Press release
Colonoscopy Market Exclusive Report on Current Trends and Future Insights
The Colonoscopy Market Size is valued at 3.91 Billion in 2023 and is predicted to reach 5.71 Billion by the year 2031 at a 4.94% CAGR during the forecast period for 2024-2031.
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Latest Drivers Restraint and Opportunities Market Snapshot:
The following are the primary obstacles to the Colonoscopy Market's expansion:
• Invasive Nature of the Procedure.
• Perceived Discomfort and Fear.
• Preparation Challenges.
Key factors influencing the global Colonoscopy Market are:
• Colorectal Cancer Incidence.
• Aging Population.
• Advancements in Endoscopic Technologies.
Future expansion opportunities for the global Colonoscopy Market include:
• Technological Advancements.
• Wider Application for Therapeutic Interventions.
• Integration of Telemedicine.
The following are the primary obstacles to the Colonoscopy Market's expansion:
• Invasive Nature of the Procedure.
• Perceived Discomfort and Fear.
• Preparation Challenges.
Market Analysis:
The colonoscopy market is characterized by a dynamic landscape influenced by factors affecting gastrointestinal diagnostics and colorectal cancer screening-technological advancements, including artificial intelligence and imaging, present opportunities for improved diagnostic accuracy. Virtual colonoscopy is a non-invasive screening method that has emerged as an alternative, expanding the options available to reluctant individuals. Comprehensive care can be achieved through patient education initiatives, telemedicine integration, and therapeutic interventions during colonoscopy.
List of Prominent Players in the Colonoscopy Market:
• Med Wrench, LLC.
• Fujifilm Holdings Corporation,
• Hoya Corp
• KARL STORZ SE & Co KG
• SonoScape Medical Corp.
• Boston Scientific Corp
• SMART Medical Systems Ltd
• Olympus Corporation
• Stryker
• Cor
• ESS Medical
• Absolute Medical
• Medical Recovery Company, Inc.
• PENTAX Medical
• Pro Scope Systems
• Endo Technologies
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Recent Developments:
• FUJIFILM Medical Systems U.S.A, Inc. introduced the G-EYE 700 Series Colonoscope in April 2021. G-EYE is a technology that Smart Medical has developed to aid in the visualization, stabilization, and control of routine examinations. In comparison to conventional colonoscopy, G-EYE has been demonstrated to enhance the detection of polyps in published clinical studies. Today, Olympus announced the 510(k) clearance and market availability of two colonoscopes, the PCF-H190T and the PCF-HQ190, in October 2020. The products expand the current capabilities of physicians to diagnose and treat gastrointestinal tract disorders.
• The new PCF-H190TL/I endoscope has a short, slim bending scope that enables tighter angulation without impeding the passage of treatment accessories. Today, Olympus Corporation announced that it had signed a definitive agreement to acquire Arc Medical Design Limited (Arc Medical Design), a subsidiary of Norgine B.V., in August 2020.
• The acquisition serves as a testament to Olympu's dedication to advancing advanced colonoscopy tools and expanding its gastrointestinal therapeutic device offerings through mergers and acquisitions (M&A) and research and development (R&D). The ultimate objective is to enhance the early detection and treatment of colorectal cancer (CRC).
Colonoscopy Market Dynamics:
Market Drivers: Colorectal Cancer Incidence
In April 2021, the G-EYE 700 Series Colonoscope was introduced by FUJIFILM Medical Systems U.S.A, Inc. Smart Medical has developed G-EYE, a technology that facilitates the visualization, stabilization, and control of routine examinations. In published clinical investigations, G-EYE has been shown to improve the detection of polyps in comparison to conventional colonoscopy. Olympus has today disclosed the 510(k) clearance and market availability of two colonoscopes, the PCF-H190T and the PCF-HQ190, for October 2020. The products enhance the current abilities of physicians to diagnose and treat gastrointestinal tract disorders. The new PCF-H190TL/I endoscope features a short, slim bending scope that allows for closer angulation without obstructing the passage of treatment accessories. Olympus Corporation has today disclosed that it has executed a definitive agreement to acquire Arc Medical Design Limited (Arc Medical Design), a subsidiary of Norgine B.V., in August 2020. The acquisition is a testament to Olympu's commitment to the advancement of advanced colonoscopy instruments and the expansion of its gastrointestinal therapeutic device offerings through research and development (R&D) and mergers and acquisitions (M&A). The eventual goal is to improve the early detection and treatment of colorectal cancer (CRC).
Challenges: Invasive Nature of the Procedure
The invasive nature of the colonoscopy procedure poses a substantial obstacle to the broader market adoption, which in turn constrains the growth of the colonoscopy market. Individuals are frequently discouraged from participating in routine screenings due to the anxiety and distress that are associated with colonoscopies. The invasive process of inserting a flexible catheter into the colon is the root cause of patient reluctance, which is primarily due to concerns about pain and inconvenience. Additionally, apprehension is exacerbated by the rigorous gastrointestinal preparation requirements. Innovations in technology to improve patient comfort, the investigation of non-invasive alternatives, and educational initiatives to address and ameliorate patient concerns are all part of the effort to address these challenges.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period.
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It is probable that the North American colonoscopy market will experience a substantial revenue share and a rapid CAGR shortly. Various factors contribute to this development, such as the widespread awareness of colorectal cancer screening, technological advancements in endoscopic procedures, and a well-established healthcare infrastructure. The demand for colonoscopy procedures is further fueled by the ageing population in the region, which is at a higher risk of developing gastrointestinal disorders. In addition, North America's leadership in the colonoscopy market is influenced by its proactive approach to the adoption of innovative medical technologies and its favourable reimbursement policies.
Segmentation of Colonoscopy Market-
By Application
• Colorectal Cancer Lynch Syndrome
• Ulcerative Colitis
• Crohn's Disease
• Polyps or Colorectal Cancer
• Others
By Product Type-
• Colonoscope
• Flexible Non-Video (Fibre) Colonoscopes
• Flexible Video Colonoscopes
• Visualization Systems
• 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
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