Global Colonoscopy Devices Market Overview
The global colonoscopy devices market, valued at USD 1.81 billion in 2023, is projected to reach USD 2.84 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 5.13% from 2024 to 2032.
A colonoscopy is a medical procedure used to examine the large intestine (colon) to diagnose gastrointestinal diseases such as inflammatory bowel disease and colon cancer, and it can also be used to treat or prevent colon cancers by removing polyps. Colonoscopies are recommended for middle-aged and older adults to screen for colon cancer. The procedure uses a long, flexible tube with a light and camera to explore the colon through the rectum, allowing healthcare professionals to detect and address early signs of cancer.
Key Trends in the Global Colonoscopy Devices Market
Rising Incidence of Colorectal Cancer
Colorectal cancer, affecting the colon or rectum, is one of the most common cancers worldwide. Colonoscopy is a key screening method for early detection of colorectal cancer, contributing to the growth of the colonoscopy devices market. According to the World Health Organization, colon cancer is the second leading cause of cancer-related deaths globally, with over 1.9 million new cases and 930,000 deaths in 2020. By 2040, this burden is expected to grow to 3.2 million new cases and 1.6 million deaths annually.
Growing Preference for Minimally Invasive Techniques
Minimally invasive techniques are becoming more popular in treating colon and rectal conditions. Laparoscopic colon surgery, which uses small incisions and advanced equipment, is a significant development in this area. The National Institutes of Health (NIH) reports that over 80% of respondents indicated a preference for minimally invasive approaches, contributing to the demand for colonoscopy devices.
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Emphasis on Early Detection
Regular colonoscopy screenings can detect precancerous polyps before they turn cancerous, significantly reducing the risk of colorectal cancer. Early detection improves the success rate of treatment, with a five-year survival rate of over 90% if diagnosed at Stage 0 or Stage 1. Initiatives like the CDC’s Screen for Life campaign promote routine colorectal cancer screening, further driving the demand for colonoscopy devices.
Technological Advancements
Innovations in colonoscopy technology contribute to the market’s growth. For example, Olympus Corporation’s next-generation EVIS X1TM endoscopy system, introduced in 2023, enhances the precision and effectiveness of colonoscopy procedures. This continued focus on technological advancement is expected to boost the colonoscopy devices market.
United States Dominates the Colonoscopy Devices Market
The United States leads the global colonoscopy devices market due to its advanced healthcare infrastructure, large patient population, and technological innovations. The National Institutes of Health estimates that 153,020 people will be diagnosed with colorectal cancer in 2023, with 52,550 deaths. The U.S. offers favorable reimbursement policies and insurance coverage, encouraging widespread adoption of colonoscopy procedures. Stringent FDA oversight ensures safety and effectiveness, fostering confidence in these devices. Academic and research institutions drive continuous development in colonoscopy technology, further strengthening the United States’ leadership in this market.
Global Colonoscopy Devices Company News
Leading companies in the colonoscopy devices market include Boston Scientific Corporation, Fujifilm Holdings Corporation, Hoya Corporation, Medtronic plc, Olympus Corporation, Stryker Corporation, Steris Corp., Merit Medical Systems Inc., and Getinge AB.
- March 2024: Endostart, an Italian medical device company, secured FDA 510(k) clearance for its colonoscopy device, Endorail, designed to streamline prolonged gastrointestinal procedures.
- January 2024: AnX Robotica, a U.S.-based manufacturing company, obtained de novo clearance from the FDA for its AI-assisted endoscopy tool, NaviCam ProScan.
- July 2023: The FDA approved the marketing of MAGENTIQ-COLO™, an AI-powered system designed to detect gastrointestinal lesions in real-time during colonoscopy procedures.
- August 2022: India Medtronic Private Limited introduced the GI Genius intelligent endoscopy module, a computer-aided polyp detection system powered by artificial intelligence.
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