Market Trends of Canada Endoscopy Devices Industry
This section covers the major market trends shaping the Canada Endoscopy Devices Market according to our research experts:
Gastroenterology is Expected to Hold a Significant Market Share Over the Forecast Period
Gastrointestinal endoscopy is a type of endoscopic technique that allows physicians to examine the digestive system by inserting a long, flexible, lighted device known as an endoscope through the rectum or down through the neck. These gastrointestinal endoscopic procedures can be used to diagnose and treat esophageal, stomach, small intestine, colon, pancreas, and bile duct problems. The increased incidence of gastrointestinal illnesses in the young, adult, and geriatric populations is one of the primary factors driving the growth of the gastroenterology segment in Canada. The rising prevalence of gastrointestinal illnesses, combined with an aging population, is boosting the demand for gastrointestinal endoscopy.
Gastrointestinal tumors are the leading cause of cancer-related deaths in Canada. Endoscopy is the gold standard for diagnosing gastrointestinal malignancies. Thus, growth in endoscopic treatments for the early detection of gastrointestinal malignancies is likely to drive the market in the future years. The majority of gastrointestinal stromal tumors begin in the rectum, colon, or esophagus. The majority of gastrointestinal stromal tumor patients are above the age of 50. The increased prevalence of malignant cancers will drive the market. According to updates from the Government of Canada in March 2021, colorectal cancer is the 3rd most common cancer in Canada. 93% of cases occur in adults aged above 50 years, and about 26,900 Canadians were diagnosed with colorectal cancer in 2020. 47% of colorectal cancer cases are diagnosed early in their development at Stages I and II. The probability of surviving colorectal cancer at least five years after diagnosis is about 65% in Canada. Screening for colorectal cancer is recommended for average-risk adults aged 50 to 74 years. Such a high burden of cancer creates the need for endoscopy devices and thus drives the growth of the segment.
Moreover, the rising product approval in the segment will also contribute to market growth. For instance, in November 2021, Medtronic Canada ULC, a part of Medtronic plc, secured a Health Canada license for the GI Genius intelligent endoscopic module. GI Genius is a computer-aided detection (CADe) system that employs artificial intelligence (AI) to identify sections of the colon suspected of having visual characteristics consistent with various forms of mucosal abnormalities.
Thus, all the above-mentioned factors are expected to boost segment growth over the forecast period.
Neurology Segment is Expected to Have Significant Growth Over the Forecast Period
Neuroendoscopy is a minimally-invasive surgical procedure under which the surgeon uses an endoscope to access the brain, spine, and peripheral nervous system. Factors such as increasing neurological disorders and minimally invasive surgeries are expected to increase market growth. For instance, in September 2022, the Alzheimer Society of Canada released a new report about dementia in Canada which stated that in 2020, it was estimated that there were 597,300 individuals living with dementia in Canada. By 030, we can expect this number will reach close to 1 million. In terms of newly-diagnosed individuals per year-what epidemiologists call annual incidence-in 2020, there were 124,000 new cases of dementia diagnosed (10,333 per month; 348 per day; 15 every hour). By 030, the annual incidence will rise to 187,000 new cases a year (15,583 per month; 512 per day; 21 every hour). Percutaneous endoscopic gastrostomy (PEG) is used as an alternative to the traditional operative procedure and rapidly became the preferred procedure. Thus, increasing neurological disorders are expected to increase segmental growth over the forecast period.
Similarly, increasing surgical treatment in the country is another factor in market growth. For instance, in March 2022, Verita Neuro started offering its services in Calgary, Canada. Wor ing in partnership with the established local neuro-rehabilitation center, Synaptic, this will be Verita Neuro's first rehabilitation support center in North America. Par of Singapore-headquartered Verita Healthcare Group, the company has been pioneering research in spinal cord injuries, traumatic brain injuries, and neurological disorders. Thu , increasing initiatives such as partnerships and increasing neurological disorders is expected to increase segmental growth over the forecast period.
