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Colonoscopy Devices Market Size
Colonoscopy Devices Market size was valued at around USD 2.1 billion in 2023 and is expected to expand at a CAGR of 5% from 2024 to 2032. This robust market growth can be attributed to factors such as the rising demand for minimally invasive procedures coupled with the increasing incidence and prevalence of colorectal cancer.
As the number of individuals diagnosed with colorectal cancer and related conditions continue to rise, there is a corresponding surge in the demand for diagnostic and therapeutic endoscopic interventions. For instance, according to the World Health Organization, in 2023, colorectal cancer was the third most common cancer worldwide, accounting for approximately 10% of all cancer cases.
Colorectal cancer is more common in older individuals with the majority of cases occurring in people aged 50 and above, and as the global population continues to age, there is a natural increase in the number of people at risk for colorectal cancer. The aging demographic drives the demand for colonoscopies as a crucial tool for cancer detection and prevention.
Colonoscopy devices are medical instruments designed for the examination and visualization of the colon and rectum. These devices play a crucial role in both diagnostic and therapeutic procedures related to the gastrointestinal tract, particularly in the detection and management of colorectal conditions.
How big is colonoscopy devices market?
The global colonoscopy devices industry was valued at around USD 2.1 billion in 2023 and is expected to expand at a CAGR of 5% during 2024 -2032, attributed to factors such as the rising demand for minimally invasive procedures.
How will colorectal cancer drive the demand for colonoscopy devices?
The colorectal cancer segment accounted for around USD 756 million in 2023 and will continue to grow through 2032, driven by increasing incidence of colorectal cancer.
What is the size of North America colonoscopy devices industry?
North America colonoscopy devices market accounted for USD 689.3 million in 2023 and is predicted to witness substantial market growth through 2032, favored by technological advancements and increasing R&D efforts.
Who are the key players in colonoscopy devices industry?
Endomed Systems, Fujifilm Holdings Corporation, GI-View, Medtronic plc, Olympus Corporation, Ottomed Endoscopy, PENTAX Medical, Smart Medical Systems Ltd., Steris PLC and Stryker Corporation.