Colonoscopy Devices Market Size (2024 - 2029)

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 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.