Colonoscopes Market

Market Overview

The global colonoscopes market size was valued at USD 1.3 billion in 2022 and is projected to reach a value of USD 2.6 billion by 2031, registering a CAGR of 8.4% during the forecast period (2023-2031). The growing guidelines from healthcare organizations are the primary driving reason for the growth of the colonoscopes market.

Colonoscopes are medical instruments used to examine the colon's inner lining (large intestine) and rectum in gastroenterology. This equipment is essential in diagnostics and treatments, allowing healthcare practitioners to visualize the colon, detect anomalies, and make necessary therapies. The vast pool of chronic disorders associated with the colon, such as colon cancer and ulcerative colitis, is driving growth and innovation in the medical device sector for the adoption of colonoscope devices for colonoscopy operations. The growing number of patients suffering from various diseases presents an opportunity for the Colonoscope Industry.

Furthermore, an increase in market participants' strategies, such as new launches, product approval, agreements, partnerships, and collaborations worldwide, is expected to affect Colonoscope's Market share positively.

Market Dynamics

Global Colonoscopes Market Drivers:

Increase in Prevalence of Colorectal Disease

The rising prevalence of colorectal disorders, such as colorectal cancer and inflammatory bowel disease, adds to an increase in the use of colonoscopies as a significant diagnostic and screening technique. Colorectal cancer is the third most frequent disease worldwide, according to the World Cancer Research Fund (WCRF). It is the second most prevalent female cancer and the third most common male cancer. According to the American Cancer Society, the lifetime chance of acquiring colorectal cancer is around one in twenty-three for men and one in twenty-six for women.

However, depending on their risk variables, each person's risk may be higher or lower than this. According to the American Cancer Society, 153,020 people will be diagnosed with colorectal cancer (CRC) in 2023, with 52,550 dying from the disease. This includes 19,550 cases and 3,750 deaths among those under the age of 50. Inflammatory bowel illnesses, such as Crohn's disease and ulcerative colitis, also increase the risk of colorectal problems. Regular colonoscopies are frequently performed on IBD patients for surveillance and early diagnosis of precancerous alterations. Many countries have adopted colorectal cancer screening programs that advise certain age groups to get frequent colonoscopies.

For example, the US Preventive Services Task Force advises colorectal cancer screening beginning at age 50 for people who are at average risk. The rising frequency of colorectal disorders, supported by compelling data on colorectal cancer incidence and the impact of inflammatory bowel diseases, highlights the need for colonoscopies as a vital tool for early detection and prevention. The global push for preventive screening programs and guidelines adds to the colonoscopes market trend.

Global Colonoscopes Market Restraints:

Cost Constraints

The expense of acquiring, maintaining, and performing colonoscopies can be high, especially in areas with limited healthcare budgets. High prices may make specific patient populations ineligible. Economic constraints connected with colonoscopies can have several consequences for healthcare professionals and patients, influencing access to and utilization of this diagnostic procedure. Without insurance, a colonoscopy can cost between USD 1,250 and USD 4,800 in the United States. The typical cost is USD 2,750. A screening colonoscopy is frequently covered by insurance and does not cost anything. Cost research found that the median overall societal cost of a colonoscopy is USD 923. A colonoscopy procedure costs an average of USD 684, with an average out-of-pocket cost of USD 6. 

Subsequently, the cost of a colonoscopy can vary greatly depending on criteria such as geographic location, healthcare institution type, and whether the operation is inpatient or outpatient. According to the Healthcare Cost and Utilization Project (HCUP), the average cost of a colonoscopy in the United States is from USD 2,000 to USD 3,000. Many healthcare systems worldwide operate on tight budgets, and allocating funding for preventive procedures such as colonoscopies competes with other healthcare priorities. Due to budget constraints, investing in colonoscopy services may have to be prioritized over more critical healthcare requirements.

Global Colonoscopes Market Opportunity:

Rise in Minimally Invasive Procedures

The growing desire for minimally invasive treatments, including colonoscopies, presents a significant opportunity for market growth. Minimally invasive methods are gaining popularity due to their benefits, such as reduced patient discomfort, faster recovery times, and shorter hospital stays. Minimally invasive treatments, such as colonoscopies, have become the norm for many medical interventions. Patients and healthcare providers increasingly appreciate the benefits of these procedures over traditional open surgeries, fueling demand for newer and less intrusive technologies. A study published in the "Journal of Minimal Access Surgery" (2019) highlighted the growing popularity of minimally invasive colorectal surgery, such as laparoscopic and robotic-assisted treatments. This trend includes diagnostic procedures such as colonoscopies. According to data from the American College of Surgeons, laparoscopic colorectal therapies have become more common over the years, contributing to better patient outcomes. Patient preferences influence the acceptance of medical procedures. According to an American Society for Gastrointestinal Endoscopy (ASGE) report, patients frequently prefer minimally invasive procedures such as colonoscopies to traditional techniques. According to a 2022 study, more than one in ten inpatient procedures and nearly one in every five outpatient surgeries in the United States in 2017 and 2018 were designated minimally invasive (MIS). Continuous developments in colonoscopy technology help to drive the rise of minimally invasive procedures. For example, developing thinner and more flexible colonoscopes improves patient comfort throughout the treatment. 

Additionally, the emergence of virtual colonoscopy (CT colonography) as a less intrusive option reflects the industry's dedication to giving patients options that match their preferences. Manufacturers and healthcare providers can benefit from this trend by offering sophisticated and patient-friendly colonoscopy technologies as people choose less intrusive treatments with shorter recovery times. Investments in R&D to improve the least invasive elements of colonoscopies can contribute to market growth and better patient care.

Regional Analysis

The global colonoscopes market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America Dominates the Global Market

North America is the most significant global colonoscopes market shareholder and is estimated to grow at a CAGR of 8.2% over the forecast period. Factors such as increased colorectal cancer diagnoses, product introductions, and strategic initiatives are driving growth. According to the Canadian Cancer Society study issued in May 2022, 13,500 males were diagnosed with colorectal cancer, 5,200 died from it, 10,800 women were diagnosed with colorectal cancer, and 4,200 died in 2022. According to the same source, 67 Canadians are diagnosed with colorectal cancer every day. Furthermore, increased colonoscopy research in the North American region is projected to boost market expansion. In February 2023, for example, Canadian researchers will begin a clinical pilot trial to assess colorectal polyp size during live colonoscopies utilizing a new virtual scale endoscope (VSE) with a laser-based size measurement capability.

Subsequently, significant colonoscopes market growth is projected due to the rising prevalence of colorectal cancer and increased regional research activity. The rising burden of colorectal cancer and the growing senior population in the United States are the key factors driving the country's market growth. Other essential variables contributing to its domination include higher treatment rates, a high incidence of colorectal cancer in the country, and inflated drug prices in comparison to other significant regions. Colorectal cancer, for example, is the third most prevalent cancer diagnosed in the United States, according to the American Cancer Society 2022 estimates. In the United States, a projected 106,180 new cases of colon cancer and 44,850 cases of rectal cancer will be diagnosed.

Furthermore, age is a crucial risk factor for acquiring cancer. For example, according to an article updated in May 2022 by the American Society of Clinical Oncology, the majority of colorectal malignancies occur in adults over the age of 50. In the United States, the average age at diagnosis for colon cancer in men is 68 years, 72 years for women, and 63 years for both men and women for rectal cancer. As a result, the rising prevalence of colorectal cancer will promote its diagnosis and treatment, propelling the market under consideration. 

Asia-Pacific is anticipated to exhibit a CAGR of 8.5% over the forecast period. The region's market expansion can be ascribed to the increased prevalence of colorectal cancer in the area as a result of people's bad eating habits and irregular food intake schedules. Furthermore, the region's growing older population contributes to market growth. Moreover, the consumption of low-fiber diets, alcohol, and cigarette usage promotes market expansion in the area.

In 2022, Europe accounted for a sizable revenue share. The rising frequency of colorectal cancer in the region is propelling the market ahead. In Europe, for example, over 500,000 new cases of Colorectal Cancer (CRC) are identified each year, with approximately 250,000 individuals dying.

 That is 50% of the total. As a result, the rising prevalence of colorectal cancer in the region is likely to fuel market revenue growth.

Segmental Analysis

The global colonoscopes market is segmented based on application, end-user, and region.

The market is further segmented by Application into Colorectal Cancer, Ulcerative Colitis, and Crohn's Disease.

Colorectal Cancer holds a significant colonoscopes market share. Colorectal cancer is one of the most common reasons for colonoscopy procedures. Colorectal cancer identification is critical for successful treatment and improved patient outcomes. Colonoscopy is the gold standard for screening and diagnosing colorectal cancer. It lets doctors see inside the colon, diagnose polyps, and take specimens for pathological investigation. The polyps or colorectal cancer sector is predicted to expand at the fastest CAGR throughout the projection period. Colonoscopy is increasingly being utilized to remove polyps and treat colorectal cancer, which creates the potential for the segment to grow. 

Crohn's disease is an inflammatory bowel disease affecting any digestive tract region. The colonoscopy helps determine the degree and location of inflammation in Crohn's disease. Colonoscopy assists in diagnosing Crohn's disease, differentiating it from other illnesses, and monitoring disease progression. It enables targeted biopsies and the detection of problems like strictures or fistulas. Crohn's disease (CD) was diagnosed in 1,626,752 people in 2022. According to a 2022 study, a single DNA mutation can let dangerous gut bacteria induce the inflammation underlying Crohn's disease. Furthermore, Crohn's disease is an inflammatory bowel disease (IBD) that is persistent. It is most common in Western Europe and North America, where 100 to 300 people per 100,000 are affected.

The market can be further bifurcated by end-users into Hospitals and ambulatory Surgery Centers.

Hospitals are the major end-users of the market. Hospitals are large healthcare institutions that offer a variety of medical treatments, including diagnostic procedures like colonoscopies. Hospitals frequently have complete gastroenterology departments outfitted with cutting-edge medical technology, competent staff, and the ability to address a wide range of patient demands. The hospital's segment held the most significant Colonoscopes Market Share in 2022 and is expected to remain dominant throughout the forecast period, owing to increased preference for colonoscope adoption, ease of patient accessibility to hospitals, and increased patient hospital admissions.

Ambulatory surgery centers are outpatient facilities specializing in same-day surgical operations, making them a more convenient and cost-effective alternative to hospital-based care. ASCs are well-known for offering practical, specialized care with shorter wait times and lower total healthcare expenses. Ambulatory surgery centers have all the colonoscopy equipment needed to perform the procedure. Furthermore, ambulatory surgery centers do not require an overnight stay, contributing to the segment's growth.

Recent Developments

• November 2023- Olympus issued voluntary field action to remind users of bronchoscope warnings when using high-frequency therapy equipment.
• December 2023- Boston Scientific launched the AVANT GUARD clinical trial to assess the FARAPULSETM pulsed field ablation system as first-line therapy for persistent atrial fibrillation.