers
• Ambulatory Surgical Centers

The hospitals and clinics segment accounts for a significant share of this market and is anticipated to continue its dominance over the foreseen period. Technological advancements have led to improved medical devices that can support painless and effective treatments, which is creating a positive outlook for hospitals and clinics. In addition, the flourishing number of diagnostic centers is expected to increase their market in the global colonoscopy devices market over the same period.

Colonoscopy Devices Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

North America recorded the dominant share in the global colonoscopy devices market. The USA and Canada are the leading areas in this region. The USA accounted for the majority portion of North America due to the increasing cases of colorectal cancer and elderly demographics. In addition, the adoption of non-invasive treatments and the presence of some of the key players are holding the market position for this region. The growth in the adoption of new technologies and funding for innovative medical treatments are predicted to support the business growth of colonoscopy devices in this area.

The Asia Pacific is anticipated to witness the highest growth rate in this market over the forecast period due to the increasing population and awareness about the benefits of colonoscopy treatments in nations like China, Japan, India and Australia. The growth in elderly people, coupled with affordable treatment options, is promoting the market in this area. Japan is expected to propel with the highest growth in the Asia Pacific owing to the advances in healthcare technologies and the use of innovative medical devices in non-surgical treatments. China and India are funding heavily advanced technologies, which will create more opportunities for the market players in the future.

Europe is also a notable market for colonoscopy devices because of the availability of advanced treatments and insurance coverage offered by the government. Germany in Europe is anticipated to register a considerable growth rate in this sector in the coming years.

Latin America is an emerging region in the global colonoscopy devices market with an increasing preference for early cancer detection procedures in nations like Brazil, Mexico and Argentina. The improving economic conditions and the spike in colorectal cancer patients are likely to push business developments in this region.

The Middle East and Africa region holds a very small portion of this market due to the strict government and religious restrictions. However, the increasing digitization and awareness about healthy non-invasive treatments are estimated to create new opportunities for the companies in this locale.

KEY MARKET PLAYERS:

Fujifilm Corporation, Medtronic, Olympus Corporation, Boston Scientific Corporation, Pentax Medical, Avantis Medical Systems, HOYA Group, EndoMed Systems, Getinge AB, Karl Storz SE & Co. KG, ANA-MED, and GI-View.

RECENT MARKET HAPPENINGS:

• In November 2023, Guardant Health, Inc., a key player in precision oncology, introduced Shield, which is a screening test for the identification of colorectal cancer using the patient's blood. The company developed this test in partnership with Samsung Medical Center.
• In October 2023, a leading medical technology enterprise, Olympus Corporation, introduced its new EVIS X1 endoscopy system in the USA. This new system provides improved screening results in terms of identifying lesions and polyps, along with enriched lighting and colors in dark areas.
• In July 2023, Magnetiq Eye Ltd, an Israel-based medical devices start-up, received the USA Food Drug and Administration’s approval for the launch of its artificial intelligence-based colonoscopy device MAGENTIQ-COLO. This new device will be crucial in the identification of spikes in adenoma detection rate and lesions in real time.