COLONOSCOPY DEVICES MARKET ANALYSIS

Market Challenges And Opportunities

Global Colonoscopy Devices Market Drivers:

Growing burden of colorectal cancer to propel market growth

One of the key factors expected to augment the growth of the global colonoscopy devices market during the forecast period is the increasing prevalence of colorectal cancer around the world. Such a high burden of colorectal cancer leads to an increasing demand for colonoscopy devices, driving the market growth. Colorectal cancer is the second most common cause of cancer death in the U.S. According to the American Cancer Society, in 2023, around 153,020 individuals will be diagnosed with colorectal cancer and around 52,550 will die from the disease, including around 19,550 cases and 3750 deaths in individuals younger than 50 years.

Rising number of colonoscopy procedures to drive market growth

Another factor which is driving the growth of the global colonoscopy devices market is the rising number of colonoscopy procedures around the world. For instance, colonoscopy is an examination of the inside of the large intestine, which includes colon, rectum and anus. It helps doctors detect abnormalities in the bowel, including signs of colorectal cancer. Thus, with the increasing number of colonoscopy procedures, the demand for colonoscopy devices is also increasing rapidly. As per the National Institutes of Health, every year, around 15 million colonoscopies are performed in the U.S. and it's estimated to lower the overall risk of colorectal cancer death by around 60%.  

Global Colonoscopy Devices Market Opportunities:

Increasing demand for colonoscopy devices is expected to provide significant growth opportunities for players in the global colonoscopy devices market. For instance, with the increasing prevalence of colonoscopy procedures, the demand for colonoscopy devices is also increasing rapidly. In April 2021, Medtronic announced that the U.S. Food and Drug Administration (FDA) granted de novo clearance for GI Genius intelligent endoscopy module in the United States. The GI Genius module, compatible with any colonoscope video, provides physicians with a powerful new solution in the fight against colorectal cancer. This in turn is driving the market growth.

Rising demand for novel, technologically advanced devices is expected to offer significant growth opportunities for players in the global colonoscopy devices market. For instance, in August 2022, India Medtronic launched the GI Genius intelligent endoscopy module, innovative computer-aided polyps detection system powered by artificial intelligence (AI). The module uses advanced AI to highlight suspicious polyps of various sizes, shapes, and morphologies with the visual marker in real-time. It serves as the gastroenterologists’ ever-vigilant second observer, with a sensitivity rate per lesion of 99.7% and less than 1 per cent of false positives.

Global Colonoscopy Devices Market Restraints:

Risk associated with colonoscopy to hinder market growth

One of the key factors expected to hamper growth of the global colonoscopy devices market is the risk associated with colonoscopy procedures. Colonoscopy is used to determine and/or diagnose the abnormalities in the intestine. A long flexible tube is inserted in rectum to examine the bleeding in the intestine. Although, it is one of the widely used methods in developed regions, it possesses several risks such as adverse reaction to sedative, tear to the colon, and bleeding post examination. However, the potential for risk with colonoscopy is minimal, and thus, the impact of this factor is likely to remain low during the forecast period.

Availability of alternative options to hamper the growth of the market

Another factor hampering the growth of the global colonoscopy devices market is the availability of alternative screening options. Regular colon cancer screening leads to early detection, making the disease easier to treat. Screening also enables healthcare provider to find and/or remove any growths before they become cancerous. A colonoscopy is a standard screening tool or method for colon cancer, but there are other screening methods too. Other screening methods, such as virtual colonoscopy, sigmoidoscopy, stool DNA test, fecal occult blood test, and fecal immunochemical test, are also used to screen colon cancer.