Colonoscopy Devices Market is expected to reach US$ 3.16 billion by 2030

Publisher: The Insight Partners

Colonoscope Segment, Based on Product Type, to Hold Largest Colonoscopy Devices Market Share During 2022–2030

According to our latest study on "Colonoscopy Devices Market Forecast to 2030 – Global Analysis – Product Type, Application, and End User," the market was valued at US$ 2.11 billion in 2022 and is expected to reach US$ 3.16 billion by 2030. It is estimated to register a CAGR of 5.2% from 2022 to 2030. Increasing prevalence of colorectal cancer and technological advancements in colonoscopy devices contribute to the growing colonoscopy devices market size. However, availability of alternative diagnostic tests for rectal diseases impedes the market growth.  

Although there is still a lot of diversity in lesion detection by colonoscopy, early detection of colorectal cancer (CRC) in gastroenterology by national screening offers patients the highest chance of overall survival. When assessing the screening for colorectal cancer, the adenoma detection rate (ADR) is considered the gold standard. Advances in imaging technology, withdrawal technique, endoscopist motivation, and understanding, as well as social and environmental factors contribute to improved ADR.

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The initial use of artificial intelligence (AI) in gastroenterology will be in lesion detection via computer vision, which can enhance the accuracy of endoscopy procedures in locating and identifying polyps during colonoscopy. Real-time detection of mucosal abnormalities during colonoscopy is made possible by AI-enabled endoscopy software, such as the GI Genius intelligent endoscopy system from Medtronic Inc. With the option for an optional acoustic alert as well as a visual marker, this is the first-ever worldwide use of AI for endoscopists. When GI Genius is used to watch recordings of poor and adequate bowel preparation, it exhibits impressive identification, which is consistent with the endoscopic specialist employing the system's observation patterns. AI tools such as GI Genius can enhance ADR by enabling early CRC detection, better clinical lesion and tissue characterization management, and simplified diagnosis and treatment procedures for physicians.

Moreover, Mayo Clinic Gastroenterology and Hepatology, working with colleagues across the world, discovered that using AI in colorectal cancer screening resulted in a 50% decrease in the miss rate for colorectal neoplasia. Therefore, use of AI in colonoscopy is expected to emerge as one of the new colonoscopy devices market trends in the coming years.

Market Segmentation:

The colonoscopy devices market analysis has been carried out by considering the following segments: product type, application, and end user.

Colonoscopy Devices Market, by Product Type:

Based on product type, the colonoscopy devices market is segmented into colonoscope, visualization systems, and other. The colonoscope segment held the largest market share in 2022. However, the visualization systems segment is anticipated to register the highest CAGR during 2022–2030. Video endoscopes are designed for colonoscopy examinations. As awareness of operator dependency on colonoscopy increases, some patients are interested in obtaining a video recording of their colonoscopy to ensure that their examination was of high quality or to view the procedure, as they are often not able to watch the examination in real time.  

Colonoscopy Devices Market, by End User:

The colonoscopy devices market, by end user, hospitals, ambulatory surgery centers, and others. The hospital segment held the largest colonoscopy devices market share in 2022 and is anticipated to register the highest CAGR during 2022–2030, owing to the adoption of technological advancements in hospitals and the increasing number of screenings in hospital settings. Developing healthcare infrastructure in emerging markets, increasing emphasis on better patient outcomes, and rising healthcare expenditure are factors contributing to the growth of the hospital segment.

Colonoscopy Devices Market, by Geography:

The geographic scope of the colonoscopy devices market report entails North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). The colonoscopy devices market growth in North America is fueled by the increasing burden of aging population, rising number of product launches, and growing activities of R&D to develop advanced colonoscopy devices.

The US accounted for the significant North American colonoscopy devices market share owing to increasing public awareness of colon cancer through media campaigns initiated by cancer awareness groups and government agencies and an aging population who are encouraged to have regular checkups. According to the American Cancer Society, an estimated 43,340 rectal cancer cases and 104,610 new colon cancer cases were diagnosed in the US in 2020. Some medical societies in the US recommend a screening colonoscopy every ten years for adults aged 50 and above without an increased risk of colon cancer. Additionally, launch of new products will offer opportunities for the market during the forecast period. In 2020, SMART Medical Systems Ltd. initiated the commercial and clinical effort in the US, following issuance of a second FDA clearance for its flagship G-EYE Colonoscope, based on Fujifilm's 510(k) cleared colonoscopes.

The colonoscopy devices market report emphasizes prominent players operating in the market. The players include AMBU AS, Fujifilm, Endomed systems gmbh, Olympus, Steris PLC, GI View, Boston Scientific Corporation, PENTAX Medical, Avantis Medical Systems, and SonoScape Medical Corp.

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