Colonoscopy devices are used for examining the interior surface of the colon and lower part of the small intestine. Some of the key devices used are video endoscopy systems, colon tubes, colon polyp trays, biopsy valve and forceps amongst others. Colonoscopy allows visualization of the colon and removal of polyps and other diseased tissues. The devices helps doctors detect colorectal cancer in its early stages when treatment is typically more effective. Colorectal cancer is the third most common cancer diagnosed in the United States. The increasing prevalence of colorectal cancer has augmented demand for routine colonoscopy procedures over the last decade.
The global Colonoscopy Devices Market is estimated to be valued at US$ 2500.4 million in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the colonoscopy devices market is the adoption of advanced endoscopy devices with upgraded visualization and navigation capabilities. Leading manufacturers are focusing on developing colonoscopy devices integrated with advanced imaging technologies like virtual chromoendoscopy, capsule endoscopy, and robotic endoscopy. For instance, Medtronic offers the PillCamTM COLON 2 capsule endoscopy system, an ingestible video capsule that takes high-resolution images of the colon as it passes naturally. Such innovative devices provide high-definition visualization of the colonic mucosa and detect polyps that may have been missed with a standard colonoscopy. This is expected to drive the demand for advanced colonoscopy devices over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the colonoscopy devices market is moderate. Developing and commercializing medical devices requires substantial investments and regulatory approvals, creating high barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of several established manufacturers limits buyers ability to negotiate on prices. However, increased adoption contributes to their negotiating ability.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Key components are standardized and availability of substitutes provide moderate level of negotiation.
Threat of new substitutes: The threat of new substitutes is low as colonoscopy remains the gold standard for colon cancer screening. However, non-invasive tests pose a minor threat.
Competitive rivalry: The colonoscopy devices market witnesses high competition due to presence of major players. Manufacturers compete on product features and pricing.
Key Takeaways
The Global Colonoscopy Devices Market Growth is expected to witness high. The global Colonoscopy Devices Market is estimated to be valued at US$ 2500.4 million in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030.
North America dominates the colonoscopy devices market currently owing to high colon cancer incidence and significant healthcare spending. Asia Pacific is expected to witness the highest growth rate over the forecast period with rising healthcare standards and increasing Healthcare expenditure in major countries like China and India.
Key players operating in the colonoscopy devices market are SIGA Tec. SIGA Tec specializes in developing colonoscopy devices and associated systems.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
