Identification of the Cause of Signs and Symptoms for Colorectal Cancer drives the Market:
A colonoscopy is conducted to find the reason for signs and symptoms, constituting bleeding from the rectum, blood in the stools, pus or mucus in the stools, unexplained abdominal pain, changes in bowel habits, and unexplained long-lasting diarrhoea, screening and examination for colorectal cancer. Popularly, colonoscopy across the world is used to examine for cancer of the colon (bowel cancer) or colon polyps, which are extensions on the colon lining that can seldom be cancerous or may grow to be cancerous. Remarkably, as per the World Health Organization, in 2020, colorectal cancer estimated for around 1.93 Million numbers and more than 935,000 deaths globally.
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Visualization System is Estimated to be the Dominating and Fastest-Growing Division:
By product, colonoscopy devices are segmented into Visualization systems, colonoscopes and others. Visualization system is estimated to be the dominating and fastest-growing segment due to increasing preference for HD visualization systems. Besides, Visualization systems are popular among medical professionals, as they efficiently help in the examination & operation of complex disorders such as Colorectal cancer, Lynch syndrome, Ulcerative colitis, and others. Besides, colonoscope devices are employed to recognize lesions in the proximal perspective of colonic folds either by proffering a retrograde appearance of the lumen or straightening the haustral folds during withdrawal. Associated benefits of colonoscopy over other treatment options, such as enhanced precision, accuracy, and medication safety, are expected to boost its demand in surgical centres.
Hospitals Emerged as the Largest End-User Segment:
Hospitals are the primary health system constituting the usage of colonoscopy devices globally. The abundance of colorectal surgeries undertaken at hospitals is comparatively higher than the other health systems, such as clinics, ambulatory surgical centres (ASCs) or others. Consequently, the demand for colonoscopy devices in hospitals is relatively higher than that in other end-use segments.
North America Rules the Market and is anticipated to continue to do the same during the Forecast Period:
Currently, North America dominates the market for colonoscopy devices, and it is expected to continue its stronghold during the forecasted period. Key factors accountable for its dominance are increased treatment rates, high incidence of colorectal cancer in the region, inflated medicine prices compared to other major regions like Europe, Asia Pacific, South America and Middle East& Africa. In addition, the high unmet clinical needs of patients in the areas of North America, such as the lower Mississippi Delta and parts of Appalachia in the United States, are also boosting the market growth. Furthermore, growing healthcare investment and the well-established healthcare foundation are also fuelling the development of the overall regional market to a large extent.
Major Players in the Competitive Panorama:
The market is profoundly competitive and consists of several global players. As the industry progresses, the firms try to achieve clear differentiation in colonoscopy systems based on their application. Due to high-quality imaging and operative capabilities requirements, various customer groups are shifting toward optimized visualization systems that integrate colonoscopes and cameras. Some of the companies currently present in the market are Boston Scientific Corporation, Medtronic, Steris Plc, Olympus and Hoya. For instance, in April 2021, Medtronic launched an AI-based colonoscopy device in the US on the heels of FDA clearance.
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Impact of COVID-19 on Colonoscopy Devices Industry:
COVID-19 pandemic had an immediate influence on the colonoscopy healthcare industry. Colonoscopy, the backbone for the diagnosis & administration of colorectal cancer, has come under tension due to COVID-19 in 2020. All non-urgent methods have been either rescheduled or substituted by replacement biomarkers. The pandemic was the chief reason for the slump of the market for colonoscopy devices in 2020. However, in 2021, the market has rebounded with double percentage maturity.
Market Summary:
By Product: We have covered Visualization system, Colonoscope and Others as major variants existing in the industry.
By Application: We have studied the application of Colonoscopy Devices in Colorectal cancer, Lynch syndrome, Ulcerative colitis and other.
By End User: We have covered Hospitals, Clinic, Ambulatory surgery center and others as end users.
By Region: We have analysed the Colonoscopy Devices industry in North America, Asia Pacific, Europe, Latin America, Middle East & Africa.
Company Analysis: In our report market’s main players studied includeBoston Scientific Corporation, Medtronic, Steris Plc, Olympus and Hoya.
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