Global Colonoscopy Devices Market Analysis
The global colonoscopy devices market is expected to grow significantly, with a projected value of nearly USD 2.84 billion by 2032. The market's compound annual growth rate (CAGR) from 2024 to 2032 is estimated at 5.13%. In 2023, the market was valued at approximately USD 1.81 billion, as reported by Renub Research.
Colonoscopy is a medical procedure that involves examining the interior of the large intestine (colon) using a long, flexible tube called a colonoscope. This procedure is critical in diagnosing and treating gastrointestinal diseases, including inflammatory bowel disease and colon cancer. Early detection of precancerous polyps during a colonoscopy can help prevent colorectal cancer, particularly for middle-aged and elderly individuals. As the World Health Organization (WHO) highlights, most colon cancer cases occur in individuals aged 50 and above.
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Global Colonoscopy Devices Industry Trends
Increasing Incidence of Colorectal Cancer
Colorectal cancer is a leading cause of cancer-related deaths globally. With over 1.9 million new cases and more than 930,000 deaths recorded in 2020, the demand for colonoscopy devices is expected to rise. By 2040, the number of new cases is projected to increase by 63%, and deaths by 73%. Colonoscopies play a crucial role in detecting and treating colorectal cancer in its early stages, thus driving the growth of the market.
Growing Preference for Minimally Invasive Techniques
Minimally invasive surgical techniques, such as laparoscopic colon surgeries, are gaining preference due to their reduced recovery time and better patient outcomes. Over 80% of colon and rectal resections are now performed using minimally invasive methods, a trend that is further boosting the global demand for colonoscopy devices.
Focus on Early Detection
Regular screenings, including colonoscopies, are crucial for detecting precancerous polyps before they develop into cancer. Early detection significantly increases the chances of successful treatment, with a five-year survival rate of over 90% for early-stage cancers. This emphasis on early detection is contributing to the market's growth, with initiatives like the CDC’s "Screen for Life" campaign encouraging regular screenings.
Technological Advancements
Advancements in colonoscopy technology are enhancing the effectiveness of the procedure. Innovations such as the next-generation EVIS X1TM endoscopy system, which was launched in October 2023 by Olympus Corporation, are expected to drive further market expansion. These technological improvements are making colonoscopy procedures more efficient, accurate, and less invasive.
United States Colonoscopy Devices Market
The United States leads the global colonoscopy devices market, driven by its advanced healthcare infrastructure and large patient base. In 2023, approximately 153,020 people were expected to be diagnosed with colorectal cancer in the U.S., with 52,550 deaths. Favorable reimbursement policies, stringent FDA regulations, and continuous technological advancements further strengthen the market's growth in the country.
Global Colonoscopy Devices Company News
Several key players dominate the global market, including Boston Scientific Corporation, Fujifilm Holdings Corporation, Hoya Corporation, Medtronic plc, Olympus Corporation, and Stryker Corporation. Noteworthy developments in the market include:
- March 2024: Endostart received FDA 510(k) clearance for its colonoscopy device, Endorail, which optimizes prolonged gastrointestinal procedures.
- January 2024: AnX Robotica obtained FDA de novo clearance for its AI-assisted endoscopy tool, NaviCam ProScan.
- July 2023: The FDA approved MAGENTIQ-COLO™, an AI system designed for real-time gastrointestinal lesion detection.
- August 2022: Medtronic introduced the GI Genius intelligent endoscopy module, a cutting-edge polyp detection system powered by AI.
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Global Colonoscopy Devices Market
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Market Segmentation
By Product:
- Colonoscope
- Visualization System
- Other Products
By Application:
- Colorectal Cancer
- Ulcerative Colitis
- Crohn’s Disease
- Other Applications
By End-User:
- Hospitals
- Clinics & Ambulatory Surgical Centers
- Other End-Users
By Country:
The market is segmented by regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Key countries covered include the United States, Canada, Germany, France, the UK, China, Japan, India, Brazil, and Saudi Arabia, among others.
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