Colonoscopy devices are the gold standard for colorectal cancer prevention. Worldwide colorectal cancer is the third most common cancer diagnosed in both men and women each year. According to the World Health Organization, in 2020, colorectal cancer accounts for around 1.93 Million incidences and more than 935,000 deaths globally. Further, colonoscopy devices are the endoscopic test of the distal part of the small bowel and the large bowel by fibre optic camera or a CCD camera on a flexible tube passed through the anus. It allows proper diagnosis and treatment without the need for a significant operation. As per Renub Research, Colonoscopy Devices Market is project to reach US$ 2,031.96 Million by 2027.
Factors Driving Colonoscopy Devices Demand Globally
The vital factors driving the market growth include the expanding preference for minimally invasive techniques, the growing prevalence of colorectal cancer, and technological advancements. Upcoming launches of promising pipeline applicants, the emergence of more front-line therapies, and favorable government initiatives are likely to fuel market expansion.
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Visualization System is estimated to be the Fastest-growing Segment
Based on product, colonoscopy devices are segmented into Visualization systems, Colonoscope and others. Visualization system is estimated to be the fastest-growing segment due to increasing preference for HD visualization systems. It is popular among medical professionals, as they help in the diagnosis & treatment of complex diseases such as Colorectal cancer, Lynch syndrome, Ulcerative colitis, and others. Moreover, colonoscope devices are utilized to identify lesions in the proximal aspect of colonic folds either by giving a retrograde view of the lumen or straightening the haustral folds during withdrawal.
Hospitals Emerged as the Largest End-User Segment
Besides, hospitals are the primary health system globally. The number of colorectal surgeries undertaken at hospitals is comparatively higher than the other health systems, such as clinics, ambulatory surgical centers (ASCs) or others. Therefore, the demand for colonoscopy devices in hospitals is comparatively higher than that in other end-use segments.
Global Colonoscopy Devices Market Size was US$ 1,271.95 Million in 2020
The United States has the most comprehensive market for colonoscopy devices in North America; the increase in treatment rates, rising healthcare expenditure, and well-established healthcare infrastructure fuel the demand for colonoscopy devices. In addition, high incidence of colorectal cancer is to be the leading cause of cancer deaths in the United States; as per the National Center for Health Statistics, in 2020, 147,950 individuals diagnosed with CRC and 53,200 has died from the disease, including 17,930 cases and 3,640 deaths in individuals aged younger than 50 years.
Impact of COVID-19 on Colonoscopy Devices Industry
COVID-19 pandemic had a direct impact on the colonoscopy healthcare market. Colonoscopy, the mainstay for the diagnosis & management of colorectal cancer, has come under pressure due to COVID-19 in the year 2020. All non-urgent procedures have been either rescheduled or replaced by alternative biomarkers. This was the main reason for the decline of the market for colonoscopy devices in the year 2020. But in 2021, the market has rebounded with double percentage growth.
Colonoscopy Devices Industry is likely to grow with a CAGR of 6.92% during 2020-2027
The colonoscopy devices industry is moderately competitive and consists of several global players such as Boston Scientific Corporation, Medtronic, Steris Plc, Olympus and Hoya. Mergers & acquisitions, high investments in R&D, and new product developments or modifications are among the key strategies players adopt to gain a competitive edge.
Renub Research latest report “Colonoscopy Devices Market By Product (Visualization system, Colonoscope and Others), Application (Colorectal cancer, Lynch syndrome, Ulcerative colitis and other), End User (Hospitals, Clinic, Ambulatory surgery center and others), Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa), Company Analysis (Boston Scientific Corporation, Medtronic, Steris Plc, Olympus and Hoya)” provides comprehensive details about Colonoscopy Devices Industry.
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Product – Market breakup from 3 viewpoints
1. Visualization system
2. Colonoscope
3. Others
Application – Market breakup from 4 viewpoints
1. Colorectal cancer
2. Lynch syndrome
3. Ulcerative colitis
4. Other
End User - Market breakup from 4 viewpoints
1. Hospitals
2. Clinic
3. Ambulatory surgery center
4. Others
Region - Market breakup from 5 viewpoints
1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East & Africa
All companies have been covered into 3 viewpoints
• Overviews
• Recent Developments
• Revenues
Company Analysis
1. Boston Scientific Corporation
2. Medtronic
3. Steris Plc
4. Olympus
5. Hoya
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