New York, May 30, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Colonoscopes Global Market Report 2023" - https://www.reportlinker.com/p06457600/?utm_source=GNW
, PENTAX Medical, Getinge AB, Consis Medical, Endo Technologies, Ambu A/S, Huger Medical Instrument Co. Ltd., InMotion Medical Inc., Steris Corporation, ESS Inc., Absolute Medical Inc., Medical Recovery Company Inc., Pro Scope Systems, and MedWrench LLC.
The global colonoscopes market is expected to grow from $1.70 billion in 2022 to $1.80 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The colonoscopes market is expected to grow to $2.20 billion in 2027 at a CAGR of 5.2%.
The colonoscopes market consists of sales of screening colonoscopes, diagnostic colonoscopes, and virtual colonoscopes.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A colonoscope refers to a tiny, tube-shaped device with a light and a viewing lens. It is used to find bowel cancer and colon polyps, and it helps diagnose symptoms like blood in the stool, unexplained diarrhea, and abdominal pain.
North America was the largest region in the colonoscopes market in 2022. The regions covered in the colonoscopes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of colonoscopes are fiber optic colonoscopy devices and video colonoscopy devices.A fiber optic colonoscopy device is a minimally invasive medical examination that is used as a screening test for colon cancer and to assess the lower portion of the large intestine, or colon.
The various technologies include instruments, accessories, and colonoscopy devices service. These are used in various applications such as colorectal cancer, lynch syndrome, ulcerative colitis, crohn’s disease, and polyp and by various end-users such as hospitals, clinics, ambulatory surgery centers, and others.
The increase in the prevalence of colorectal cancer is expected to propel the growth of the colonoscopes market going forward.Colorectal cancer, also known as colon cancer, refers to a disease in which cells in the colon or rectum grow out of control.
The colonoscope is most commonly used to screen for colorectal cancer and is used to detect tumors, ulcers, polyps in the colon, and other areas of bleeding or inflammation with a flexible, illuminated tube with a viewing lens and a tissue-removing tool.As a result, increase in the prevalence of colorectal cancer increases the demand for colonoscopes.
For instance, in May 2022, according to a report shared by the American Society of Clinical Oncology (ASCO), a US-based professional organization, colorectal cancer is identified in 1,880,725 people in 2020.Further, in 2022, 151,030 individuals received a colorectal cancer diagnosis with 52,580 deaths and the number is expected to rise in the coming years.
Therefore, the increase in the prevalence of colorectal cancer is driving the growth of the colonoscopes market.
Product innovation is a key trend gaining popularity in the colonoscopes market.Major companies operating in colonoscopes are focused on developing innovative solutions to strengthen their position in the market.
For instance, in November 2021, Fujifilm Holdings Corporation., a Japan-based company operating in colonoscopes, launched its new product, ColoAssist PRO, which is an endoscope visualization system. It is aimed at assisting healthcare professionals to efficiently and accurately maneuver the colonoscope inside the patient. The unique features include utilization of electromagnetic coils, integration within the transceiver dish, and user-friendly interface. Additionally, it also incorporates a color gradation function to continue the procedure, potentially avoiding discomfort for the patient.
In April 2022, Laborie Medical Technologies Inc., a Canada-based medical equipment company acquired GI Supply Inc. for an undisclosed amount. Through this acquisition, Laborie Medical Technologies Corp. hopes to provide cutting-edge technologies that support the preservation and restoration of human dignity as well as the improvement of lives by providing clinical customers’ patients with the appropriate solutions for their needs. GI Supply Inc. is a US-based medical equipment manufacturing company and provider of specialty endoscopy and paracentesis products for gastroenterologists, and colorectal surgeons.
The countries covered in the colonoscopes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The colonoscopes market research report is one of a series of new reports that provides colonoscopes market statistics, including colonoscopes industry global market size, regional shares, competitors with a colonoscopes market share, detailed colonoscopes market segments, market trends and opportunities, and any further data you may need to thrive in the colonoscopes industry. This colonoscopes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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