The Global Colonoscope Market size is expected to reach $1.7 billion by 2028, rising at a market growth of 6.8% CAGR during the forecast period.
The colonoscopy is the primary instrument used in basic colonoscopy. In circumstances where cecal intubation is problematic due to significant colonic stricture and curvature, this instrument has a longer length and diameter than a gastroscope. It includes a control section, an instrument channel with forceps, snare, injector, and clip device, a shaft to be introduced into the patient, the tip, a connecting section, and the line.
Certain variants additionally include a lever for varying stiffness. Colonoscopy requires the use of a colonoscope. It provides superior diagnostic specificity and sensitivity compared to barium enema, stool occult blood test, and computed tomography colonography. Colonoscopy permits accurate diagnosis and treatment without the need for invasive surgery. The increasing incidence of colorectal cancer is a major factor behind expanding the colonoscope market.
Moreover, as the therapeutic capacities of colonoscopes increase, the number of colonoscopy procedures is anticipated to skyrocket. The market for colonoscope is driven by the increasing inclination for minimally invasive treatments, technological advancements, and the prevalence of colorectal cancer. However, it is uncertain what causes colorectal cancer. Increased treatment rates, a high prevalence of colon cancer globally, and elevated drug expenses relative to other major regions are significant contributors to its predominance.
The utilization and amount of colonoscopy procedures performed at these facilities contributed to expanding the colonoscope market. Many instruments that enhance visibility angles, such as colonoscopes, short-run radius optics, colonoscopes, gastrointestinal devices with multiple lenses, and various auxiliary devices, contribute to market growth.
During the pandemic, elective surgical procedures were temporarily halted. Furthermore, to limit the danger of COVID-19 transmission, colonoscopy centers have postponed and canceled elective and semi-urgent patients. Hence, these variables indicate that the colonoscope market experienced a moderately negative influence during the pandemic. However, due to widespread vaccination, the colonoscope industry has accelerated. In addition, several organizations have made concerted attempts to encourage cancer screening through awareness campaigns over the past few months, which is anticipated to increase future market demand.
The adoption of HD colonoscopes and upgrades in imaging techniques for excellent visibility of subtle lesions and small polyps are among the most significant technological developments in the colonoscopy. HD has increased the number of pixels on the video display, allowing for greater detail and a superior image for the spectator. Modern colonoscopy systems are able to create high-resolution, HD colonoscopes with an angle of view of 170 degrees, providing brighter images, higher resolution, and a field of vision 30 degrees broader than standard colonoscopy instruments. In light of all these factors, the colonoscope market is predicted to expand throughout the forecast period.
The colonoscopy is a screening procedure that requires only a tiny portion of tissue removal and can detect any early signs of cancer, preventing it from progressing to a more dangerous stage. Colonoscopies are diagnostic procedures that include inspecting the lining of the large intestine by inserting a tiny camera into the rectum of the patient. The process takes only a short amount of time and is completely painless, and it has the potential to save the patient's life. As a direct consequence of this, the market for colonoscope is expected to expand during the time of the projection.
Post-polypectomy electrocoagulation syndrome is an extremely unusual complication involving bowel damage. It might lead to stomach discomfort and fever. Due to the increased likelihood of underlying health concerns, colonoscopies provide a larger risk of complications for patients over 75. In addition, older patients may have a more difficult time preparing for the operation. It may result in dehydration or electrolyte imbalance. These complications may discourage patients from undergoing these operations, consequently hindering the growth of the colonoscope market.
Based on application, the colonoscope market is segmented into colorectal cancer, ulcerative colitis, crohns disease and others. In 2021, the colorectal cancer segment held the highest revenue share in the colonoscope market. Age, family history, a sedentary lifestyle, consumption of alcohol, smoking, and unhealthy lifestyle behaviors 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. This increased incidence of colorectal cancer is anticipated to expand the market.
By end user, the colonoscope market is bifurcated into hospitals, ambulatory surgery centers and others. The ambulatory surgery centers segment recorded a remarkable revenue share in the colonoscope market in 2021. While ambulatory surgery centers offer to maintain a level of function and are less likely to provoke an immunological reaction, their market share is projected to expand. The procedure is possible there because ambulatory surgery centers are equipped with the necessary colonoscopy equipment. In addition, ambulatory surgery facilities do not require an overnight stay for procedures, contributing to their expansion.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 1.1 Billion |
| Market size forecast in 2028 | USD 1.7 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 6.8% from 2022 to 2028 |
| Number of Pages | 165 |
| Number of Table | 273 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Application, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Australia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the colonoscope market is analyzed across North America, Europe, Asia Pacific and LAMEA. The North America region led the colonoscope market by generating maximum revenue share in 2021. This is due to the high frequency of chronic diseases such as colon cancer & ulcerative colitis, the increasing number of market participants, and the rise in the variety of available devices in the region. In addition, the increase in research & development activities in the region contributes to expanding the market.
Free Valuable Insights: Global Colonoscope Market size to reach USD 1.7 Billion by 2028
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Medtronic PLC is the forerunner in the Colonoscope Market. Companies such as Stryker Corporation, Fujifilm Holdings Corporation, Olympus Corporation are some of the key innovators in Colonoscope Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Medtronic PLC, Stryker Corporation, Olympus Corporation, Fujifilm Holdings Corporation, Ambu A/S, Boston Scientific Corporation, SonoScape Medical Corp., Daichuan Medical (Shenzhen) Co., Ltd. (EndoFresh), and EndoMed Systems GmbH.
By Application
By End User
By Geography
The global Colonoscope Market size is expected to reach $1.7 billion by 2028.
Growing preference for minimally invasive procedures are driving the market in coming years, however, High risks involved during the colonoscopy procedures restraints the growth of the market.
Medtronic PLC, Stryker Corporation, Olympus Corporation, Fujifilm Holdings Corporation, Ambu A/S, Boston Scientific Corporation, SonoScape Medical Corp., Daichuan Medical (Shenzhen) Co., Ltd. (EndoFresh), and EndoMed Systems GmbH.
The Hospitals segment is leading the Global Colonoscope Market by End User in 2021 thereby, achieving a market value of $936.4 Million by 2028.
The North America market dominated the Global Colonoscope Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $671.6 Million by 2028.
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