Colonoscopy Market Size to Reach $3.8 Billion by 2030: Rising Demand for Minimally Invasive Procedures to Propel Growth: The Brainy Insights

The increasing cases of colorectal cancer is propelling the growth of the colonoscopy market. North America region emerged as the largest market for the global colonoscopy market, with a 37.9% share of the market revenue in 2022.

Newark, Jan. 10, 2023 (GLOBE NEWSWIRE) — The brainy Insights estimates that the USD 2.4 billion in 2022 Colonoscopy market will reach USD 3.8 billion by 2030. The rising awareness associated with colon-related issues and the continuous research and development in the colonoscopy market to reduce complications associated with the treatment propels the market’s growth.

Key Insight of the Colonoscopy Market

North America to account for the largest market size during the forecast period.

North America is expected to have the largest Colonoscopy market share. Key factors favouring the growth of the Colonoscopy market in North America are the presence of major key players and rising healthcare expenditure. Furthermore, the increase in the number of research and development activities in the region adds impetus to the market’s growth.

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The Colonoscope visualization systems segment is expected to augment the Colonoscopy market during the forecast period.

The Colonoscope visualization systems segment is anticipated to dominate the market over the forecast period. The segment’s growth can be attributed to increasing use of colonoscope visualization system in analyzing the potential reason for abdominal pain, rectal bleeding, persistent diarrhea, etc.

The polyps or colorectal cancer centres segment market size is 0.5 billion in 2022

The polyps or colorectal cancer segment held the largest market share in 2022 and is expected to continue during the forecast period. The segment’s growth can be attributed to technological advancements, an increase in minimally invasive technologies and the prevalence of colorectal cancer are major factors driving the colonoscopy device market.

The ambulatory surgery centres segment is expected to augment the monoclonal antibodies market during the forecast period.

The ambulatory surgery centers segment is anticipated to dominate the market over the forecast period. The growth of ambulatory surgery centers segment is anticipated to be growing as they offer control effects or functions and are less likely to cause an immune response. The colonoscopy procedure can be performed at ambulatory surgery centers, as these facilities are equipped with all the colonoscopy devices required. Additionally, surgeries at ambulatory surgery centres do not require an overnight stay, contributing to their growth.

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Advancement in market

In April 2022, Smart Medical Systems Ltd. granted a new FDA clearance for its G-EYE Colonoscope, based on Olympus’ 510(k) cleared PCF colonoscope series.

In April 2021, The US Food and Drug Administration (FDA) granted de novo clearance to Medtronic’s plc GI Genius intelligent endoscopy module.

Market Dynamics

Driver: Rising prevalence of cancer

The rising prevalence of cancer is expected to drive the market’s growth. There is an increase in colon cancers and a change in the techniques used to diagnose cancer or detect any abnormalities, which are the primary factors responsible for colonoscopy’s market growth.

Restraint: Risk factors associated with colonoscopy

One of the major challenges hindering the market’s growth is the risk associated with colonoscopies, such as the possibility of perforation or bleeding in the lower gastrointestinal tract.

Opportunity: Increasing awareness

Several organizations have been running awareness campaigns lately to raise cancer screening awareness, boosting colonoscopy device demand in the future.

Challenge: Availability of substitutes

There are several factors that are expected to hinder market growth, including the availability of substitutes for treating rectal diseases, a lack of consumer awareness, and complications associated with colonoscopies.

Some of the major players operating in the Colonoscopy market are:

Key Segments cover in the market:

● Medtronic
● Fujifilm Holdings
● Olympus Corporation
● Endomed Systems
● Boston Scientific
● Avantis Medical Systems
● HOYA Group
● Getinge Group

By Product Type:

● Colonoscope visualization systems
● Others

By Application:

● Colorectal cancer lynch syndrome
● Ulcerative colitis
● Crohn’s Disease
● Polyps or colorectal cancer
● Others

By End-user:

● Hospitals
● Clinics
● Ambulatory surgery centers

By Region

● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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