(PharmaNewsWire.Com, August 06, 2024 ) “Colonoscopy Market” in terms of revenue was estimated to be worth $3.91 billion in 2023 and is poised to reach $5.71 billion by 2031, growing at a CAGR of 4.94% from 2024 to 2031, according to a new report by InsightAce Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Colonoscopy Market are: • Colorectal Cancer Incidence. • Aging Population. • Advancements in Endoscopic Technologies.
The following are the primary obstacles to the Colonoscopy Market's expansion: • Invasive Nature of the Procedure. • Perceived Discomfort and Fear. • Preparation Challenges.
Future expansion opportunities for the global Colonoscopy Market include: • Technological Advancements. • Wider Application for Therapeutic Interventions. • Integration of Telemedicine.
Market Analysis:
The colonoscopy market exhibits a dynamic landscape shaped by factors influencing colorectal cancer screening and gastrointestinal diagnostics. Technological advancements, such as improved imaging and artificial intelligence integration, offer opportunities for enhanced diagnostic accuracy. Virtual colonoscopy emerges as an alternative, non-invasive screening method, broadening options for reluctant individuals—therapeutic interventions during colonoscopy, telemedicine integration, and patient education initiatives present avenues for comprehensive care.
List of Prominent Players in the Colonoscopy Market: • Olympus Corporation • Stryker • Cor • 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 • SMART Medical Systems Ltd
Recent Developments: • 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 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 an ope with a slim, short bending scope that allows for tighter angulation without compromising the passage of treatment accessories. • In August 2020, Olympus Corporation today announced it had signed a definitive agreement to acquire Arc Medical Design Limited (Arc Medical Design), a subsidiary of Norgine B.V. The acquisition underscores Olympu's 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). Colonoscopy Market Dynamics:
Market Drivers: Colorectal Cancer Incidence The market for colorectal cancer diagnostics, notably colonoscopy procedures, is anticipated to experience robust growth primarily propelled by the escalating incidence of colorectal cancer. As colorectal cancer remains a leading cause of cancer-related morbidity and mortality worldwide, there is an increasing emphasis on early detection through screening initiatives. The rising prevalence of risk factors, including an aging population, lifestyle changes, and genetic predisposition, contributes to a higher incidence of colorectal cancer. This surge in cases necessitates a corresponding increase in colorectal cancer screening, with colonoscopy standing out as a key diagnostic tool for its effectiveness in early detection and prevention.
Challenges: Invasive Nature of the Procedure The growth of the colonoscopy market faces constraints due to the invasive nature of the procedure, representing a significant hurdle in broader market adoption. The discomfort and anxiety associated with colonoscopies often deter individuals from undergoing regular screenings. Patient reluctance stems from the invasive process of inserting a flexible tube into the colon, leading to concerns about pain and inconvenience. Moreover, the stringent bowel preparation requirements further contribute to apprehension. Efforts to mitigate these challenges involve innovations in technology to enhance patient comfort, the exploration of non-invasive alternatives, and educational initiatives to address and alleviate patient concerns.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period The North American colonoscopy Market is likely to register a significant revenue share and to develop at a rapid CAGR in the near future. Several factors contribute to this growth, including well-established healthcare infrastructure, widespread awareness about colorectal cancer screening, and technological advancements in endoscopic procedures. The region's aging population, with an elevated risk of gastrointestinal disorders, further fuels the demand for colonoscopy procedures. Additionally, favorable reimbursement policies and a proactive approach toward adopting innovative medical technologies contribute to North America's prominence in shaping the trajectory of the colonoscopy market.
Segmentation of Colonoscopy Market- By Product Type- • Colonoscope o Flexible Non-Video (Fibre) Colonoscopes o Flexible Video Colonoscopes • Visualization Systems • Others By Application
• Colorectal Cancer Lynch Syndrome • Ulcerative Colitis • Crohn's Disease • Polyps or Colorectal Cancer • Others
By End-Use- • Hospitals • Clinics • Ambulatory Surgery Centers • Others By Region- North America- • The US • Canada • Mexico Europe- • Germany • The UK • France • Italy • Spain • Rest of Europe Asia-Pacific- • China • Japan • India • South Korea • South East Asia • Rest of Asia Pacific Latin America- • Brazil • Argentina • Rest of Latin America Middle East & Africa- • GCC Countries • South Africa • Rest of Middle East and Africa
About Us: InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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