Colonoscopy Devices Market is Estimated to Witness High Growth Owing to Rising Prevalence of Colorectal Cancer

 

Colonoscopy Devices Market

The global Colonoscopy Devices Market is estimated to be valued at US$ 2,500.4 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Colonoscopy devices are used to examine the interior lining of colon and rectum for detecting functional and structural abnormalities. These devices enable minimally invasive diagnosis of colonic disorders and diseases. Advancements in colonoscopy devices allows improved visualization, targeted biopsies and minimally invasive treatment options.

 

Market key trends:

Rising preference for non-invasive diagnostic procedures is one of the key trends witnessed in the colonoscopy devices market. Video capsule endoscopy (VCE) is a non-invasive procedure that uses a tiny video camera within an ingestible capsule to examine the inner lining of the small intestine or colon. VCE causes no pain or discomfort to the patient and offers high diagnostic accuracy for various conditions such as Crohn's disease, obscure gastrointestinal bleeding and small bowel tumors. The increasing adoption of VCE over traditional colonoscopy owing to its non-invasive nature is fueling market growth.

Segment Analysis:

Colonoscopy Devices Market

The global colonoscopy devices market is segmented based on product, end user, and geography. By product, the market is categorized into video colonoscopes, fiber optic colonoscopes, and others. Among these, the video colonoscopes segment dominated the market in 2022 owing to the technological advancements in colonoscopy cameras that have led to improved visualization during the procedures. The fiber optic colonoscopes segment is expected to exhibit steady growth over the forecast period owing to their lower cost as compared to video colonoscopes.

 

Key Takeaways:

The Global Colonoscopy Devices Market Share is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing geriatric population and rising cases of colorectal cancer.

Regional analysis:

North America dominated the global colonoscopy devices market in 2022 and is projected to retain its dominance during the forecast period. This is attributed to rising awareness regarding early disease diagnosis and treatment and favorable reimbursement policies in the region. Asia Pacific is expected to witness the fastest growth over the forecast period owing to increasing healthcare spending and rising medical tourism in China and India.

 

Key players:

Key players operating in the 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, among others. The market is highly consolidated with the top three players accounting for over 60% of the global market share. These players are focusing on new product launches and increasing their geographic presence through acquisitions and partnerships with other regional players. For instance, in 2021, Boston Scientific Corporation acquired Lumenis, a medical device company focused on surgical, ophthalmic and aesthetic applications to strengthen its product portfolio.

Read more

https://www.dailyprbulletin.com/colonoscopy-devices-market-size-share-growth-outlook-2023/