Colonoscopy Devices Market Size

Colonoscopy Devices Market Analysis

The Colonoscopy Devices Market size is estimated at USD 2.24 billion in 2024, and is expected to reach USD 2.88 billion by 2029, growing at a CAGR of 5.20% during the forecast period (2024-2029).

The pandemic imposed an adverse impact on the market during the initial days. The suspension or delay of colorectal cancer treatment during the pandemic posed a slight adverse impact on the market to some extent in the initial days. For instance, according to the article published by Health Canada published in June 2021, colorectal cancer screening, along with other healthcare services, was suspended in Canada in the initial phase of the COVID-19 pandemic response. This pause was necessary to allow healthcare facilities to establish appropriate infection-control measures to prevent COVID-19 outbreaks and reserve health system capacity for COVID-19 patients. However, in the later times of the pandemic, several awareness programs related to cancer screening and, with the resumption of screening services, the market gradually started to gain traction. For instance, a notable example is the Community Oncology Alliance (COA) and Cancer Care collaboration in April 2021 to launch a new public awareness campaign dubbed "Time to Screen." The campaign was aimed at increasing focus on cancer screening by publishing educational information regarding screening for various types of cancer and assistance for screening appointments. Thus, initially, the market witnessed an adverse impact; however, with the resumption of cancer treatment, the market started to gain traction and is expected to maintain an upward trend over the forecast period.

The colonoscopy device market is driven by the increasing preference for minimally invasive techniques, technological advancements, and the rising prevalence of colorectal cancer. The causes of colorectal cancer are unspecified. Moreover, several genetic and environmental factors may increase the risk of developing the disease. For instance, according to the research article published by the American Cancer Society in March 2023, around 1,53,020 individuals are expected to be diagnosed with colorectal cancer. Around 52,550 individuals in the United States are expected to die from colorectal cancer in 2023. In addition, the same source also stated that around 106,970 new cases of colon cancer and 46,050 new cases of rectal cancer are expected to occur in the United States in 2023. Moreover, factors such as upcoming launches of promising pipeline candidates, the emergence of more front-line therapies, and favorable government initiatives are likely to fuel market expansion.

Furthermore, adopting various strategies in the studied market is also expected to boost market growth. For instance, in July 2022, US Digestive Health ('USDH'), a network of top-rated gastrointestinal (GI) practices, announced that it offered patients AI-assisted colonoscopy screenings with the country's largest installation of GI Genius intelligent endoscopy modules. Colonoscopy has long been considered the gold standard for detecting polyps that can eventually lead to colorectal cancer. Now, patients at USDH have the strength of an AI-assisted option for screening with GI Genius, the Food and Drug Administration (FDA) cleared device that employs AI to help physicians detect polyps. Furthermore, in August 2022, India Medtronic Pvt Limited launched India's GI Genius intelligent endoscopy module. The GI Genius module uses advanced AI software to highlight suspicious polyps of various sizes, shapes, and morphologies with a real-time visual marker. It serves gastroenterologists as an ever-vigilant second observer with a lesion sensitivity rate of 99.7% and less than 1% false-positive results. Thus, product launches and technological advancements are expected to propel the market growth over the forecast period.

However, the availability of alternative treatments for rectal disease and the risk associated with colonoscopy procedures may hamper the market growth over the forecast period.