The colonoscopy devices market share is expected to increase by USD 536.78 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.06%.

This colonoscopy devices market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers colonoscopy devices market segmentations by type (video colonoscopy devices and fiberoptic colonoscopy devices) and geographic (North America, Europe, Asia, and ROW). The colonoscopy devices market report also offers information on several market vendors, including Consis Medical, COSMO PHARMACEUTICALS NV, Getinge AB, GI-View, HOYA Corp., HUGER Medical Instrument Co. Ltd., Olympus Corp., Smart Medical Systems Ltd., SonoScape Medical Corp., and STERIS Plc among others.

What will the Colonoscopy Devices Market Size be During the Forecast Period?

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Colonoscopy Devices Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The technological advancements is notably driving the colonoscopy devices market growth, although factors such as complications associated with the use of colonoscopy devices may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the colonoscopy devices industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Colonoscopy Devices Market Driver

One of the key factors driving the colonoscopy devices market growth is the increasing technological advancements. Some of the biggest technological advancements in the colonoscopy field include the use of HD colonoscopes and enhancements in imaging techniques for effective visualization of subtle lesions and small polyps. HD has boosted the pixel count on the video display by enabling much greater detail and a better picture for the viewer. Advanced colonoscopy devices can produce high-resolution, HD colonoscopes with 170 degrees' angle of view, thereby offering brighter images, high-resolution, and 30 degrees' wider field of view than that of conventional colonoscopy devices. The traditional colonoscopes cannot detect the smaller, high-grade lesions that can be present in individuals with poor cytology results. Therefore, the vendors have focused on developing advanced colonoscopy devices to address this challenge. This has paved the way for the shift from optical colonoscopy devices to digital colonoscopy devices.

Key Colonoscopy Devices Market Trend

Growing focus toward the development of disposable colonoscopes is the major trend influencing the colonoscopy devices market growth. There has been a growing focus of vendors toward the development of disposable colonoscopes owing to increased infection risks associated with the use of traditional colonoscopes. Therefore, the US FDA is striving to combat the spread of antibiotic-resistant bacteria. The invendoscopy E200 system can provide visualization and diagnostic/therapeutic access to the lower GI tract, including the rectum, anus, colon, sigmoid colon, cecum, and ileocecal valve for endoscopy and endoscopic surgery. The new system enables therapeutic access harnessing standard tools, including snares and forceps, to acquire biopsies or to perform polypectomies. Invendoscope SC200, a simple, safe, and effective solution that can address clinical and hygienic challenges, is a robotically assisted and ergonomically designed to provide gastroenterologists with greater control and improved physician comfort while performing procedures. 

Key Colonoscopy Devices Market Challenge

Complications associated with the use of colonoscopy devices is one of the key challenges hindering the colonoscopy devices market growth. The adverse events linked with the colonoscopy procedure stood at 2.8 per 1,000 procedures. More than 85% of the serious colonoscopy complications are witnessed in individuals undergoing colonoscopy with polypectomy. Colonoscopy for the diagnosis of polypectomy has been witnessing an increased risk of bleeding or perforation over the years. Most of the colonoscopy adverse events occur during the first week. Colonoscopy may also cause slight discomforts such as bloating and cramping. Some of the other complications involved in the colonoscopy procedure include bowel wall perforation or tears, bleeding and bloody bowel movements, infections, and adverse events to sedatives. Therefore, the complications associated with a colonoscopy will hinder the adoption rates among end-users.

This colonoscopy devices market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global colonoscopy devices market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the colonoscopy devices market during the forecast period.

Who are the Major Colonoscopy Devices Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Consis Medical
• COSMO PHARMACEUTICALS NV
• Getinge AB
• GI-View
• HOYA Corp.
• HUGER Medical Instrument Co. Ltd.
• Olympus Corp.
• Smart Medical Systems Ltd.
• SonoScape Medical Corp.
• STERIS Plc

This statistical study of the colonoscopy devices market encompasses successful business strategies deployed by the key vendors. The colonoscopy devices market is concentrated and the vendors are deploying growth strategies such as developing a comprehensive range of advanced colonoscopy devices to compete in the market.

Product Insights and News

• Consis Medical - The company offers disposable colonoscopy device for human and animals.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The colonoscopy devices market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Colonoscopy Devices Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the colonoscopy devices market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Colonoscopy Devices Market?

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41% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for colonoscopy devices in North America. Market growth in this region will be slower than the growth of the market in Asia regions.

The growing incidence of several disorders such as colon cancers, gastrointestinal (GI) bleeding, and rectal cancers will facilitate the colonoscopy devices market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

North American countries have been severely affected by the outbreak of COVID-19. For instance, according to the data published by the CDC, the reported number of COVID-19 cases in the US increased from 33,404 on March 23, 2020, to 36 million on August 10, 2021. The rise in the incidence of COVID-19 across the region influenced governments to introduce emergency legislation, including restrictions on several operations, across industries. This led to the shutting down of several manufacturing units, including the manufacturing plants of colonoscopy devices, in North America. However, post the lifting of lockdowns, an increase in new and rescheduled medical procedures, including colonoscopy, has raised the demand for colonoscopy devices. The increasing adoption of technologically advanced colonoscopy devices, a rise in the prevalence of colon disease, a rise in healthcare expenditure, and the growth in the number of advanced healthcare facilities with high-quality medical devices are expected to recover and stabilize the growth of the colonoscopy devices market in the region during the forecast period.

What are the Revenue-generating Type Segments in the Colonoscopy Devices Market?

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The colonoscopy devices market share growth by the video colonoscopy devices will be significant during the forecast period. The video colonoscopy devices segment is expected to grow at a higher rate than fiberoptic colonoscopy devices owing to its increased advantages, such as improved visualization and precise examination of colon cancer.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the colonoscopy devices market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Colonoscopy Devices Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive colonoscopy devices market growth during the next five years
• Precise estimation of the colonoscopy devices market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the colonoscopy devices industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of colonoscopy devices market vendors

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