Colonoscope Market: Global Industry Analysis and Forecast (2023 -2029) Trends, Statistics, Dynamics, Segmentation by Product Type, Technology Application, End User and Region

Colonoscope Market size was valued at USD 1.2 Bn in 2022 and the total Colonoscope revenue is expected to grow by 7.6 % from 2023 to 2029, reaching nearly USD 2.5 Bn.
Colonoscope Market Overview:
The Colonoscope market covers the scope of the market for colonoscope device. The colonoscope is an essential tool in the field of gastroenterology, particularly in conducting basic colonoscopic examinations. Unlike gastroscope, the colonoscope is longer and wider to aid in cases where cecal intubation is challenging due to the extensive stricture and curvature of the colon. It comes with various components such as the control section, instrument channel, shaft, tip, connection section, and line, with some models featuring a lever for variable stiffness. The colonoscope plays a vital role in colonoscopy procedures, offering higher diagnostic specificity and sensitivity than other types of examinations like stool occult blood tests, barium enemas, and computed tomography colonography. The colonoscope market has experienced significant growth due to the increasing demand for minimally invasive diagnostic procedures and the rising prevalence of gastrointestinal disorders, particularly colon cancer.

Major players in the industry are adopting strategies such as product launches, product approval, agreements, partnerships, and collaborations, which are positively impacting the colonoscope market growth. This demand for colonoscopes is not limited to developed countries, but developing countries such as China, Brazil, and India are also contributing to the growth of the colonoscope market.

The growth of the colonoscope industry is further driven by factors such as an increase in the number of diagnostic procedures and awareness of the benefits of colonoscopes for disease detection. Increased awareness of advanced device options also boosts the adoption of colonoscopy. Additionally, manufacturers' increased research activities for developing advanced diagnostic devices are expected to fuel their adoption in the near future. However, the risks associated with colonoscopy procedures in healthcare organizations are hampering the growth of the colonoscope market. Industry rivalry is expected to remain high as major players continue to focus on innovation and strategic partnerships to expand their market presence


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Colonoscope Market Dynamics:
Competitive Landscape:

The colonoscope market is a highly competitive industry with several global players competing for market share. These companies are striving to achieve clear differentiation in their colonoscopy systems based on their application, in order to meet the growing demand for high-quality imaging and operative capabilities. As a result, various customer groups are shifting towards optimized visualization systems that integrate colonoscope and camera. One example of this trend is the launch of the G-EYE 700 Series Colonoscope by FUJIFILM Medical Systems U.S.A., Inc. in April 2021. The G-EYE technology, developed by Smart Medical, helps with visualization, stabilization, and control during routine examinations. Clinical studies have shown that the G-EYE technology improves polyp detection when compared to standard colonoscopy, making it a popular choice for customers seeking better diagnostic capabilities, increasing the colonoscope market scope.

To extend their market reach, both new entrants and established Colonoscope Market players are opting for collaboration and acquisitions. In December 2022, Olympus Corporation announced its acquisition of Odin Vision, a cloud-AI endoscopy company based in London. Odin Vision has a strong portfolio of commercially available computer-aided detection/diagnostic (CAD) solutions and a deep innovation pipeline of cloud-enabled applications. The acquisition allows Olympus to create a paradigm shift in the way artificial intelligence is integrated into the endoscopy suite, supporting clinical procedures such as colonoscopy and esophagogastroduodenoscopy.
Colonoscope Market Drivers
Advancement in technology expected to drive the Colonoscope market growth during forecast period

In recent years, technological advancements have been a major driving force in the colonoscopy market. This has led to the development of innovative new products and techniques that offer improved diagnostic capabilities and patient outcomes. A major area of technological advancement in the colonoscopy market has been the development of high-definition imaging systems. These systems allow for better visualization of the colon and other areas of the gastrointestinal tract, improving the ability to detect and diagnose abnormalities such as polyps and tumors. The development of narrow-band imaging (NBI) technology has also been a major breakthrough in this area. NBI uses specific light wavelengths to enhance the contrast of tissues in the gastrointestinal tract, making it easier to identify suspicious areas, giving hue opportunity for the colonoscope market.

Another area of technological advancement in the colonoscopy market is the development of virtual colonoscopy or CT colonography. This technique uses advanced imaging technology to create a 3D model of the colon, allowing for detailed examination and diagnosis without the need for invasive procedures. While virtual colonoscopy is not yet as widely used as traditional colonoscopy, it has the potential to become an important tool in the future, influencing the colonoscope market growth during the forecast percoid. In addition to these imaging technologies, advances in endoscope design and instrumentation have also played a major role in the colonoscopy market. New devices such as the disposable colonoscope and the balloon-assisted colonoscope have been developed to improve patient comfort and increase the accuracy of the procedure.

Finally, the use of artificial intelligence (AI) in colonoscopy has become a major focus in the industry. AI algorithms can analyze large amounts of imaging data and help to identify abnormalities that might be missed by the human eye. This has the potential to greatly improve the accuracy and efficiency of colonoscopy procedures. Overall, the colonoscopy market is being driven by a wide range of technological advancements. These innovations are helping to improve the accuracy and effectiveness of colonoscopy procedures, and are likely to continue to be a major focus in the industry for years to come

Increasing Prevalence of Colorectal Cancer is Driving Colonoscope Market

The increasing prevalence of colorectal cancer is a major driver of the colonoscope market. Colorectal cancer is a serious disease that can be life-threatening if left untreated. It is estimated that over 1.9 million new cases of colorectal cancer were diagnosed worldwide in 2020, making it the third most commonly diagnosed cancer globally.

In the United States alone, it is estimated that over 104,000 new cases will be diagnosed in 2021. As the incidence of colorectal cancer continues to rise, there is a growing need for effective screening methods to detect and diagnose the disease early. Colonoscopy is one of the most effective screening methods for colorectal cancer. During a colonoscopy, a flexible tube with a camera on the end is inserted into the rectum to examine the colon and rectum for signs of abnormalities such as polyps or tumors. If a suspicious area is found, a tissue sample can be taken for further analysis.

Colonoscopy is a vital tool in the early detection and prevention of colorectal cancer. When polyps are detected early, they can be removed before they become cancerous, potentially saving the patient's life. In addition, colonoscopy can be used to diagnose colorectal cancer in its early stages, when it is more easily treatable. The increasing prevalence of colorectal cancer is driving demand for colonoscopy procedures, which in turn is driving growth in the colonoscope market. As more patients seek screening and diagnostic procedures, healthcare providers are investing in new technologies and equipment to meet the demand. This has led to the development of new colonoscopy systems with improved imaging capabilities, more advanced endoscopes, and innovative accessories and tools to aid in diagnosis and treatment.

In addition, the growing demand for minimally invasive procedures is also driving growth in the colonoscope market. Colonoscopy is a minimally invasive procedure that can be used to both diagnose and treat colorectal cancer, making it an attractive option for both patients and healthcare providers. Overall, the increasing prevalence of colorectal cancer is a major driver of the colonoscope market. As the demand for effective screening and diagnostic procedures continues to rise, the industry is expected to see continued growth in the coming years.
Colonoscope Market Segment Analysis:
Based on Product Type

The colonoscope market is segmented into three categories based on product type: Colonoscope, Visualization Systems, and Other Product Types. Among these, the colonoscope segment is expected to dominate the colonoscope market throughout the forecast period. Colonoscopy devices are primarily used to detect lesions in the proximal aspect of colonic folds by offering a retrograde view of the lumen or by straightening the haustral folds during withdrawal. This improves the quality indicators and other metrics associated with the examination's outcomes. The associated advantages of colonoscopy over other treatment alternatives, such as improved precision, accuracy, and treatment safety, are anticipated to increase the demand for colonoscopy devices in surgical centers.

Moreover, the alarming rise in the incidence of colorectal cancer is expected to boost the demand for colonoscopy devices over the forecast period. According to the World Health Organization, in 2020, colon and rectum cancer accounted for approximately 1.93 million cases and more than 916,000 deaths globally. As a result, the number of annual colonoscopy procedures is also likely to grow due to the expanding therapeutic capabilities of colonoscopy devices. Several companies are adopting various strategies to expand their presence in the colonoscope market. For instance, in April 2021, FUJIFILM launched the G-EYE 700 Series Colonoscope, a technology developed by Smart Medical to assist with visualization, stabilization, and control during routine examinations. The G-EYE technology has been shown to improve polyp detection compared to standard colonoscopy in published clinical studies.

Based on the Technology

he colonoscope market is segmented based on technology into three categories: instruments, accessories, and colonoscopy devices service. Among these segments, the Instruments segment is expected to dominate the colonoscope market throughout the forecast period. This is due to the increasing demand for colonoscopy procedures as a result of the rising incidence of colorectal cancer worldwide. Moreover, advancements in colonoscopy device technology, such as the development of high-definition imaging and visualization systems, have increased the accuracy and safety of colonoscopy procedures, driving the demand for these devices.

The Instruments segment is also expected to see significant growth in the coming years, driven by the increasing demand for specialized endoscopes and other tools used in advanced colonoscopy procedures. These tools are used to diagnose and treat a range of gastrointestinal disorders and are in high demand due to their effectiveness and safety. the Accessories segment is expected to grow at a steady pace over the forecast period, driven by the increasing demand for advanced imaging and visualization systems used in conjunction with colonoscopy devices. These systems are essential for accurate diagnosis and treatment, and their adoption is expected to continue to grow as healthcare providers seek to improve patient outcomes and reduce the risk of complications.

Based on the Application

The colonoscope market is segmented based on application, which includes colorectal cancer, ulcerative colitis, Crohn's disease, and others. Among these segments, the colorectal cancer segment held the highest revenue share in the colonoscope market in 2021.

The prevalence of colorectal cancer is increasing at an alarming rate and is one of the leading causes of cancer-related deaths globally. Age, family history, a sedentary lifestyle, consumption of alcohol, smoking, and unhealthy lifestyle behaviours are important contributors to the alarming increase in colorectal cancer cases. In both men and women, colorectal cancer is the third most prevalent cancer each year. Colonoscopy plays a crucial role in the early detection and treatment of colorectal cancer. It is a recommended screening method for individuals aged 50 years or older and for those with a family history of colorectal cancer. Furthermore, the adoption of colonoscopy procedures as a preventive measure is increasing due to the effectiveness of early detection and treatment of colorectal cancer. As a result, the colorectal cancer segment is expected to continue dominating the colonoscope market over the forecast period.

Based on the End User

By end user the colonoscope market is bifurcated into hospitals, ambulatory surgery centers, and others. Among these segments, the hospitals segment held the largest colonoscope market share in 2021, and it is expected to remain dominant throughout the forecast period. This is primarily due to the increase in the preference of adoption of colonoscope in hospitals, ease of accessibility of patients to hospitals, and the surge in the number of hospital admissions of patients.

On the other hand, the ambulatory surgery centers segment is expected to experience significant growth in the colonoscope market during the forecast period. This is because ambulatory surgery centers offer the advantage of maintaining a level of function and are less likely to provoke an immunological reaction. Additionally, the procedure is possible in these centers as they are equipped with the necessary colonoscopy equipment. Furthermore, ambulatory surgery facilities do not require an overnight stay for procedures, which contributes to their expansion
Colonoscope Market Regional Insights:
The colonoscope market is analyzed by region, including North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America emerged as the leading region and is predicted to maintain its dominance throughout the forecast period. This is due to the high incidence of chronic disorders such as colon cancer and ulcerative colitis, an increase in the number of market players, and a surge in the availability of colonoscope devices in the region. The American Cancer Society's 2022 report highlights that colorectal cancer is the third most common cancer diagnosed in the United States, with an estimated 106,180 new cases of colon cancer and 44,850 cases of rectal cancer anticipated to be diagnosed in 2022.

Age is one of the major risk factors for developing cancer, with most colorectal cancers occurring in people older than 50. The average age at the time of diagnosis for colon cancer in men is 68 years, and that for women is 72 years, while for rectal cancer, it is age 63 years for both men and women in the United States. The high incidence of colorectal cancer in North America will drive its diagnosis and treatment, thereby propelling the colonoscope market in the region.

On the other hand, Asia-Pacific is expected to witness the highest CAGR during the analysis period, owing to the presence of high-populous countries such as India and China, which increase the chances of suffering from various types of chronic and fatal conditions. The region is also witnessing an increasing number of strategies and trends adopted by the market players, including product development, product approval, partnership, collaboration, and agreement, which is expected to further fuel the growth of the colonoscope market in Asia-Pacific
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Colonoscope Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 1.2 Bn.


Forecast Period 2023 to 2029 CAGR:
7.5%
Market Size in 2029:
US $ 2.5Bn.


 Segments Covered:
by Product Type
Colonoscope
Visualization Systems
Other Product Types


by Technology
Instruments
Accessories
Colonoscopy
Devices Service


by Application
Colorectal Cancer
Lynch Syndrome
Ulcerative Colitis
Crohn's Disease
Other


by End User
Hospitals
Ambulatory Surgery Center
Other End User



Colonoscope Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Colonoscope Market Key Players
1. Stryker Corporation
2. Medtronic plc,
3. Pentax Medical,
4. Olympus Corporation,
5. Fujifilm Holdings,
6. Sonoscape Medical Corp.
7. Ambu A/S, Endofresh,
8. Boston Scientific Corporation,
9. Endomed Systems Avantis Group
10.HOYA Corporation
11.Getinge AB
12.SonoScape Medical Corp.
13.Endo Technologies
14.Smart Medical Systems Ltd (
15.GI-View (Israel)
16.STERIS (U.K.)
17.ESS, Inc.
18.Absolute Medical
19.Medical Recovery Company, Inc.
20.Pro Scope Systems
21.Endo Technologies
22.MedWrench, LLC

Frequently Asked Questions:

1] What segments are covered in the Global Colonoscope Market report?
Ans. The segments covered in the Colonoscope Market report are based on Product Type, Technology, Application, End Users and Region.

2] Which region is expected to hold the highest share in the Global Colonoscope Market?
Ans. The North America region is expected to hold the highest share of the Colonoscope Market.

3] What is the market size of the Colonoscope Market by 2029?
Ans. The market size of the Colonoscope Market by 2029 is expected to reach US$ 2.5 Bn.

4] What is the forecast period for the Global Colonoscope Market?
Ans. The forecast period for the Colonoscope Market is 2023-2029.

5] What was the market size of the Colonoscope Market in 2022?
Ans. The market size of the Colonoscope Market in 2022 was valued at USD 1.2 Bn.