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
Colonoscopy Devices Market is projected to reach US$ 2,031.96 Million by 2027. Today, colonoscopy is a vital tool used in the modern medical industry. It is a therapeutic and diagnostic procedure performed to evaluate the large intestine (i.e., rectum, colon, and anus) and the distal portion of the small intestine. Colonoscopy devices comprise a flexible, long, and thin tube, with a light, camera, and tools placed at one end of the tube. These devices can be used to remove polyps, which can subsequently be examined under the microscope to identify the presence of an infection. The procedures are conducted under mild sedation in hospitals, clinics, ambulatory surgery centers, etc.
Colonoscopy Devises Market was US$ 1,513.76 Million in 2021
Significant factors driving the market growth include various instruments developed for enhancing visualization angles, including short-run radius endoscopes, colonoscopes, colonoscopy devices with several lenses, and different accessory devices. In recent years, innovative procedures and instruments have been rolled out to remove the barriers to colon surgeries. Recent technological advancements have resulted in the growth of advanced colonoscopy devices and accessories, which can be connected to colonoscopes at the time of treatment.
COVID-19 Impact
The colonoscopy devices market has declined in the year 2020. Colonoscopy, the mainstay for the therapeutic and diagnostic of colorectal cancer, is cam under pressure from COVID-19. The scenario has adversely impacted the colonoscopy devices market because hospitals were open only for COVID-19 patients, without a timely screening of undiagnosed patients at a high risk of facing adverse effects of the condition. In addition, extended wait for treatment increases the risk of cancer progression among patients. The scenario has impacted the colonoscopy devices market.
Colonoscopy Devices Industry is likely to grow with a CAGR of 5.03% during 2022-2027
Based on product, visualization systems will emerge as a prominent product segment for the colonoscopy devices industry. Owing to their robust use in detecting cancer associated with the rectum, anus, and bowels. Further, the increase in approvals for advanced visualization systems will augment the industry outlook. Fujifilm Medical Systems U.S.A., Inc received U.S. FDA approval in 2021, for its Oxygen Saturation Endoscopic Imaging System, a novel image enhancement technology designed to enhance visualization during gastrointestinal colorectal and advanced surgical and endoscopy procedures.
On the basis of application, colorectal cancer represents the most prominent application for colonoscopy devices, caused by the rising prevalence of colorectal cancer worldwide. In contrast to invasive surgeries, colonoscopy techniques do not need any incision, which is likely to boost the demand for colonoscopy devices significantly augment the demand for colonoscopy devices.
Colonoscopy Devises Market: Geographical Assessment
The colonoscopy devices market is segmented in different geographical locations such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds an influential position in the colonoscopy devices market due to rising cases of rectal disorders, expanded production of colonoscopy devices, developed healthcare systems, and growing emphasis on innovative products development. Moreover, the government is also conducting various programs to increase awareness about colon disorders among the regional population. Besides, the Asia Pacific is also expected to grow on the back of better hospitals, infrastructure, and healthcare facilities in the region rapidly.
The publisher's latest report “Colonoscopy Devices Market By Product (Visualization system, Colonoscope and Others), Application (Colorectal cancer, Lynch syndrome, Ulcerative colitis and other), End User (Hospitals, Clinic, Ambulatory surgery center and others), Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa), Company Analysis (Boston Scientific Corporation, Medtronic, Steris Plc, Olympus and Hoya)” provides comprehensive details about Colonoscopy Devices Industry.
Product - Market has been covered from 3 viewpoints
1. Visualization system
2. Colonoscope
3. Others
Application - Market has been covered from 4 viewpoints
1. Colorectal cancer
2. Lynch syndrome
3. Ulcerative colitis
4. Other
End User - Market has been covered from 4 viewpoints
1. Hospitals
2. Clinic
3. Ambulatory surgery center
4. Others
Region - Market has been covered from 5 viewpoints
1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East & Africa
All companies have been covered into 3 viewpoints
- Overviews
- Recent Developments
- Revenues
Company Analysis
1. Boston Scientific Corporation
2. Medtronic
3. Steris Plc
4. Olympus
5. Hoya
What is the estimated value of the Global Colonoscopy Devices Market?
What is the growth rate of the Global Colonoscopy Devices Market?
What is the forecasted size of the Global Colonoscopy Devices Market?
Who are the key companies in the Global Colonoscopy Devices Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 120 |
| Published | October 2022 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value ( USD | $ 1589.46 Billion |
| Forecasted Market Value ( USD | $ 2031.96 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
Table of Contents
Companies Mentioned
- Boston Scientific Corporation
- Medtronic
- Steris Plc
- Olympus
- Hoya
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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