The global market for colonoscopes is forecast by GlobalData to rapidly grow from $3.6 billion in 2022 to $5.8 billion by the end of the decade. The leading data and analytics company notes that this growth is primarily driven by the increasing number of colorectal cancer screenings worldwide, but particularly in the US.
The typical age for commencing colorectal cancer screenings is around 50 years, at which point patients undergo either routine colonoscopy, stool tests, or a combination of the two.
Increased screenings in the US driving colonoscope market growth
According to research by the medical team at GlobalData, colonoscopy has historically been the predominant screening method in the US, while stool tests for occult blood via guaiac testing and fecal immunochemical testing have been preferred in Europe and Australia. In such cases, colonoscopy would occasionally be performed as confirmatory procedures following stool sample analyses. Therefore, the colonoscope market has traditionally been focused within the US over most countries.
Brian Hicks, Senior Analyst at GlobalData, comments: “The need for early detection and surgical treatment for colorectal cancer, which is the second deadliest type of cancer, remains high. This is especially so in the US. According to GlobalData’s Epidemiology forecast, there 141,913 diagnosed incident cases of colorectal cancer in men and women in the US in 2021, and this is expected to increase to 161,497 in 2031.”
Prices of colonoscope devices falls but volume of sales on the rise
There are two types of colonoscopes, namely flexible video and non-video colonoscopes. Today, the former accounts for nearly all new sales of colonoscopes, given their technological advantages and continuously improving visualization capabilities.
Hicks continues: “While the average selling prices of flexible video colonoscope devices have experienced gradual declines in recent years, their increasing volume of sales are driving the aggressive market growth.”
Ambu’s single-use colonoscope launch may change market leaders by 2030
The market leaders of colonoscopes are comprised of mostly top Japanese medical device manufacturers, including Olympus, Fujifilm, and Hoya. However, this list may change near the end of the decade, as Ambu, a Danish company that pioneered single-use endoscopes, is likely to launch the world’s first single-use colonoscope.
Hicks adds: “By not only eliminating the risk of cross-contamination, but also potentially lowering the cost per procedure by using single-use colonoscopes, more companies will likely invest in their research and development (R&D) for manufacturing their own single-use colonoscopes, but Ambu will enjoy a head start in penetrating this segment of the market.”
