Market Trends of Global Surgical Visualization Systems Industry
Colonoscopy Segment is Expected to Witness a Significant Growth Over the Forecast Period.
A colonoscopy is a visual exam of the colon using a lighted, flexible fiberoptic, or video endoscope. An endoscope is inserted through the anus and moved gently around the bends of the colon. Viewing the colon like this helps the doctor check for conditions like colon cancer, noncancerous tumors, inflammation, infection, and bleeding.
The major factors propelling segment growth are the increasing incidence of colon and rectum cancers, technological advancements in devices, and increased diagnostic awareness in the population. For instance, the International Agency for Research on Cancer (GLOBOCAN) reported that colon cancer cases are expected to reach 1.92 million by 2040. Also, the same source reported that rectum cancer cases are expected to reach 1.16 million by 2040. A colonoscopy is one of the most sensitive tests currently available for colon and rectal cancer screening. Thus, a high incidence of colon and rectum cancer is driving the growth of this segment, thereby propelling the growth of the market.
The key market players' technological advancements and new product launches are also contributing to the market's growth.For instance, in April 2021, Medtronic plc launched the United States Food and Drug Administration (USFDA)-approved GI Genius intelligent endoscopy module in the United States. The GI Genius module is the commercially available computer-aided detection (CADe) system that uses artificial intelligence (AI) to identify colorectal polyps. Similarly, in August 2022, New Jersey-based Hackensack University Medical Center received funding from the Health Equity Assistance Program to support the installation of artificial intelligence (AI)-assisted colonoscopy technology and provide training and technical assistance to underserved communities. Thus, such product launches are driving the growth of this segment, thereby fueling the growth of the studied market.
Additionally, an article published in the National Library of Medicine in March 2022 reported the alarming rise in the incidence of early-onset colorectal cancer and the importance of raising awareness and creating newer guidelines in response to the changing demographic of patients impacted by colorectal cancer. The increasing diagnostic awareness in the population, especially among young populations, is also contributing to the growth of this segment.
Thus, due to the above-mentioned reasons such as product launches and increasing cancer cases, the segment is expected to witness significant growth over the forecast period, thereby contributing to the growth of the market.
North America Region is Expected to Witness a Significant Growth Over the Forecast Period.
North America is expected to witness significant growth over the forecast period. The market growth is due to the factors such as the presence of key players, the high prevalence of chronic diseases in the region, and the established healthcare infrastructure. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to propel market growth. In this region, the United States holds the maximum share due to supportive healthcare policies, the high number of patients, and a developed healthcare market.
The high cases of colon cancer are driving the growth of the studied market in the region. For instance, the American Cancer Society 2022, estimated that in 2022, 1,51,030 colorectum cancer cases are reported in the United States. This, is the fourth most prevalent cancer in the country, with California recording the highest number of colorectum cancer cases. Also, an article titled, 'Comparison of trends in early-onset colorectal cancer in North America and Europe' published in June 2022, reported that North America reported a higher incidence increase in rectal cancer than in colon cancer. Thus, high colon-rectal cancer is contributing to the studied market in the region.
Also, product launches, technological developments, mergers acquisitions, and partnerships among the key market players are significantly boosting the market. For instance, in February 2022, EvoEndo, Inc. received 510(k) clearance from the United States Food and Drug Administration (USFDA) to begin marketing and sale of the EvoEndo single-use endoscopy system. The clearance follows EvoEndo's distribution agreement with Micro-Tech Endoscopy to begin the distribution of the EvoEndo System into hospitals in the United States. Similarly, in November 2021, Micro-Tech Endoscopy launched the LesionHunter Cold Snare, a novel cold snare with an ultra-thin Nitinol wire. This wire material provides durability in the shape and can be used in endoscopic procedures.
Thus, due to the aforesaid mentioned reasons the region is expected to witness significant growth over the forecast period.
