Market for colonoscopy devices is anticipated to have grown to about US$ 2.84 billion by 2032 from US$ 1.81 billion in 2023, with a compound annual growth rate of 5.13% between 2024 and 2032.Colonoscopy Devices Market Size was US$ 1,513.76 Million in 2021. Industry Trends By Product, Application, End User, Impact of Inflation, Company Analysis, Global Forecast 2023-2027
A colonoscopy is a medical method that entails using a colonoscope, which includes an auxiliary channel and a high-definition camera, to observe the large intestine and the distal area of the small intestine. The digital camera permits mucosal lesion assessment, biopsy, and excision, in addition to aiding in the detection of anomalies and colonic wall overgrowth. Nowadays, a colonoscopy is an essential device for both diagnosing and preventing colorectal cancers.
Globally, colorectal cancer ranks second in terms of cancer-associated deaths. The top approach for applying interventional techniques and examining the complete intestinal mucosa is a colonoscopy. The colorectal cancer control program, which offers funds to enhance screening rates among males and females aged 50-55, is supported through the Centers for Disease Control. The program's fundamental targets include tracking, follow-up, and screening procedures.
Top Merger in Colonoscopy Device Market
1. Bristol Myers Squibb and Mirati Therapeutics merged in August 2023 and planned to convey adagrasib to patients as a second and third-line treatment for colorectal cancer. Adagrasib has proven CNS penetration and intracranial responses in patients with active and untreated mind metastases. They have a leading KRAS and KRAS enabling program concentrated on KRASG12D mutation implicated in pancreatic, NSCLC, and colorectal cancer. They also are operating on a SOS1 inhibitor in Phase 1 medical improvement with the ability for aggregate use with other retailers focused on the MAPK/RAS pathway, which include KRAZATI, to assist patients with high unmet medical needs.Jan 2023, Akeda of Japan partnered with Hong Kong-based Hutchmed to acquire commercial rights for fruquintinib, a colorectal cancer drug, outdoor of China. Roche is presently assessing the efficacy of combining focused therapy (Cotellic) with immuno-oncologic marketers to deal with CRC.
In September 2022, Qiagen partnered with Neuron23 to expand NGS-based assessments in accomplice diagnostics. The collaboration more suitable its R&D sports and constructed a strong logo image, boosting ordinary sales.
In Dec 2022, Olympus Corp acquired Odin Vision, a London-based totally cloud-AI endoscopy firm with a strong portfolio of CAD solutions and a pipeline of cloud-enabled apps, for as much as GBP 66 Million.
In April 2021, the FDA granted de novo clearance to Medtronic's GI Genius intelligent endoscopy module. The module is the first AI-powered laptop-aided detection system for identifying colorectal polyps.
China Colonoscopy Device Market
The upward thrust in colorectal cancers and gastrointestinal issues, in particular many of the aged in China, is using the demand for colonoscopy devices. Technological improvements like high definition imaging and virtual colonoscopy enhance visualization and prognosis, allowing healthcare carriers to detect abnormalities greater accurately. This leads to well-timed interventions and reduces the need for invasive surgical procedures. There's a growing emphasis on affected person consolation and safety, ensuing in the development of minimally invasive colonoscopy devices with capabilities like smaller scopes and ergonomic designs.Manufacturers also are integrating robot-assisted technologies for more desirable precision and maneuverability, in addition fueling market increase in China. In Sept 2022, EndoScreener, a kind III national revolutionary scientific tool synthetic by using Wision A.I a business enterprise in Chengdu Hi-tech Industrial Development Zone (CDHT), become approved for registration with the aid of the National Medical Products Administration. This marked the legitimate launch of China's first AI-assisted diagnostic product for digestive endoscopy.
Global Colonoscopy Device Company Analysis
Several Prominent companies, which includes Boston Scientific Corporation, Fujifilm Holdings Corporation, Hoya Corporation, Medtronic P.C, Olympus Corporation, Stryker Corporation, Steris Corp., Merit Medical Systems Inc., and Getinge AB, dominate the global market for colonoscopy devices.Colonoscopy Device Company News
In March 2024, FUJIFILM Healthcare Americas Corporation received clearance for CAD EYE, an AI detection system for endoscopic imaging. In actual-time, CAD EYE can stumble on colonic mucosal lesions together with polyps and adenomas for the duration of colonoscopy processes, permitting endoscopists to perceive and put off pre-cancerous lesions regardless of length, form, and colour.Endostart, an Italian medical device corporation, got a clearance for its colonoscopy device, Endorail, in March 2024. Endorail makes use of a magnetic balloon gadget to make prolonged colonoscopies quicker and cheaper. This clearance means Endorail can now input the United States market.
In January 2024, AnX Robotica, a production corporation in the United States, obtained de novo clearance from the FDA for its AI-led endoscopy tool, the NaviCam ProScan.
Bausch Health Companies and Salix Pharmaceuticals have released findings from their first colonoscopy focus and angle survey, performed in partnership with The Harris Poll. The survey changed into conducted to offer patient perspectives on colonoscopies and the instruction process. The survey findings have been launched in March 2024 for Colorectal Cancer Awareness Month.
MAGENTIQ-COLO™ obtained FDA approval in July 2023. This superior A.I. Device helps stumble on gastrointestinal lesions in real time throughout colonoscopy processes.
In November 2023, the FDA authorized Takeda's FRUZAQLA, an oral centered therapy for grownup metastatic colorectal cancer. This chemotherapy-free option improves survival without affecting the patient’s quality of life.
Aug 2023, LONSURF (trifluridine/tipiracil) has been authorized with the aid of the FDA to treat metastatic colorectal cancer in patients as a single agent or in combination with Bevacizumab.
Enzene Biosciences released Bevacizumab, a biosimilar drug and more low-cost alternative to Avastin for treating metastatic colorectal cancers. This new drug launch befell in June 2023.
In August 2022, India Medtronic Private Limited introduced the release of the G.I. Genius shrewd endoscopy module. This module is a computer-aided polyp detection machine powered by way of artificial intelligence (AI) designed to locate and diagnose polyps during endoscopic techniques.
Products - Market breakup in 4 viewpoints:
1. Colonoscope2. Visualization system
3. Other
Application - Market breakup in 4 viewpoints:
1. Colorectal Cancer2. Ulcerative Colitis
3. Crohns Disease
4. Others
End-User - Market breakup in 3 viewpoints:
1. Hospitals2. Clinics & Ambulatory surgical centers
3. Others
Country - Market breakup of 25 Countries:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 South Africa
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. Boston Scientific Corporation2. Fujifilm Holdings Corporation
3. Hoya Corporation
4. Medtronic plc,
5. Olympus Corporation
6. Stryker Corporation
7. Steris Corp.
8. Merit Medical Systems Inc.
9. Getinge AB
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Global Colonoscopy Device Market
4. Market Dynamics
6. Market Share - Global Colonoscopy Device Analysis
7. Products - Global Colonoscopy Device Market
8. Application - Global Colonoscopy Device Market
9. End User - Global Colonoscopy Device Market
10. Countries - Global Colonoscopy Device Market
11. Porter's Five Forces Analysis - Global Colonoscopy Device Market
12. SWOT Analysis - Global Colonoscopy Device Market
13. Key Players Analysis
List of Tables
List of Figures
Companies Mentioned
- Boston Scientific Corporation
- Fujifilm Holdings Corporation
- Hoya Corporation
- Medtronic plc,
- Olympus Corporation
- Stryker Corporation
- Steris Corp.
- Merit Medical Systems Inc.
- Getinge AB
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 110 |
| Published | May 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 1.81 Billion |
| Forecasted Market Value ( USD | $ 2.8 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
