COLONOSCOPY DEVICES MARKET ANALYSIS

The global colonoscopy devices market was valued at US$ 2,375.9 Mn in 2022 and is forecast to reach a value of US$ 3,575.0 Mn by 2030 at a CAGR of 5.2% between 2023 and 2030. The global colonoscopy devices market is experiencing strong growth due to the growing burden of colorectal cancer and rising number of colonoscopy procedures around the world. Moreover, high demand for colonoscopy devices and high demand for novel, technologically advanced devices is expected to boost the market growth. However, factors such as risk associated with colonoscopy procedures and availability of alternative screening options are expected to hamper the market growth.

Global Colonoscopy Devices Market: Regional Insights

Based on geography, the global colonoscopy devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the increasing prevalence of intestinal disorders, increasing incidence of colorectal cancer, and increasing demand for colonoscopy devices in the region. For instance, colonoscopy is widely used for diagnosis and treatment of colon disorders. Colorectal cancer is a most common cancer diagnosed in both men and women in the U.S. According to the American Cancer Society, 1 in 23 men and 1 in 24 women will develop this cancer at some point in their lives. Over 106,970 new cases of colon cancer and 46,050 new cases of rectal cancer will be diagnosed in 2023.

Europe is also expected to witness robust growth in the global colonoscopy devices market owing to the increasing prevalence of intestinal disorders, such as colorectal cancer, increasing demand for colonoscopy devices, and increasing awareness among people about colonoscopy in the region. For instance, according to the World Health Organization (WHO), in Europe, colorectal cancer is considered the second-most common cause of cancer mortality in men and women. It is the second-most common form of cancer in women, after breast cancer, and the third-most common in men, after lung and prostate cancers, driving the market growth.

Figure 1. Global Colonoscopy Devices Market Share (%), by Region, 2023

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Global Colonoscopy Devices Market Drivers:

Growing burden of colorectal cancer to propel market growth

One of the key factors expected to augment the growth of the global colonoscopy devices market during the forecast period is the increasing prevalence of colorectal cancer around the world. Such a high burden of colorectal cancer leads to an increasing demand for colonoscopy devices, driving the market growth. Colorectal cancer is the second most common cause of cancer death in the U.S. According to the American Cancer Society, in 2023, around 153,020 individuals will be diagnosed with colorectal cancer and around 52,550 will die from the disease, including around 19,550 cases and 3750 deaths in individuals younger than 50 years.

Rising number of colonoscopy procedures to drive market growth

Another factor which is driving the growth of the global colonoscopy devices market is the rising number of colonoscopy procedures around the world. For instance, colonoscopy is an examination of the inside of the large intestine, which includes colon, rectum and anus. It helps doctors detect abnormalities in the bowel, including signs of colorectal cancer. Thus, with the increasing number of colonoscopy procedures, the demand for colonoscopy devices is also increasing rapidly. As per the National Institutes of Health, every year, around 15 million colonoscopies are performed in the U.S. and it's estimated to lower the overall risk of colorectal cancer death by around 60%.  

Global Colonoscopy Devices Market Opportunities:

Increasing demand for colonoscopy devices is expected to provide significant growth opportunities for players in the global colonoscopy devices market. For instance, with the increasing prevalence of colonoscopy procedures, the demand for colonoscopy devices is also increasing rapidly. In April 2021, Medtronic announced that the U.S. Food and Drug Administration (FDA) granted de novo clearance for GI Genius intelligent endoscopy module in the United States. The GI Genius module, compatible with any colonoscope video, provides physicians with a powerful new solution in the fight against colorectal cancer. This in turn is driving the market growth.

Rising demand for novel, technologically advanced devices is expected to offer significant growth opportunities for players in the global colonoscopy devices market. For instance, in August 2022, India Medtronic launched the GI Genius intelligent endoscopy module, innovative computer-aided polyps detection system powered by artificial intelligence (AI). The module uses advanced AI to highlight suspicious polyps of various sizes, shapes, and morphologies with the visual marker in real-time. It serves as the gastroenterologists’ ever-vigilant second observer, with a sensitivity rate per lesion of 99.7% and less than 1 per cent of false positives.

Global Colonoscopy Devices Market Trends:

Rise in focus on disease diagnosis is a recent trend

Several hospitals across the globe have started using advanced technologies, such as AI and 5G, with colonoscopy to drastically improve the quality of diagnosis of various cancers. For example, in December 2022, Apollo Hospitals and Bharti Airtel carried out India’s first ever AI-guided and 5G-driven colonoscopy trials. The trials were conducted in collaboration with tech firms, such as Avesha, HealthNet Global, and Amazon Web Services to improve the speed and accuracy in the detection of colon cancer. This trend is expected to continue over the forecast period.

Introduction of novel drugs is another trend

With the growing number of colonoscopy procedures, the demand for colonoscopy devices is also increasing rapidly. As a result, players in the market are focusing on developing/launching novel devices in the market. In September 2021, Fujifilm India launched a new software version of “CAD EYE”, a function which supports real time detection of colonic polyps during colonoscopy using AI technology; essential for colon polyp detection and characterization. This trend is also expected to continue over the forecast period, driving the market growth.

Global Colonoscopy Devices Market Restraints:

Risk associated with colonoscopy to hinder market growth

One of the key factors expected to hamper growth of the global colonoscopy devices market is the risk associated with colonoscopy procedures. Colonoscopy is used to determine and/or diagnose the abnormalities in the intestine. A long flexible tube is inserted in rectum to examine the bleeding in the intestine. Although, it is one of the widely used methods in developed regions, it possesses several risks such as adverse reaction to sedative, tear to the colon, and bleeding post examination. However, the potential for risk with colonoscopy is minimal, and thus, the impact of this factor is likely to remain low during the forecast period.

Availability of alternative options to hamper the growth of the market

Another factor hampering the growth of the global colonoscopy devices market is the availability of alternative screening options. Regular colon cancer screening leads to early detection, making the disease easier to treat. Screening also enables healthcare provider to find and/or remove any growths before they become cancerous. A colonoscopy is a standard screening tool or method for colon cancer, but there are other screening methods too. Other screening methods, such as virtual colonoscopy, sigmoidoscopy, stool DNA test, fecal occult blood test, and fecal immunochemical test, are also used to screen colon cancer.

Figure 2. Global Colonoscopy Devices Market Share (%), by Component, 2023

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Global Colonoscopy Devices Market Segmentation:

The global colonoscopy devices market report is segmented into Component, End User, and Region.

Based on Component, the market is segmented into Colonoscope, Visualization Systems, and Others. Out of which, Colonoscope Segment is expected to dominate the colonoscopy devices market over the forecast period and this is attributed to the increasing number of colorectal cancer.

Visualization Systems Segment is also expected to witness significant growth in the near future and this is owing to the increasing number of colonoscopy procedures across the world.

Based on End User, the market is segmented into Hospitals and Ambulatory Surgery Centers, Diagnostic Centers, and Clinics. Of which, Hospitals & Ambulatory Surgery Centers Segment is expected to dominate the market over the forecast period and this is attributed to the increasing awareness among people about colonoscopy and rise in focus on disease diagnosis.

Diagnostic Centers Segment is also expected to witness significant growth in the near future and this is owing to increasing number diagnostic centres worldwide.

Global Colonoscopy Devices Market: Key Developments

In March 2023, NVIDIA and Medtronic collaborated to accelerate the development of AI in the healthcare system and bring new AI-based solutions into patient care. The companies will integrate NVIDIA healthcare and edge AI technologies into Medtronic’s GI Genius intelligent endoscopy module, developed and manufactured by Cosmo Pharmaceuticals. GI Genius is the FDA-cleared, AI-assisted colonoscopy tool to help physicians detect polyps that can lead to colorectal cancer.

In April 2022, SMART Medical Systems Ltd. announced an additional FDA clearance for its G-EYE Colonoscope, based on Olympus' 510(k) cleared PCF colonoscope series. The G-EYE is now available for use in the U.S. market on the commonly used colonoscope models of all three leading endoscopy brands; OLYMPUS, FUJIFILM, and PENTAX Medical.

Global Colonoscopy Devices Market: Key Companies Insights

The global colonoscopy devices market is highly competitive. This is attributed to the increasing demand for colonoscopy devices across the world, as a result, players in the market are focusing on developing and launching novel products in the market.

Some of the key players in the global colonoscopy devices market are Karl Storz SE & Co. KG, Olympus Corporation, Endo Med Systems GmbH, HOYA Corporation, Getinge AB, Avantis Medical Systems, Boston Scientific Corporation, and FUJIFILM Holdings Corporation.

*Definition: Colonoscopy is the endoscopic examination of the large bowel and the distal part of the small bowel with a camera or a fiber optic camera on a flexible tube passed through the anus. It is a medical test to help find potential problems, such as colorectal cancer or polyps.