Colonoscopes Market Size, Trends and Growth Analysis by 2027

The colonoscopes market is anticipated to achieve a valuation of US$ 2,005.32 million by the year 2028, rising from US$ 1,467.66 million in 2021. This growth represents a compound annual growth rate (CAGR) of 4.6% from 2021 through 2028.

Several factors contribute to the expansion of this market, including the rising incidence of colorectal cancer and ongoing advancements in colonoscopy technology. Despite this growth, the presence of alternative diagnostic methods for rectal conditions poses a challenge to the colonoscopes market.

Colonoscopes serve multiple purposes, including the removal of foreign objects, excision of tumors or colorectal polyps (known as polypectomy), and the management of bleeding. These instruments are composed of a proximal housing, a flexible insertion tube, and an "umbilical cord" that links the proximal housing to the light source. They feature multiple open channels for suction, water, and air supply, as well as for the insertion of various accessory instruments and cannulas. The distal end of video colonoscopes is equipped with a charge-coupled device (CCD), which functions as a miniature camera, transmitting images electronically to an external video processing unit. Regular colonoscopy procedures are crucial for diagnosing intestinal cancer, which ranks as the second leading cause of cancer-related fatalities in the United States. These endoscopic techniques significantly decrease the necessity for more invasive surgical diagnostic and therapeutic interventions.

The colonoscopes market is categorized based on product type, application, and end user. In terms of product type, the market is divided into fiber optic colonoscopy devices and video colonoscopy devices. The fiber optic colonoscopy devices segment is projected to hold a larger share of the market in 2021 and is also expected to experience a higher CAGR during the period from 2021 to 2028.

When examining applications, the market is segmented into colorectal cancer, Lynch syndrome, ulcerative colitis, Crohn's disease, and polyps. The colorectal cancer segment dominated the market in 2021, accounting for 45.32% of the market share, and it is anticipated to maintain its leading position throughout the forecast period.

Regarding end users, the colonoscopes market is divided into hospitals, ambulatory surgery centers, and other facilities. The hospitals segment is expected to capture the largest market share in 2021. However, the ambulatory surgery center segment is projected to grow at an impressive CAGR of 28.39% during the forecast period.

To compile the report on the colonoscopes market, various primary and secondary sources were consulted, including original equipment manufacturers (OEMs) and organizations involved in manufacturing.