Market Trends of Colonoscopy Devices Industry
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.
