The global Colonoscopy Devices Market is estimated to be valued at US$ 2,500.4 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Colonoscopy devices are primarily used to visualize the inside lining of the colon and rectum in order to detect diseases such as colon polyps, tumors, and inflammatory bowel diseases. The major products in the market include video colonoscopes, fiber optic colonoscopes, and colonoscopy cameras. Colonoscopy is considered as one of the most effective procedure for screening and diagnosing colon cancer which is one of the leading causes of cancer deaths. It helps detect polyps during the procedure which can further be removed to prevent colon cancer. Rising awareness regarding early detection and treatment of colon cancer is expected to drive the market growth over the forecast period.
Market key trends:
Technological advancements: Major players in the market are focusing on developing advanced colonoscopy devices with improved features to enable better inspection of colon walls and precise detection of abnormalities. For instance, virtual colonoscopy or CT colonography allows noninvasive visualization of entire colon without using an endoscope.
Increasing adoption of minimally invasive procedures: There is a rising preference for minimally invasive surgical procedures over traditional open surgeries due to benefits such as lesser pain, shorter hospital stays, and faster recovery. This is positively impacting the adoption of colonoscopy as a minimally invasive diagnostic and treatment procedure for various colon-related conditions.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate to low as the colonoscopy devices market requires significant investments in R&D and manufacturing facilities. In addition, established brands have strong customer loyalty and distribution networks.
Bargaining power of buyers: The bargaining power of buyers is moderate as the colonoscopy procedures volume is growing. However, the devices have no close substitute and switching costs are high.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of a large number of device component manufacturers. However, switching costs from established suppliers are high.
Threat of new substitutes: The threat of new substitutes is low as there is no revolutionary substitute for colonoscopy available yet. Some non-invasive tests like CT colonography offer limited substitution.
Competitive rivalry: The competitive rivalry is high among major players due to their global presence and aggressive marketing strategies to increase market share.
Key Takeaways
The Global Colonoscopy Devices Market Share is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing aging population suffering from colon cancer and government initiatives to spread awareness.
Regional analysis: North America currently dominates the global colonoscopy devices market due to established healthcare infrastructure and rising medical tourism. Asia Pacific is expected to grow at the fastest pace due to improving healthcare standards and increasing medical tourism from developing nations.
Key players: Key players operating in the colonoscopy devices market are Karl Storz SE & Co. KG, Olympus Corporation, Endo Med Systems GmbH, HOYA Corporation, Getinge AB, Avantis Medical Systems, Boston Scientific Corporation, and FUJIFILM Holdings Corporation, among others. Karl Storz and Olympus dominate the global colonoscopy devices market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it