Data Analytics Is Fastest Growing Segment Fueling The Growth Of Colonoscopy Devices Market

 

Market Overview:
Colonoscopy devices are used to perform endoscopic examination of the large intestine or colon. These devices help in early detection and treatment of gastrointestinal diseases and cancers.

The global Colonoscopy Devices Market is estimated to be valued at US$ 2,500.4 Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increasing adoption of advanced data-enabled colonoscopy devices is one of the major trends witnessed in the market. Owing to technological advancements, colonoscopy devices are now equipped with Artificial Intelligence (AI) and data analytics capabilities. AI enables real-time image recognition during colonoscopy procedures to aid diagnosis. Data obtained from colonoscopy devices is used by researchers for development of advanced diagnostic and treatment algorithms through machine learning. This boosts clinical efficiency and outcomes of colonoscopy procedures.

Segment Analysis
The global colonoscopy devices market is segmented by product type and end user. Based on product type, the colonoscopy devices market is segmented into colonoscopy devices, bowel management systems, and others. Among these, the colonoscopy devices segment dominated the market in 2022. Colonoscopy devices aid in the screening, diagnosis, and treatment of various colon-related conditions such as colon polyps, colon cancer, inflammatory bowel disease, and other digestive disorders. Growing demand for minimally invasive procedures and advancements in HD imaging technology are expected to drive the segment's growth during the forecast period.

Key Takeaways
The Global Colonoscopy Devices Market Size is expected to reach US$ 3,500.4 Mn by 2030, expanding at a CAGR of 5.2% over the forecast period. Increasing risk of colon cancer and rising preference for minimally invasive surgeries are expected to drive the market during the forecast period.

Regional analysis: North America dominated the colonoscopy devices market in 2022 and is expected to continue its dominance over the forecast period. Higher adoption of advanced medical technologies and presence of major market players in the region drive market growth. Asia Pacific is expected to be the fastest growing regional market between 2023 and 2030 owing to growing medical tourism, rising awareness regarding colon cancer, and increasing healthcare expenditure in emerging economies of the region.

Key players: Key players operating in the colonoscopy devices market include Karl Storz SE & Co. KG, Olympus Corporation, Endo Med Systems GmbH, HOYA Corporation, and Getinge AB. These companies continuously focus on new product innovations and launches to expand their product portfolios and market share. For instance, in March 2021, FUJIFILM Holdings Corporation launched Sonic Probe EBUS-TBNA guide sheath to its product offerings.

 

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