Colonoscope Market

Colonoscope Market Research, 2031

The global colonoscope market was valued at $1.2 billion in 2021, and is projected to reach $2.5 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031. Colonoscope is the main tool of basic colonoscopic examination. It has greater length and diameter unlike gastroscope as it is used in cases where cecal intubation is difficult due to extensive stricture and curvature of the colon. It consists of the control section, an instrument channel that has forceps, snare, injector, and clip device, a shaft to be inserted into the patient, the tip, a connection section, and the line. Some models also have a lever for variable stiffness. The colonoscope is used in the procedure of colonoscopy. It allows for greater diagnostic specificity and sensitivity compared with other types of examinations, such as the stool occult blood test, barium enema, and computed tomography colonography.

The COVID-19 pandemic witnessed a negative impact on the colonoscope market. This was attributed to decreased use of colonoscope in the procedures like colonoscopy in the period of COVID-19. However, the demand for colonoscope is anticipated to rise as the prevalence of colon cancer is on the rise which may increase the adoption of the colonoscopy procedures for the screening of the diseases thereby increasing the use of colonoscope.

Market dynamics 

Growth & innovations in the medical devices industry for the adoption of colonoscope devices for the procedures of colonoscopy is driven by the massive pool of chronic diseases related to the colon like colon cancer and ulcerative colitis. The rise in the number of patients with various diseases creates an opportunity for the Colonoscope Industry. Moreover, a rise in the number of strategies adopted by the market players like product launches, product approval, agreements, partnerships, and collaborations across the globe is projected to affect market growth of Colonoscope Market Size positively. For instance, in October 2019, Medtronic plc announced the launch of GI Genius intelligent endoscopy module at UEG Week in Barcelona, Spain. The GI Genius module is the first system worldwide to use artificial intelligence to detect colorectal polyps. It provides physicians with a powerful new solution in the fight against colorectal cancer. The demand for colonoscopes is not only limited to developed countries but is also being witnessed in developing countries, such as China, Brazil, and India, which fuel the growth of the Colonoscope Market Size. Factors such as a rise in the number of diagnostic procedures performed and an increase in awareness of the benefits of colonoscopes for detection of the diseases further drive the growth of the Colonoscope Industry. Furthermore, a rise in awareness related to advanced device options boosts the adoption of colonoscopy. In addition, an increase in research activities by manufacturers for developing advanced devices in diagnostic procedures is expected to fuel their adoption in the near future. However, the risks associated with colonoscopy procedures in healthcare organizations are hampering the Colonoscope Market Growth. 

The colonoscopes market is segmented based on application, end user and region. On the basis of application, the market is divided into colorectal cancer lynch syndrome, ulcerative colitis, Crohn’s disease, polyps or colorectal cancer, and others. On the basis of end user, the market is categorized into hospitals, clinics, ambulatory surgery centers, and others. Region wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and the Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).  

By Application, the market is divided into colorectal cancer lynch syndrome, ulcerative colitis, Crohn's disease, polyps or colorectal cancer and others. The Others segment dominated the global Colonoscope Market Share in 2021 and is anticipated to continue this trend during the Colonoscope Market Forecast period. This is attributed to the increase in the adoption of colonoscopes for colon disease. In addition, the device used in diagnosis also are undergoing various developments which helps boosts the demand for the device.

By End User, the market is classified as hospitals, clinics, ambulatory surgery centers and others. The hospitals segment held the largest Colonoscope Market Share in 2021 and is expected to remain dominant throughout the forecast period, owing to increase in the preference of adoption of colonoscope in hospitals, ease of the accessibility of the patients to the hospitals and surge in the number of hospital admissions of the patients.  

By Region, the colonoscope market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America was the dominant region and is expected to remain dominant throughout the forecast period, owing to high prevalence rate of chronic disorders like colon cancer and ulcerative colitis, increase in number of market players and surge in number of devices available in the region. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, owing to the presence of high populace countries such as India and China, which in turn increases the number of chances of suffering from various types of chronic and fatal conditions, and the increasing number of strategies and trends adopted by the market players that include the product development, product approval, partnership, collaboration, and agreement. 

COMPETITION ANALYSIS 

Competitive analysis and profiles of the major players in the colonoscope, such as Olympus Corporation, Stryker Corporation, FUJIFILM Holdings Corporation, Medtronic Plc, Boston Scientific Corporation, PENTAX Medical, Endomed System, Sonoscape Medical Corporation, Ambu A/S, Endofresh are provided in this report. There are some important players in the market such as Olympus Corporation, Stryker Corporation, FUJIFILM Holdings Corporation, Medtronic Plc and Boston Scientific Corporation. Various players have adopted strategies like product launch and product development as key developmental strategies to improve the product portfolio of the colonoscope market.   

Product Launch in the market 

• In April 2021, FUJIFILM Medical Systems U.S.A., Inc. announced the launch of the G-EYE 700 Series Colonoscope. G-EYE is a technology developed by Smart Medical to assist with visualization, stabilization and control during routine examinations. In published clinical studies G-EYE has been shown to improve polyp detection when compared to standard colonoscopy.  
• In October 2020, Olympus announced today the 510(k) clearance and market availability of two colonoscopes, the PCF-H190T and the PCF-HQ190. The products provide an extension to the existing capabilities for physicians to diagnose and treat disorders of the gastrointestinal tract. The new PCF-H190TL/I endoscope is a slim, short-bending scope that allows for tighter angulation without compromise to the passage of treatment accessories. The new PCF-HQ190L/I is equipped with Dual Focus technology for increased mucosal visualization. 

Agreements in the market  

• In December 2022, Olympus Corporation (Olympus) today announced it has signed a definitive agreement to acquire London-based Odin Vision, a cloud-AI endoscopy company with a strong portfolio of commercially available computer-aided detection/diagnostic (CAD) solutions and a deep innovation pipeline of cloud-enabled applications. Odin Vision aimed to create a paradigm shift in the way artificial intelligence is integrated into the endoscopy suite to support clinical procedures such as colonoscopy and esophagogastroduodenoscopy with their innovative cloud-AI platform. 
• In August 2020, Olympus Corporation today announced it has signed a definitive agreement to acquire Arc Medical Design Limited (Arc Medical Design), a subsidiary of Norgine B.V. The acquisition underscores Olympus’ commitment to expanding its offering in gastrointestinal therapeutic devices and the development of advanced colonoscopy tools through mergers and acquisitions (M&A) opportunities as well as through research and development (R&D) with the overarching goal of improving early detection and treatment of colorectal cancer (CRC). 

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the colonoscope market analysis from 2021 to 2031 to identify the prevailing Colonoscope Market Opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the colonoscope market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global colonoscope market trends, key players, market segments, application areas, and market growth strategies.

 Colonoscope Market Report Highlights