Colonoscopy Devices Market Size is set to gain rapid traction over 2022-2028, on account of the rising prevalence of rectal diseases worldwide. Colonoscopy refers to a test that allows healthcare providers to examine the inside of the patient’s large intestine. Colonoscopy devices are flexible endoscopic devices with cameras, that are used to identify symptoms like bleeding and to detect polyps and potential indicators of colon cancer.
The growing burden of colorectal cancer is a major factor driving colonoscopy devices market trends over 2022-2028. Colorectal cancer is the second most common reason for cancer-based deaths, estimated to account for over 52,980 deaths in 2021. Despite its high prevalence, colorectal cancer is mostly preventable via screening and early identification, making colonoscopy devices an integral part of response measures for the disease. Colonoscopy is considered the golden standard for colon cancer detection, with a nearly 90% survival rate owing to early detection and removal of potentially cancerous polyps during screening using colonoscopy devices.
Visualization systems will emerge as a prominent product segment for the colonoscopy devices industry by 2028, owing to their robust use in the detection of cancer associated with the rectum, anus, and bowels. Furthermore, the increase in approvals for advanced visualization systems will augment the industry outlook. For instance, in July 2021, Fujifilm Medical Systems U.S.A., Inc received U.S. FDA approval for its Oxygen Saturation Endoscopic Imaging System, a novel image enhancement technology designed to enhance visualization during colorectal, gastrointestinal and advanced surgical and endoscopy procedures.
Latin America colonoscopy devices market will gain significant momentum by 2028, given the high incidence rate of colorectal cancer in the region. The disease is considered a massive public health concern in the region, and in 2020 ranked among the most common digestive system neoplasm. This rising burden of colorectal cancer is mainly due to the lack of early diagnosis and preventative measures, which could amplify demand for advanced medical devices for colonoscopy procedures in the region.
Key players involved in the colonoscopy devices industry include Boston Scientific, Avantis Medical Systems, Fujifilm Holdings, EndoMed System, HOYA Group, Getinge Group, Olympus, and Karl Storz. New product launches and collaborations are among the various strategies being initiated by these entities in their efforts to attain a strong position in the global market. For instance, in April 2021, Medtronic plc announced de novo clearance from the U.S. FDA for its GI Genius™ intelligent endoscopy module in the U.S., which is the first and only AI-based CADe (computer-aided detection) system commercially available for detection of colorectal polyps.
Following the onset of the coronavirus pandemic, healthcare systems shifted their focus rapidly towards COVID-19 response efforts, effectively putting many elective procedures, including cancer screenings on hold. According to a study published in the JCO Clinical Cancer Informatics journal in November 2020, there was a nearly 75% decline in screening, diagnosis, and treatment for colon cancer among older patients in 2020. However, many organizations are making targeted efforts in recent months to promote cancer screening via awareness campaigns, which could boost colonoscopy devices market demand over the forthcoming years. A notable example of this is the collaboration inked between the Community Oncology Alliance (COA) and CancerCare in April 2021, to launch a new public awareness campaign dubbed “Time to Screen”. The campaign was aimed at increasing focus on cancer screening, by publishing educational information regarding screening for various types of cancer as well as assistance for screening appointments.
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