Press release
Virtual Colonoscopy Software Market Set to Reach $47.69 Billion by 2029 with 7.1% Yearly Growth
Virtual Colonoscopy Software Market
The rate of colorectal cancer occurrences is on the rise and this is predicted to boost the expansion of the virtual colonoscopy software market. Colorectal cancer, which develops in the colon or rectum*, is a cancer type increasing in prevalence. Virtual colonoscopy software has a key function in colorectal cancer, offering a non-invasive method to screen and find abnormalities in the colon. For instance, in September 2022, the France-based government agency, the International Agency for Research on Cancer, projected that by 2040, there would be an annual prediction of 3.2 million new cases and 1.6 million deaths due to colorectal cancer, showing a substantial growth from 1.9 million new diagnoses and 930,000 deaths in 2020. Hence, the rising frequency of colorectal cancer is catalyzing the growth of the virtual colonoscopy software market. Virtual Colonoscopy Software Market Driver: Expected Increase of The Virtual Colonoscopy Software Market Due to The Increase in Chronic Diseases and Resulting Deaths
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What is the future CAGR of the virtual colonoscopy software market, and how will it impact industry expansion?
The market size for virtual colonoscopy software has experienced significant growth in the past few years. It is projected to increase from $33.69 billion in 2024 to $36.3 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.8%. The historical growth can be credited to factors such as improvements in imaging technology, an aging population, the rise in remote consultations, and changes in reimbursement policies.
The market size for virtual colonoscopy software is projected to experience significant expansion in the upcoming years. The forecast sets the value at $47.69 billion by 2029, with a compound annual growth rate (CAGR) of 7.1%. Factors contributing to this growth during the forecast period include better global access to healthcare, customization in screening, telemedicine, and heightened patient education and awareness. Other major trends on the rise for the forecast period include AI-assisted image analysis, enhanced 3D visualization, patient-focused care, and increased emphasis on privacy and data security.
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What are the most significant trends transforming the virtual colonoscopy software market today?
Leading corporations in the virtual colonoscopy software market are concentrating on the integration of advanced technological solutions like AI-based endoscopy to maintain their market standing. AI-based endoscopy employs artificial intelligence technology in the execution of gastrointestinal (GI) endoscopy procedures. For instance, Medtronic PLC, an American medical device firm, introduced the GI Genius module in August 2022, a revolutionary AI-guided endoscopy module designed for colorectal cancer treatment. The module leverages artificial intelligence and proficient deep learning algorithms to aid physicians in the early identification and treatment of colorectal cancer. The device delivers superior visualization during colonoscopy and utilizes AI software to instantly spotlight any suspicious polyps. This device represents a major innovation in the early detection of colorectal cancer.
Which key market segments comprise the virtual colonoscopy software market and drive its revenue growth?
The virtual colonoscopy software market covered in this report is segmented -
1) By Product Type: Two Dimensional (2D), Three Dimensional (3D)
2) By Deployment: On-Premises, Cloud-based
3) By Application: Polyps, Crohn's Disease, Ulcerative Colitis, Colorectal Cancer (CRC), Diverticulosis, Stenosis
4) By End-User: Hospitals, Clinics, Diagnostic Centers, Ambulatory Surgical Centers
Subsegments:
1) By Two Dimensional (2D): Standard 2D Imaging Software, Advanced 2D Visualization Tools
2) By Three Dimensional (3D): Standard 3D Imaging Software, Enhanced 3D Reconstruction Software, Interactive 3D Analysis Tools
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North America was the largest region in the virtual colonoscopy software market in 2024. The regions covered in virtual colonoscopy software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the leading players fueling growth in the virtual colonoscopy software market?
Major companies operating in the virtual colonoscopy software market are Hitachi Medical Corporation, Medtronic PLC, Siemens Healthineers, Koninklijke Philips N.V., Boston Scientific Corporation, Olympus Corporation, GE HealthCare Technologies Inc., Hologic Inc., Stony Brook University, Carestream Health, Toshiba Medical Systems Corporation, Barco NV, Agfa Healthcare, Cybernet Systems Co. Ltd., Intelerad Medical Systems Incorporated, Canon Medical Informatics Inc., TeraRecon Inc., iCAD Inc., Median Technologies, LEXION Medical LLC, Mentice Inc., Pie Medical Imaging, Ziosoft USA Inc., EDDA Technology Inc., Intrasense SA, Volumina Medical, Medweb, Viatronix Inc., Voxel-Q.
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What Is Covered In The Virtual Colonoscopy Software Global Market Report?
•Market Size Forecast: Examine the virtual colonoscopy software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the virtual colonoscopy software market for a structured understanding.
•Key Players Overview: Analyze major players in the virtual colonoscopy software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the virtual colonoscopy software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the virtual colonoscopy software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the virtual colonoscopy software market.
•Industry Challenges: Identify potential risks and obstacles affecting the virtual colonoscopy software market.
•Competitive Landscape: Review strategic developments in the virtual colonoscopy software market, including expansions, agreements, and new product launches.
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