Colonoscopy Devices Market size is set to expand at an appreciable rate during the forecast period of 2023-2032 as the prevalence of rectal diseases is rising across the globe. According to estimates by the American Cancer Society, in 2023, 106,970 new colon cancer cases and 46,050 new cases of rectal cancer will be recorded in the U.S. Such instances will boost the usage of colonoscopy instruments to facilitate early diagnosis and treatment of these chronic ailments.
Colorectal cancer cases are growing at a worrying rate due to certain major factors, such as old age, family history, sedentary lifestyle, smoking, alcohol consumption, and unhealthy lifestyle habits. Colorectal cancer is the third most common cancer affecting both men and women every year in the U.S., with 52,580 deaths being recorded in the country in 2022.
However, despite its high incidence, this form of cancer is preventable via early identification and screening, boosting the demand for colonoscopy devices. Colonoscopy is often considered the golden standard in the detection of colon cancer as it has a 90% survival rate and can identify as well as remove potentially cancerous polyps during screening using a wide range of instruments.
Based on product, colonoscopy devices market is segmented into visualization systems, colonoscope, and other instruments. The visualization system segment is expected to capture a sizeable industry outlook by 2032 as it plays a vital role in detecting cancer of the rectum, bowels, and anus. Several reputed medical bodies are increasing their approval rate for innovative visualization systems to reduce the mortality rate associated with rectal diseases.
In terms of end-use, colonoscopy devices market covers clinics, hospitals, and ambulatory surgical centers. The market size from the hospital segment is estimated to register a notable CAGR through 2032. Hospitals offer patients easier access to a variety of cutting-edge medical devices and facilities that can boost their survival rate and improve their quality of life.
Many hospitals have started combining advanced technologies, such as AI and 5G with colonoscopy to drastically improve the quality of diagnosis of various cancers. For example, in December 2022, Apollo Hospitals and Bharti Airtel declared that they had carried out India’s first ever AI-guided and 5G-driven colonoscopy trials. The trials were conducted in collaboration with tech firms, such as Amazon Web Services, HealthNet Global, and Avesha to improve the speed and accuracy in the detection of colon cancer. These initiatives will accelerate the market development.
Latin America colonoscopy devices market will gain significant momentum over the analysis timeline as the prevalence of colorectal cancer is high across the region. According to the European Society for Medical Oncology (ESMO), around 1.5 million new cancer cases as well as 700,000 deaths occur every year in the Latin America and the Caribbean region, with colorectal cancer accounting for 9% of the total cases. The growing burden of this type of cancer can be attributed to the lack of access to early diagnostic facilities and preventive measures. This may amplify the need for advanced medical devices for colonoscopies in the region.
Key organizations operating in colonoscopy devices market include Avantis Medical Systems, Boston Scientific, HOYA Group, Fujifilm Holdings, EndoMed System, Karl Storz, Getinge Group, and Olympus, among many others.