Colonoscope Market Expected to Reach $2.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Colonoscope Market," The colonoscope market was valued at $1.2 billion in 2021, and is estimated to reach $2.5 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.

Colonoscopes are designed for examining the entire colon and terminal ileum. There is a tendency for the colonoscope to form loops due to the flexibility of the colon where it is not tethered. The colonoscope is designed to minimize loop formation by varying the flexibility throughout the length of the insertion tube. There are many types of endoscopes. Some of the endoscopes are flexible and others are rigid. Some are inserted through natural orifices, and some are inserted via a rigid tube through an incision in the skin (percutaneously). Colonoscope is inserted and advanced slowly through the intestine, under visual control, into the rectum and through the colon up to the cecum. It can also be used in pediatric patients. Colonoscopy in normally developed children over 3 to 4 years of age can usually be performed with a colonoscope designed specifically for pediatric patients. Pediatric colonoscopes, including those with variable stiffness capabilities, have a distal end with an outer diameter in the range of 11.3 to 11.6 mm with a 3.2- to 3.8-mm channel, compared with an outer diameter of 12.8 mm for adult colonoscopes. 

The growth of the global Colonoscope Market Size is expected to be driven primarily by the rise in the geriatric population and surge in adoption of colonoscope systems to facilitate faster diagnosis of chronic diseases. Moreover, the Colonoscope Market Trends such as rise in demand for healthcare services for the geriatric population and continuous developments in the field of colonoscopy also help boost the growth of the Colonoscope Industry. For instance, according to the data by the national council of aging, in April 2021, about 80% of adults 65 and older have at least one condition, while 68% have two or more. In addition, increase in awareness of colonoscopy benefits among the population, rise in adoption of advanced medical devices and growth in expenditure from government and private authorities boosts the research activities which can help in the increased development of colonoscopes thereby driving the growth of the Colonoscope Industry. Furthermore, launch of new advanced products such that it fulfills the need of the hour and rise in the inclination toward colonoscopy procedures is projected to boost the growth of the Colonoscope Market Size in the coming years. However, the risks related to the colonoscopy and high cost of the device restricts the market growth. Conversely, introduction of advanced colonoscopes has changed the market dynamics during the Colonoscope Market Forecast period and is expected to provide lucrative opportunities for the growth of the Colonoscope Market Share. 

The colonoscope market is segmented on the basis of application, end user and region. On the basis of application, the market is divided into colorectal cancer lynch syndrome, ulcerative colitis, Crohns 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, Europe, Asia-Pacific and LAMEA. 

On the basis of application, the Colonoscope Market Share is classified into colorectal cancer lynch syndrome, ulcerative colitis, Crohns disease, polyps or colorectal cancer and others. The others segment is anticipated to grow at the highest rate, owing to an upsurge in demand for colonoscopes for colon diseases. Colon diseases like crohn’s disease, ulcerative colitis, colorectal cancer colonic polyps, ulcerative colitis, diverticulitis, irritable bowel syndrome need the colonoscopy procedures which uses advanced colonoscope. Hence, a rise in the patients of colon diseases may increase the application of colonoscopes. 

On the basis of end user, the market is classified into hospitals, clinics, ambulatory surgery centers and others. The hospitals segment is anticipated to grow at the highest rate, owing to an upsurge in usage of colonoscopes among the hospitals. Moreover, increase in number of hospitals and surge in cases of chronic colon diseases contribute toward the growth of the market.   

On the basis of region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and 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). In 2021, North America was the dominant region and is expected to remain dominant throughout the Colonoscope Market Forecast period, owing to high expenditure in the research and development activities by the market players, increase in number market players present in the region and surge in the product launches in the region. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, owing to increase in the support from the government and private authorities for colonoscopy procedures in healthcare organization and the increasing number of strategies and trends adopted by the market players like product launch and acquisition. 

Key findings of the study 

• By application, the Others segment accounted for major share of the colonoscopes market in 2021. 

• By end user, the Ambulatory Surgery Centers segment is anticipated to grow with the highest CAGR throughout the Colonoscope Market Analysis period. 

• By region, North America occupied major share of the colonoscopes market in 2021.