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Colonoscopes Market Predicted to Reach USD 2,005.32 Mn by 2028 Says, The Insight Partners

According to our latest research study on “Colonoscopes Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Application, End User, and Geography,” the market is projected to reach US$ 2,005.32 million by 2028 from US$ 1,467.66 million in 2021; it is estimated to grow at a CAGR of 4.6% from 2021 to 2028. The report highlights trends prevailing in the market and factors governing growth of the market.

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Colonoscopes are used for the removal of foreign bodies, excision of tumors or colorectal polyps (polypectomy), and control of hemorrhage. Routine colonoscopy is important in diagnosing intestinal cancer, which is the second-leading cause of cancer-related death cases in the US. These endoscopic procedures reduce the need for invasive surgical diagnostic and therapeutic procedures. Factors such as increase in the prevalence of colorectal cancer, continuous technological advancements in colonoscopy devices to extend their applications in therapeutic areas, and development of robotic colonoscopes boost the growth of the colonoscopes market. However, the availability of alternative diagnostic tests for rectal diseases hampers the growth of the colonoscopes market.

Based on end user, the colonoscopes market is further segmented into hospitals, ambulatory surgery centers, and others. The hospitals segment would lead the market in 2021, with a share of 61.12%, and it is expected to retain its dominance during the forecast period, accounting for 63.03% of the total market by 2028. The market growth of this segment is attributed to the adoption of advanced technologies in hospitals and the increasing number of screening tests being performed in hospital settings, and growing government funding for hospitals, in addition to the elevating prevalence of colorectal cancer and the rising number of hospitals across the world.    

Fujifilm Corporation, Olympus Corporation, KARL STORZ SE & Co. KG, EndoMed Systems, PENTAX Medical, Consis Medical, GI-View, Boston Scientific Corporation, Ambu A/S, and SonoScape Medical Corp are among the leading companies operating in the colonoscopes market.

The Report Segments Colonoscopes Market as Follows:

The colonoscopes market is segmented on the basis of product type, application, and end user. Based on product type, the market is further segmented into fiber optic colonoscopy devices and video colonoscopy devices. Based on application, the market is further segmented into colorectal cancer, lynch syndrome, ulcerative colitis, Crohn’s disease, and polyp. Based on end user, the market is sub-segmented into hospitals, ambulatory surgery centers, and others.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Artificial Intelligence in Healthcare, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Food and Beverages, Consumers and Goods, Chemicals and Materials.

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