Colonoscopes Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Fiber Optic Colonoscopy Devices, Video Colonoscopy Devices); Application (Colorectal Cancer, Lynch Syndrome, Ulcerative Colitis, Crohn's Disease, Polyp); End User (Hospitals, Ambulatory Surgery Center, Others), and Geography
Publication Month: Sep 2021 | Report Code: TIPRE00020478 | No. of Pages: 169 | Category: Medical Device | Status: Published
The colonoscopes market is projected to reach US$ 2,005.32 million by 2028 from US$ 1,467.66 million in 2021; it is estimated to grow at a CAGR of 4.6% from 2021 to 2028.
Colonoscopes are used for the removal of foreign bodies, excision of tumors or colorectal polyps (polypectomy), and control of hemorrhage. Routine colonoscopy is important in diagnosing intestinal cancer, which is the second-leading cause of cancer-related death cases in the US. These endoscopic procedures reduce the need for invasive surgical diagnostic and therapeutic procedures. Factors such as increase in the prevalence of colorectal cancer, continuous technological advancements in colonoscopy devices to extend their applications in therapeutic areas, and development of robotic colonoscopes boost the growth of the colonoscopes market. However, the availability of alternative diagnostic tests for rectal diseases hampers the growth of the colonoscopes market.
Lucrative Regions for Colonoscopes Market
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Market Insights
Increasing Prevalence of Colorectal Cancer Bolsters Colonoscopes Market Growth
Colorectal cancer is a malignant tumor that develops in the tissues of colon or rectum. Colon and rectal cancer are often grouped due to common features of both conditions. Colorectal cancer is the third most common cancer type (excluding skin cancer) diagnosed every year in the US. In 2021, 149,500 adults are estimated to be diagnosed with colorectal cancer in the country. These numbers include 104,270 new cases of colon cancer (52,590 men and 51,680 women) and 45,230 new cases of rectal cancer (26,930 men and 18,300 women). The incidence of this cancer type has been rising in young people since the mid-1990s. During 2012–2016, the incidence rose by 2% in adults below 50 and 1% in adults of age 50–64, annually. Among men and women of age 30–39 in the US, colorectal cancer is estimated to be the fourth most diagnosed cancer. It is estimated to cause 52,980 deaths (28,520 men and 24,460 women) in 2021. Furthermore, it is the second leading cause of cancer death in the country, among men and women combined, while it stands as the third leading cause of cancer death when men and women are considered separately. As per the data provided by European Cancer Information System, in EU-27 countries, colorectal cancer accounted for 12.7% of all new cancer diagnoses and 12.4% of total mortalities caused by the disease in 2020. Such a high prevalence makes it the second most frequently occurring cancer, after breast cancer, and the second leading cause of death, after lung cancer. Further, in India, although the prevalence of colorectal cancer is lower than that in western countries, it stands seventh among the leading causes of mortality. As per the recent data provided by Globacan India 2018, over 27,000 new cases were registered in 2019, with the death of ~20,000 patients; the number of patients living with this condition is estimated to be more than 50,000.
Surgery is the most common treatment for all stages of colon cancer. In ideal situations, where the cancer is diagnosed in early stages, doctors can remove the tumor via surgical procedures. A colonoscopy is an important screening test for colorectal cancer, and it has become a part of routine cancer screening. The annual count of adults getting screened for cancer surged by 3.3 million in the US during 2014–2016, which is considered a prime factor associated with a 30% decrease in colon cancer mortality rate in people older than 50 in the past decade. In its updated screening guidelines released in 2018, the American Cancer Society quoted colonoscopies as the gold standard for detecting cancers and precancerous polyps in the colon. In addition, studies suggest that colonoscopy can help reduce CRC incidence by ~40% and mortality by ~50%, which indicates a promising future for the global colonoscopy devices market growth.
Product Type-Based Insights
Based on product type, the colonoscopes market is further segmented into fiber optic colonoscopy devices and video colonoscopy devices. The fiber optic colonoscopy devices segment would hold a larger market share in 2021 and is expected to register a higher CAGR during the forecast period.
Colonoscopes Market, by Product Type – 2021 and 2028
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Application-Based Insights
Based on end user, the colonoscopes market is segmented into colorectal cancer, lynch syndrome, ulcerative colitis, Crohn's disease, and polyp. The colorectal cancer segment would hold the largest market share of 45.32% in 2021, and it is expected to retain its dominance during the forecast period.
End User-Based Insights
Based on end user, the colonoscopes market is segmented into hospitals, ambulatory surgery centers, and others. The hospitals segment would hold the largest market share in 2021, whereas the market for the ambulatory surgery centers segment is expected to grow at a CAGR of 28.39% during the forecast period.
Strategic Insights
Various companies operating in the colonoscopes market are adopting strategies such as product launches, mergers and acquisitions, collaborations, product innovations, and product portfolio expansions to expand their footprint worldwide, maintain brand name, and meet the growing demand from end users.
Colonoscopes Market – by Product Type
- Fiber Optic Colonoscopy Devices
- Video Colonoscopy Devices
Colonoscopes Market – by Application
- Colorectal Cancer
- Lynch Syndrome
- Ulcerative Colitis
- Crohn's Disease
- Polyp
Colonoscopes Market – by End User
- Hospitals
- Ambulatory Surgery Center
- Others
Colonoscopes Market – by Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
- South & Central America (SCAM)
- Brazil
- Argentina
- Rest of South and Central America
Company Profiles
- Fujifilm Corporation
- Olympus Corporation
- KARL STORZ SE & Co. KG
- EndoMed Systems
- PENTAX Medical
- Consis Medical
- GI-View
- Boston Scientific Corporation
- Ambu A/S
- SonoScape Medical Corp
Frequently Asked Questions
The List of Companies - Colonoscopes Market
- Fujifilm Corporation
- Olympus Corporation
- KARL STORZ SE & Co. KG
- EndoMed Systems
- PENTAX Medical
- Consis Medical
- GI-View
- Boston Scientific Corporation
- Ambu A/S
- SonoScape Medical Corp
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the colonoscopes market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global colonoscopes market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
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