The market size of the Global Colonoscopy Market in the year 2021 is valued at 3.65 billion and is predicted to reach 5.31 billion by the year 2030 at an 4.43% CAGR during the forecast period.
Colonoscopy, often known as coloscopy, is an operational exploration of the vast intestinal and the proximal part of the small bowel using a CCD camera on a flexible tube passing via the anus. Colonoscopy enables accurate diagnosis and therapy without the need for a major procedure. The rising prevalence of colorectal cancer is a significant factor driving the growth of the global colonoscopy device market. Furthermore, the number of colonoscopy treatments is predicted to skyrocket as colonoscope therapeutic capabilities improve. The growing preference for minimally invasive procedures, technical improvements, and the rising frequency of colorectal cancer are driving the colonoscopy device market. Colorectal cancer's causes are unknown.
The increased usage and quantity of colonoscopy procedures conducted at these centers led to the rise of the global colonoscopy device market. Various instruments created to improve visibility angles, such as short-run radius optics, colonoscopes, gastroenterology devices with multiple lenses, and various accessory devices, are significant contributors to market expansion. Innovative procedures and devices have been developed in recent years to overcome the hurdles of colon surgery. Technological advances have improved colonoscopy instruments and accessories linked to colonoscopes during treatment.
The colonoscopy market is segmented on the product, applications and end-use. Based on product, the market is divided into Colonoscope (Flexible Non-Video (Fibre) Colonoscopes and Flexible Video Colonoscopes), Visualization Systems, and Others. Based on applications, the colonoscopy market is segmented into colorectal cancer lynch syndrome, ulcerative colitis, crohn's disease, polyps or colorectal cancer, and others. Based on end-use, the colonoscopy market is segmented into clinics, hospitals, ambulatory surgery centers and others.
Based on product, the Colonoscope segment is a significant contributor to the colonoscopy market.
The colonoscope visualization system segment is anticipated to hold a significant market share. The colonoscope visualization system is used to identify cancer in the anus, rectum, and small intestine. Virtual colonoscopy is a less invasive technique to screen for internal organ cancer (colon disease). Screening CT colonography is another name for virtual colonoscopy. Virtual colonoscopy uses a CT output to provide several cross-sectional images of your stomach organs. The images are stitched together and carefully regulated to provide a distinct perspective within the colon and rectum. Visualization systems are utilized in operating rooms during surgical procedures. It enables specialists to see more clearly, resulting in superior results. Visualization technologies reduce reflections and increase the usable difference proportion, which improves body awareness during medical treatments. All these causes contribute to the expansion of the market.
The hospital segment witnessed growth at a rapid rate.
Hospitals grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the expected time. The hospital segment is fast expanding in the global colonoscopy device market, owing to the number of private hospitals and patients. People prefer hospitals for operations because of the increasing number of rectum surgeries and technological advancements in colonoscopy, as well as qualified staff, good equipment, and adequate facilities. This will drive the growth of the global colonoscopy device market throughout the forecast period. The number of colorectal procedures performed in hospitals is higher than in other healthcare settings such as clinics, ambulatory surgery centers (ASCs), and others. As a result, the demand for colonoscopy instruments in hospitals is more significant than in other end-use categories.
The Asia Pacific colonoscopy market holds a significant revenue share in the region.
The Asia Pacific colonoscopy market is expected to register the highest market share in revenue soon. The main reason for its strength is increased therapy rates, a high incidence of colorectal cancer growth in the country, and higher medical expenses compared to other prominent districts. Colon cancer increase is expected to be the third driving factor for disease passing in the global colonoscopy device market. Furthermore, rising healthcare expenditures and well-established healthcare infrastructure support the overall regional market's expansion to a great extent. In addition, North America is projected to grow rapidly in the global colonoscopy market. The sophisticated techniques that contribute to the growth of the Global Colonoscopy Device Market are a favorable healthcare situation, ease of use, qualified specialists' existence, significant manufacturers' presence, and the rising acceptance of MI surgical procedures.
Some major key players in the Colonoscopy market are Olympus Corporation, Stryker, ESS Medical, Absolute Medical, Medical Recovery Company, Inc., PENTAX Medical, Pro Scope Systems, Endo Technologies, Med Wrench, LLC., Fujifilm Holdings Corporation, Hoya Corp, KARL STORZ SE & Co KG, SonoScape Medical Corp, Boston Scientific Corp, and SMART Medical Systems Ltd