Colonoscopy Devices Global Market Report 2022: Artificial Intelligence to Hold Instrumental Role in Timely Identification of Colorectal Cancer during Colonoscopy

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Jul 27, 2022, 10:30 ET

DUBLIN, July 27, 2022 /PRNewswire/ -- The "Colonoscopy Devices - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Colonoscopy Devices Market to Reach $1.8 Billion by 2026

Amid the COVID-19 crisis, the global market for Colonoscopy Devices estimated at US$1.6 Billion in the year 2022, is projected to reach a revised size of US$1.8 Billion by 2026, growing at a CAGR of 3.8% over the analysis period. Visualization Systems, one of the segments analyzed in the report, is projected to record a 3.9% CAGR and reach US$938.6 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Colonoscopes segment is readjusted to a revised 4.1% CAGR for the next 7-year period.

The U.S. Market is Estimated at $475.2 Million in 2022, While China is Forecast to Reach $162.7 Million by 2026
The Colonoscopy Devices market in the U.S. is estimated at US$475.2 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$162.7 Million by the year 2026 trailing a CAGR of 6.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 3.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3% CAGR.

Colorectal cancer represents the largest application area for colonoscopy devices, driven by the rising prevalence of colorectal cancer globally. In contrast to invasive surgeries, colonoscopy procedures do not require any incision, which is likely to significantly augment the demand for colonoscopy devices. Moreover, the number of colonoscopy procedures is expected to increase rapidly, owing to the expansion in the therapeutic capabilities of colonoscopes. Ambulatory surgery centers are expected to be the largest end-use segment for colonoscopy devices market, owing to the higher adoption and increase in the number of colonoscopy procedures being performed at these centers. Benefits, such as cost saving, individual service, and hygienic environment are expected to boost the demand for colonoscopy procedures in ambulatory surgery centers over the next few years.

By End-Use, Hospitals Segment to Reach $1 Billion by 2026
Global market for Hospitals (End-Use) segment estimated at US$848.3 Million in 2020, is projected to reach US$1 Billion by 2026 reflecting a compounded annual growth rate of 4.1% over the analysis period. Europe constitutes the largest regional market for Hospitals segment, accounting for 32.7% of the global sales. China is poised to register the fastest compounded annual growth rate of 6.7% to reach US$108.2 Million by the close of the analysis period.

Demand Increases for Colon Capsules
An endoscopy device helps in viewing internal organs and acquires images which can be leveraged for diagnosis of the disease condition, as well as in delivering drug therapies.

The device is ingested by the patient, which then moves along the tract. Being equipped with a minute camera, the device captures sharp images of the intestine, with little invasiveness. The capsule endoscopy system facilitates improved navigation in the tract and identifies the problem areas in the intestine, such as cancerous growths, bleeding or ulcers. The area of gastroenterology is expected to benefit significantly from this technology, as it enables doctors to identify abnormal growths and ulcers in the tract, in real-time. The timely diagnosis and also therapy facilitated by this technology, is expected to support its growth in the coming years.

Select Competitors

FUJIFILM Holdings America Corporation
GI View Ltd
HUGER Medical Instrument Co.,Ltd
KARL STORZ SE & Co. KG
MECAN MEDICAL EQUIPMENT CO LTD
Medtronic Plc
Olympus America
PENTAX Medical
Pro Scope Systems
Sonoscape Medical Corp.
STERIS Plc

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Rising Incidence of Colorectal Cancer Spurs Market Growth
Colorectal Cancer Mortality and Screening Trends in the US
Growing Preference for Minimally Invasive Surgeries Drives Demand for Colonoscopy systems
Aging Population Drives Demand for Colonoscopy Devices
Colorectal Cancer Burden Gradually Shifts from Older Individuals to Younger Population
Increasing Healthcare Expenditure to Foster Growth
Recent Technological Advancements and Launches Drive Market Growth
Prepless, Ingestible Imaging Capsule to Screen Colorectal Cancer
Artificial Intelligence to Hold Instrumental Role in Timely Identification of Colorectal Cancer during Colonoscopy
SMART Medical Systems Introduces G-EYE 760R Colonoscope in Europe
Fujifilm Europe Launches CAD EYE Function for Real-Time Identification of Colonic Polyp during Colonoscopy
Motus GI Introduces Pure-Vu GEN2 Colon Cleansing System for Colonoscopy Bowel Preparation
Demand Increases for Colon Capsules