Colonoscopy Devices Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.24 Billion |
| Market Size (2029) | USD 2.88 Billion |
| CAGR (2024 - 2029) | 5.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Colonoscopy Devices Market Analysis
The Colonoscopy Devices Market size is estimated at USD 2.24 billion in 2024, and is expected to reach USD 2.88 billion by 2029, growing at a CAGR of 5.20% during the forecast period (2024-2029).
The colonoscopy devices market is driven by the increasing preference for minimally invasive techniques, technological advancements, and the rising prevalence of colorectal cancer. The causes of colorectal cancer are unspecified. Several genetic and environmental factors may increase the risk of developing the disease.
For instance, according to the research article published by the American Cancer Society in March 2023, around 153,020 individuals were expected to be diagnosed with colorectal cancer. Around 52,550 individuals in the United States were expected to die from colorectal cancer in 2023. The same source also stated that around 106,970 new cases of colon cancer and 46,050 new cases of rectal cancer were expected to occur in the United States in 2023. Factors such as upcoming launches of promising pipeline candidates, the emergence of more front-line therapies, and favorable government initiatives are likely to fuel market expansion.
Adopting various strategies in the market is also expected to boost market growth. For instance, in July 2022, US Digestive Health ('USDH'), a top-rated gastrointestinal (GI) practice network, announced to offer patients AI-assisted colonoscopy screenings with the country's largest installation of GI Genius intelligent endoscopy modules. Colonoscopy has long been considered the gold standard for detecting polyps that can eventually lead to colorectal cancer. Patients at USDH are now offered an AI-assisted screening option with GI Genius. The Food and Drug Administration (FDA) cleared the device that employs AI to help physicians detect polyps.
In August 2022, India Medtronic Pvt Limited launched India's GI Genius intelligent endoscopy module. The GI Genius module uses advanced AI software to highlight suspicious polyps of various sizes, shapes, and morphologies with a real-time visual marker. It serves gastroenterologists as an ever-vigilant second observer with a lesion sensitivity rate of 99.7% and less than 1% false-positive results. Thus, product launches and technological advancements are expected to propel market growth over the forecast period.
However, the availability of alternative treatments for rectal disease and the risk associated with colonoscopy procedures may hamper the market’s growth over the forecast period.
Colonoscopy Devices Market Trends
The Colonoscope Segment is Expected to Witness Considerable Growth Over the Forecast Period
The colonoscope segment is expected to hold a significant market share throughout the forecast period. Colonoscopy devices detect lesions in the proximal aspect of colonic folds either by offering a retrograde view of the lumen or by straightening the haustral folds during withdrawal. It improves its quality indicators and other metrics associated with the examination's outcomes. Associated advantages of colonoscopy over other treatment alternatives, such as improved precision, accuracy, and treatment safety, are anticipated to increase its demand in surgical centers.
An increase in the number of colonoscopy procedures post-pandemic and advancements in the devices, technology, and overall healthcare infrastructure are some of the key factors expected to boost the dominance and growth of the colonoscope market in the future.
The development of innovative devices, mergers and acquisitions for product and geographical expansion, and partnerships are some of the key strategies that market players utilize to gain market share. For instance, in March 2023, the US Food and Drug Administration approved Medtronic's AI-assisted colonoscopy tool to help physicians detect polyps that can lead to colorectal cancer. Such approvals of colonoscopy tools help increase the adoption of colonoscopes for the early detection of colorectal cancers in patients.
In September 2023, the US Food and Drug Administration approved Ascope Colon, Ambu's disposable colonoscope, and the endoscopy system (Ambu Abox 2). Such launches and approvals increase the availability of innovative colonoscopes in the market, which is anticipated to increase their adoption.
The rising initiatives for the early screening of colorectal cancers are anticipated to increase colonoscope adoption. For instance, in October 2023, the Colorectal Cancer Alliance launched "Project Cure CRC" to fund novel colorectal cancer research over the next two years. Such initiatives help increase research on colorectal cancers, which increases the adoption of colonoscopes for screening.
Companies are trying to incorporate advanced technologies in their existing product lines, which may drive segmental growth. For instance, in December 2022, Bharti Airtel and Apollo Hospitals announced that they had conducted India's first AI-controlled 5G colonoscopy trial. In this study, Airtel's 5G technology was used to detect colon cancer faster and more accurately with AI applications. This technology has ultra-low latency and high processing capabilities. Thus, considerable segment growth is expected over the forecast period due to the rising burden of colorectal cancer, product launches, strategic initiatives, and technological advancements.
North America is Expected to Witness Significant Growth Over the Forecast Period
North America is expected to witness considerable growth over the forecast period. The growth can be attributed to factors such as the rising cases of colorectal cancer, product launches, and strategic initiatives. For instance, according to the report published by the Canadian Cancer Society in May 2024, 152,810 cases were diagnosed with colorectal cancer in 2024. The same source also stated that, on average, 67 Canadians were diagnosed with colorectal cancer daily.
Increasing research work in the colonoscopy space in North America is also expected to propel market growth. For instance, in February 2023, researchers in Canada launched a clinical pilot study to measure colorectal polyp size during live colonoscopies using a new virtual scale endoscope (VSE) with a laser-based size measurement function. Thus, considerable market growth is expected to be seen owing to the rising burden of colorectal cancer and increasing research work in the region.
The increasing burden of colorectal cancer and the rising geriatric population in the United States are the major factors propelling the market's growth in the country. Other key factors responsible for its dominance are increased treatment rates, a high incidence of colorectal cancer in the country, and inflated medicine prices compared to other major regions. For instance, per the American Cancer Society 2024 updates, colorectal cancer was the third most common cancer diagnosed in the United States. Around 106,590 new colon cancer and 46,220 cases of rectal cancer are expected to be diagnosed in the United States.
One of the major risk factors for developing cancer is age. For instance, the American Society of Clinical Oncology article updated in May 2024 reported that most colorectal cancers occur in people older than 50. The average age at the time of diagnosis for colon cancer in men is 68 years, and that for women is 72 years, while for rectal cancer, it is age 63 years for both men and women in the United States.
Product approvals and launches in the United States are also expected to propel market growth. For instance, in April 2022, SMART Medical Systems Ltd announced its FDA clearance for its G-EYE colonoscope, based on the PCF series of colonoscopes with Olympus 510(k) cleaned products. With this additional FDA clearance, G-EYE was made available in the US market. Thus, the high incidence of colorectal cancer will drive its diagnosis and treatment, boosting market growth.
Colonoscopy Devices Industry Overview
The colonoscopy devices market is highly competitive and consists of several global players. As the market progresses, the firms try to achieve clear differentiation in colonoscopy systems based on their application. Due to the requirements for high-quality imaging and operative capabilities, various customer groups are shifting toward optimized visualization systems that integrate colonoscopes and cameras. Some companies currently operating in the market are Boston Scientific Corporation, Fujifilm Corporation, Olympus Corporation, PENTAX Medical, and Medtronic.
Colonoscopy Devices Market Leaders
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Olympus Corporation
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PENTAX Medical
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Medtronic
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Boston Scientific Corporation
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Fujifilm Corporation
*Disclaimer: Major Players sorted in no particular order
Colonoscopy Devices Market News
- April 2024: Medtronic introduced ColonPRO, its latest software for the AI-powered GI Genius system, representing a notable leap forward. The software aims to revolutionize GI screening by aiding gastroenterologists during colonoscopies.
- March 2024: Endostart secured FDA 510(k) clearance for its leading product, Endorail. Endorail, a magnetic balloon solution, is designed to enhance the outcomes of colonoscopy procedures.
Colonoscopy Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of Colorectal Cancer
4.2.2 Technological Advancements In Colonoscope Devices
4.3 Market Restraints
4.3.1 Availability of Alternative Treatment for Rectal Disease
4.3.2 Risk Associated with Colonoscopy Procedures
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Product Type
5.1.1 Colonoscope
5.1.2 Visualization Systems
5.1.3 Other Product Types
5.2 By Applications
5.2.1 Colorectal Cancer
5.2.2 Lynch Syndrome
5.2.3 Ulcerative Colitis
5.2.4 Crohn's Disease
5.2.5 Other Applications
5.3 By End User
5.3.1 Hospitals
5.3.2 Ambulatory Surgery Center
5.3.3 Other End Users
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Boston Scientific Corporation
6.1.2 Fujifilm Corporation
6.1.3 Olympus Corporation
6.1.4 PENTAX Medical
6.1.5 Karl Storz SE & Co. KG
6.1.6 Medtronic
6.1.7 Steris PLC
6.1.8 Hoya Corporation
6.1.9 Endomed Systems
6.1.10 Getinge AB
6.1.11 Avantis Medical Systems
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Colonoscopy Devices Industry Segmentation
As per the report's scope, colonoscopy or coloscopy is the endoscopic examination of the large bowel and the distal part of the small bowel with a CCD camera or a fiber optic camera on a flexible tube passed through the anus. A colonoscopy allows accurate diagnosis and treatment without needing a major operation.
The colonoscopy devices market is segmented by product type, application, end user, and geography. By product type, the market is segmented into colonoscopes, visualization systems, and other product types. By application, the market is segmented into colorectal cancer, lynch syndrome, ulcerative colitis, Crohn's disease, and other applications. By end user, the market is segmented into hospitals, ambulatory surgery centers, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (USD) for all the above segments.
| By Product Type | |
| Colonoscope | |
| Visualization Systems | |
| Other Product Types |
| By Applications | |
| Colorectal Cancer | |
| Lynch Syndrome | |
| Ulcerative Colitis | |
| Crohn's Disease | |
| Other Applications |
| By End User | |
| Hospitals | |
| Ambulatory Surgery Center | |
| Other End Users |
| Geography | ||||||||
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Colonoscopy Devices Market Research FAQs
How big is the Colonoscopy Devices Market?
The Colonoscopy Devices Market size is expected to reach USD 2.24 billion in 2024 and grow at a CAGR of 5.20% to reach USD 2.88 billion by 2029.
What is the current Colonoscopy Devices Market size?
In 2024, the Colonoscopy Devices Market size is expected to reach USD 2.24 billion.
Who are the key players in Colonoscopy Devices Market?
Olympus Corporation, PENTAX Medical, Medtronic, Boston Scientific Corporation and Fujifilm Corporation are the major companies operating in the Colonoscopy Devices Market.
Which is the fastest growing region in Colonoscopy Devices Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Colonoscopy Devices Market?
In 2024, the North America accounts for the largest market share in Colonoscopy Devices Market.
What years does this Colonoscopy Devices Market cover, and what was the market size in 2023?
In 2023, the Colonoscopy Devices Market size was estimated at USD 2.12 billion. The report covers the Colonoscopy Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Colonoscopy Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Colonoscopy Devices Industry Report
Statistics for the 2023 Colonoscopy Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Colonoscopy Devices analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Colonoscopy Devices Market Report Snapshots
