Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Colonoscope Market by Application, End-user: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global colonoscope market was valued at $1.2 billion in 2021, and is projected to reach $2.5 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.
The growth of the colonoscopes market is driven by an increase in incidence of colon related diseases, rise in demand for healthcare services for the aging population and continuous developments in the field of colonoscopy. Moreover, rise in geriatric population and surge in adoption of colonoscope systems to facilitate better diagnosis of colon diseases is expected to notably contribute toward the market growth.
Furthermore, the global colonoscopes market growth is largely driven by factors such as an increase in advancements of colonoscope which is surely expected to lead the growth of the market. Prominent players in the global colonoscopes market have opted various strategies such as product launch, acquisition, and investments in R&D for advancement in colonoscopes to strengthen their position in the market and sustain the competitive environment.
For instance, in 2022, SMART Medical Systems Ltd., announced an additional FDA clearance for its G-EYE Colonoscope which is based on Olympus' PCF colonoscope series which is also 510(k) cleared. With this additional FDA clearance, G-EYE is available for use in the U.S. market on the commonly used colonoscope models of all three leading endoscopy brands namely OLYMPUS, FUJIFILM, and PENTAX Medical.
A significant increase in awareness about the advantages of colonoscope, rise in the usage of this device in the screening, and surge in the number of patients suffering from colon related diseases are some of the other key factors driving the growth of the market. However, risks of complications during the colonoscopy and high cost of the device restricts the market growth.
Conversely, the introduction of new and advanced products has changed the market dynamics during the forecast period and is expected to provide lucrative opportunities for the growth of the market. Extensive R&D activities in the field of medical devices along with significant improvement in medical infrastructure are anticipated to open new avenues for the expansion of the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the colonoscope market analysis from 2021 to 2031 to identify the prevailing colonoscope market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the colonoscope market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global colonoscope market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Colorectal Cancer
- Ulcerative Colitis
- Crohns Disease
- Others
By End User
- Hospitals
- Ambulatory Surgery Centers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Stryker Corporation
- Medtronic plc
- Pentax Medical
- Olympus Corporation
- Fujifilm Holdings
- Sonoscape Medical Corp.
- Ambu A/S
- Endofresh
- Boston Scientific Corporation
- Endomed Systems
Key Market Insights
- By application, the others segment was the highest revenue contributor to the market and is estimated to continue this during the analysis period, with a CAGR of 7.1%. However, the ulcerative colitis segment is estimated to be the fastest-growing segment with a CAGR of 8.4% during the forecast period.
- By end user, the hospitals segment was the highest revenue contributor to the market and is estimated to continue this during the analysis period, with a CAGR of 7.5%. However, the ambulatory surgery centers segment is estimated to be the fastest-growing segment with a CAGR of 8.0% during the forecast period.
- Based on region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 8.9% during the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 220 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $1.2 billion |
| Forecasted Market Value (USD) by 2031 | $2.5 billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: COLONOSCOPE MARKET, BY APPLICATION
CHAPTER 5: COLONOSCOPE MARKET, BY END USER
CHAPTER 6: COLONOSCOPE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/lv2ftp
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