COLONOSCOPY DEVICES MARKET ANALYSIS

Colonoscopy Devices MarketSize and Trends

The global colonoscopy devices market was valued at US$ 2,375.9 Mn in 2022 and is forecast to reach a value of US$ 3,575.0 Mn by 2030 at a CAGR of 5.2% between 2023 and 2030. The global colonoscopy devices market is experiencing strong growth due to the growing burden of colorectal cancer and rising number of colonoscopy procedures around the world. Moreover, high demand for colonoscopy devices and high demand for novel, technologically advanced devices is expected to boost the market growth. However, factors such as risk associated with colonoscopy procedures and availability of alternative screening options are expected to hamper the market growth.

Global Colonoscopy Devices Market: Trends:

Rise in focus on disease diagnosis is a recent trend

Several hospitals across the globe have started using advanced technologies, such as AI and 5G, with colonoscopy to drastically improve the quality of diagnosis of various cancers. For example, in December 2022, Apollo Hospitals and Bharti Airtel carried out India’s first ever AI-guided and 5G-driven colonoscopy trials. The trials were conducted in collaboration with tech firms, such as Avesha, HealthNet Global, and Amazon Web Services to improve the speed and accuracy in the detection of colon cancer. This trend is expected to continue over the forecast period.

Introduction of novel drugs is another trend

With the growing number of colonoscopy procedures, the demand for colonoscopy devices is also increasing rapidly. As a result, players in the market are focusing on developing/launching novel devices in the market. In September 2021, Fujifilm India launched a new software version of “CAD EYE”, a function which supports real time detection of colonic polyps during colonoscopy using AI technology; essential for colon polyp detection and characterization. This trend is also expected to continue over the forecast period, driving the market growth.