Colonoscopy Devices Market : Industry Outlook By Drivers, Restraints Foreacst 2022-2031
The colonoscopy devices market studied is anticipated to witness a CAGR of nearly 6.1% during the forecast period.
– The major factors that are driving the market growth include the growing prevalence of colorectal cancer, increasing preference for minimally invasive techniques, and technological advancements.
– The colonoscopy devices market is majorly driven by the rising prevalence of colorectal cancer. Causes of colorectal cancer are unspecified. However, several genetic environmental factors may increase the risk of developing the disease.
– According to the American Cancer Society, in 2017, there will be an estimated 95,520 new cases of colon cancer and 39,910 cases of rectal cancer diagnosed in the United States. Moreover, factors, such as upcoming launches of promising pipeline candidates, the emergence of more front-line therapies, and favorable government initiatives, are likely to fuel market expansion. In addition, the industrial pipeline is expanding therapeutic capabilities in technologically advanced systems, such as i10 Series Video Colonoscopes and Kp Series Video Colonoscopes.
– Moreover, observational studies suggest that colonoscopy can help reduce CRC incidence by about 40% and mortality by about 50%, indicating a promising future for the colonoscopy devices market. However, the availability of alternative treatment for rectal disease and risk associated with colonoscopy procedures may hamper the demand for colonoscopy devices.
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Key Market Trends
Colonoscope Segment Dominates the Market and is Expected to Continue to Do the Same during the Forecast Period
The colonoscope segment is expected to dominate the market through the forecast period. Colonoscopy devices are used to detect lesions in the proximal aspect of colonic folds either by offering a retrograde view of the lumen or by straightening the haustral folds during withdrawal. It improves its quality indicators and other metrics associated with the examination’s outcomes. Associated advantages of colonoscopy over other treatment alternatives, such as improved, precision, accuracy, and treatment safety, are anticipated to increase its demand in surgical centers.
Moreover, in the application segment, the alarming rise of colorectal cancer is also expected to boost demand over the forecast period. According to the World Health Organisation, in 2018, colorectal cancer accounts for around 1.80 million incidences and more than 862,000 deaths globally. Unlike other invasive surgical procedures, it requires no incision, and this is also expected to increase demand. The number of annual colonoscopy procedures is also likely to grow, due to the expanding therapeutic capabilities of colonoscopy devices.
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