Colonoscope Market : Market Insights By Colonoscopes Type, Doses, Applications, Regions, Leading – 2030
The colonoscope market size is experiencing significant expansion due to technological advancements and rising incidence rate of colorectal cancer. According to a detailed research analysis provided by Maximize Market Research, the market in 2022 was worth just under $1.2 billion and is expected to grow to around $2.5 billion by 2029, with a CAGR of 7.6% between 2022 and 2029.
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Market Estimation, Drivers of the Growth, and Opportunities
Due to increasing incidence of colorectal cancer which is an important factor driving the growth of global colonoscope market. With approximately 153,020 new diagnoses in the US in 2023, effective diagnostic tools, such as colonoscopes, are a critical need.
Technological improvements have also had a key role in resulted in the development of the market. The evolution of the high-definition imaging systems and narrow-band imaging (NBI) technology has enriched the ability to visualize the gastrointestinal tract; as a result, the picturing and identification of abnormalities such as polyps and tumors have also improved. The incorporation of AI in colonoscopy procedures also helps in interpreting massive amounts of imaging data, and in finding abnormalities, where the human eyes might miss it, thus improving the accuracy and efficiency of the procedures.
Top U.S. Market Trends and Investments for 2024
Key Trends and Investments in Colonoscope Market in United States, 2024 According to the American Cancer Society, colorectal cancer now ranks as the nation’s fourth leading cause of cancer deaths, and more people under 50 are being diagnosed with the disease. In the year 2024, nearly 106 590 new instances of colorectal carcinoma had been forecasted to be reported which increases the demand for colonoscopy examination (3). Alveda King and the U.S. Preventive Services Task Force This prompted the U.S. As a result, ambulatory; surgery clinics, providing gastrointestinal screening tests, have come up, which in turn is driving the colonoscope market.
Market Segmentation: Market Size by Segments
The colonoscope market is divided based on product type, technology, application, end-user and region. Video colonoscopy devices dominate the video colonoscope market share primarily due to superior image quality and higher diagnostic capabilities. Unlike fiber optic devices, video colonoscopes use a small video camera at the tip to provide a much clearer and magnified view of the colon lining and are therefore the preferred option among practitioners.
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Competitive Landscape: Companies Leading the Way
The global colonoscope market is marked by the presence of a number of key players of significant importance. These are the top five companies with the biggest shares of the market:
Olympus Corporation : As a pioneer in the industry, Olympus is known for its innovative endoscopic technologies. Olympus has announced the acquisition of Odin Vision, a cloud-AI endoscopy company located in London, in December 2022. With this acquisition, Olympus will incorporate artificial intelligence into the endoscopy suite, to assist in the clinical procedure of colonoscopic and esophagogastroduodenoscopy processes.
FUJIFILM Holdings Corporation: FUJIFILM entered into the colonoscope market due to the high demand for colonoscopes. The company has launched the G-EYE 700 Series Colonoscope in April 2021 which has shown significant promise at the international industry. Smart Medical’s G-EYE helps visualization and detecting abnormalities during the colonoscopy.
Medtronic—In December 2023, Medtronic expanded its partnership with Cosmos Pharmaceutical on endoscopy artificial intelligence in a $200 million deal. The partnership is focused on accelerating the detection of colorectal cancer and other GI diseases more quickly.
Boston Scientific Corporation: If there were still only the old stand-by tools available, Boston Scientific has been working to develop innovative devices to promote better results and efficiency during procedures, from colonoscopes to colon resection, this company has been actively working with some of the top tech heading into 2023.
KARL STORZ SE & Co KG: With its long history of endoscopic equipment and constant investment in research and development, KARL STORZ continues to be a major contributor to colonoscope offerings.
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Regional Analysis
North America constitutes the highest share of colonoscope market geographically owing to increasing incidences of colorectal and stable healthcare system with wider availability of colonoscopy devices and skilled personnel. In March 2023, the American Cancer Society released a study showing that ∼153,020 people were diagnosed with colorectal cancer [1], emphasizing the significance of a practical diagnostic tool.
Geographically, Asia pacific will be a fastest growing market becauseof rising number of countries investing in healthcareto enhance hospital accessibility, safety and efficacy with technological advancements. As an example of the growing interest in the space, in December 2022, Bharti Airtel and Apollo Hospitals, in collaboration with HealthNet Global, Amazon Web Services (AWS), and Avesha, performed the first batch of AI-driven colonoscopy 5G trials. Additionally, the rising prevalence of colorectal cancer in the younger population is projected to drive the uptake of colonoscopy in hospitals. According to a 2023 study by the Delhi State Cancer Institute, the trend of colorectal cancer is changing, with incidence moving away from the population aged more than 50 years to the 31-40 year age group. The rising incidences of intestine related ailments will create a great demand of thick gut evaluation, thus, driving market expansion over the forthcoming years.
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