Global Colonoscopy Devices Market to Reach $1.8 Billion by 2026

SAN FRANCISCO, March 16, 2022  /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Colonoscopy Devices - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 10; Released: February 2022
Executive Pool: 1273
Companies: 17 - Players covered include FUJIFILM Holdings America Corporation; GI View Ltd; HUGER Medical Instrument Co.,Ltd; KARL STORZ SE & Co. KG; MECAN MEDICAL EQUIPMENT CO LTD; Medtronic Plc; Olympus America; PENTAX Medical; Pro Scope Systems; Sonoscape Medical Corp.; STERIS Plc and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Visualization Systems, Colonoscopes, Other Product Types); End-Use (Hospitals, Diagnostic Centers, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Colonoscopy Devices Market to Reach $1.8 Billion by 2026
Colonoscopy devices comprise a long, flexible, and thin tube, with a light, camera, and tools placed at one end of the tube. These devices can be used for removing polyps, which can subsequently be examined under the microscope for identifying the presence of an infection. In the past few years, various instruments have been developed for enhancing visualization angles, including endoscopes, short-run radius colonoscopes, colonoscopy devices with several lenses, and various accessory devices. In recent years, innovative procedures and instruments are being rolled out for removing the barriers pertaining to colon surgeries. Recent technological advancements have resulted in the development of advanced endoscopic devices and accessories, which can be attached to the colonoscopes at the time of treatment. These instruments are designed for maximizing their capability of penetrating and safely maneuvering the interiors of the rectum and removing the infected polyps. New colonoscopy devices are also being developed with several cameras and a wider view for enhancing their image transmission capabilities. However, the availability of substitutes for treating rectal diseases, lack of consumer awareness, and complications related to colonoscopy procedures are some factors that are anticipated to restrain the market growth in the near future.

Amid the COVID-19 crisis, the global market for Colonoscopy Devices estimated at US$1.6 Billion in the year 2022, is projected to reach a revised size of US$1.8 Billion by 2026, growing at a CAGR of 3.8% over the analysis period. Visualization Systems, one of the segments analyzed in the report, is projected to record a 3.9% CAGR and reach US$938.6 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Colonoscopes segment is readjusted to a revised 4.1% CAGR for the next 7-year period.

The U.S. Market is Estimated at $475.2 Million in 2022, While China is Forecast to Reach $162.7 Million by 2026
The Colonoscopy Devices market in the U.S. is estimated at US$475.2 Million in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$162.7 Million by the year 2026 trailing a CAGR of 6.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 3.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3% CAGR.

Colorectal cancer represents the largest application area for colonoscopy devices, driven by the rising prevalence of colorectal cancer globally. In contrast to invasive surgeries, colonoscopy procedures do not require any incision, which is likely to significantly augment the demand for colonoscopy devices. Moreover, the number of colonoscopy procedures is expected to increase rapidly, owing to the expansion in the therapeutic capabilities of colonoscopes. Ambulatory surgery centers are expected to be the largest end-use segment for colonoscopy devices market, owing to the higher adoption and increase in the number of colonoscopy procedures being performed at these centers. Benefits, such as cost saving, individual service, and hygienic environment are expected to boost the demand for colonoscopy procedures in ambulatory surgery centers over the next few years.

Asia-Pacific is expected to register the highest growth, owing to the rapid increase in demand for colonoscopy devices in China and India. These countries are witnessing a significant rise in the number of colonoscopy procedures, attributed to improvements in hospitals, healthcare facilities, and infrastructure. In addition, the growth in the regional market is propelled by the rising income levels and healthcare expenditure, growing awareness regarding colon-related disorders, and higher prevalence of colon-related diseases due to unhygienic and unclean environments, particularly in the rural areas. In recent years, the colonoscopy devices market in the region is also benefiting from the funds and grants being provided by various government authorities for creating consumer awareness regarding minimally invasive surgeries. However, shortage of physicians trained in colonoscopy procedures and unfavorable reimbursement policies are anticipated to hamper growth in the region.

By End-Use, Hospitals Segment to Reach $1 Billion by 2026
Global market for Hospitals (End-Use) segment estimated at US$848.3 Million in 2020, is projected to reach US$1 Billion by 2026 reflecting a compounded annual growth rate of 4.1% over the analysis period. Europe constitutes the largest regional market for Hospitals segment, accounting for 32.7% of the global sales. China is poised to register the fastest compounded annual growth rate of 6.7% to reach US$108.2 Million by the close of the analysis period.

Demand Increases for Colon Capsules
An endoscopy device helps in viewing internal organs and acquires images which can be leveraged for diagnosis of the disease condition, as well as in delivering drug therapies. While they are a boon for several treatments and surgeries, traditional devices are considered to be burdensome and result in patient discomfort, as the device is placed into the digestive tract and made to scan through the entire tract.

Capsule technology has emerged as a solution to these issues, as the device, which in the size of a capsule, is used to perform the task. The device is ingested by the patient, which then moves along the tract. Being equipped with a minute camera, the device captures sharp images of the intestine, with little invasiveness. The capsule endoscopy system facilitates improved navigation in the tract and identifies the problem areas in the intestine, such as cancerous growths, bleeding or ulcers. The area of gastroenterology is expected to benefit significantly from this technology, as it enables doctors to identify abnormal growths and ulcers in the tract, in real-time. The timely diagnosis and also therapy facilitated by this technology, is expected to support its growth in the coming years.

Capsule endoscopy was originally developed to evaluate small intestinal diseases. The technology is primarily approved for evaluating OBIG (obscure gastrointestinal bleeding), following a negative result from push enteroscopy, upper endoscopy, small bowel radiography and colonoscopy. The technology is also used for identification of tumors in small bowel and in evaluation of gluten enteropathy and Crohn's disease. Additionally, the technology can also be employed in small bowel surveillance in patients with inherited polyposis syndromes or Lynch syndrome, including Peutz-Jeghers syndrome and familial adenomatous polyposis that are known to be causative factors of polyps and cancer in the small intestine. Further applications of the technology such as detection and evaluation of cancers and other conditions in colon and esophagus are presently under investigation. Capsule endoscopy holds potential in detection of various disease in these areas such as Barrett's esophagus, gastroesophageal reflux disease, colorectal polyp detection and screening of colon cancer.

Capsule endoscope weighs less than four grams, and looks like an over-sized vitamin pill. The device features a small transmitter, a camera, a powerful LED source and a battery with a lifespan of eight hours. The technology underlying capsule endoscopy requires neither patient preparation and sedation nor use of X-rays. The capsules are administered to any patient in an outpatient department, allowing easy swallowing and immediate return to daily activities. After ingestion, the capsule starts transmitting images of the interiors of the esophagus, small bowel and the stomach to a receiver that the patient is made to wear. Nearly 55,000 such images are taken by the capsule, at a speed of two pictures in a second. More

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