Colonoscopes Market 2018 – 2026 Research Analysis by Top Players
Colonoscopy is the diagnostic examination of the intestine, including large and small bowels, with the help of a device called colonoscope. Colonoscope insertion tube comprises a fiber optic light bundle that transmits light rays from the source located at the tip of the tube. The distal end of a colonoscope includes a CCD (charge-coupled device), which serves as a small camera and transmits the image to an external video processing unit electronically. The colonoscopes tip is inserted into the anal part of the body and is then advanced slowly into the rectum, under visual control.
Increase in prevalence of colon cancer and improved diagnostic techniques such as computer tomography and X-ray to detect abnormalities in the colon are the major factors expected to boost the growth of the global colonoscopes market during the forecast period. However, lack of awareness about the technological advancements in the diagnostic tools for the disorders of colon and intestine is likely to restrain the global market during the forecast period.
The global colonoscopes market can be segmented based on product, component, and end-user. In terms of product type, the market can be classified into single channel colonoscopes, dual channel colonoscopes, and multi-channel colonoscopes. The dual channel colonoscopes segment accounted for the largest market share in terms of revenue in 2017. The segment is expected to continue to dominate the market during the forecast period, attributed to the emerging local & regional manufacturers of dual channel colonoscopes, and significant treatment and suction capabilities of dual channel colonoscopes. However, green signal by the FDA for the approval of technologically advanced single channel colonoscopes by key companies such as Olympus Corporation is anticipated to fuel the growth of the single channel colonoscopes segment at a relatively significant CAGR during the forecast period. Based on component, the global colonoscopes market can be categorized into colonoscopes, visual systems, and accessories.
The colonoscopes segment held the largest share of the market in terms of revenue in 2017, owing to funding and research grants by public & private players to promote the manufacture of colonoscopes, and increase in awareness in the developing countries. Improved reimbursement policies for colonoscopes is estimated to propel the segment at a high CAGR from 2018 to 2026. In terms of end-user, the global colonoscopes market can be divided into hospitals, ambulatory surgical centers, clinics, and others. Hospitals was the leading segment in terms of revenue in 2017, due to availability of trained and well-qualified health care professionals in hospitals and rise in hospital admissions in emerging economies owing to significant incidence rate of colon cancer. However, the clinics segment is expected to expand at a high CAGR during the forecast period, attributed to rise in adoption of innovative diagnostic tools by health care professionals.
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In terms of region, the global colonoscopes market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest market share in 2017, attributed to increase in strategic presence of key companies in the U.S. and Canada, and rise in investments in health care. The region is anticipated to be the market leader during the forecast period, due to increase in awareness among the population about colon cancer and surge in investments by key players in R&D of technologically advanced colonoscopes. However, Asia Pacific is projected to be the fastest growing market, due to rise in geriatric population and increase in penetration of key companies along with their efficient distribution of the products.
The high percentage of geriatric population in developing countries such as China and Japan drives the incidence of colorectal polyps and tumors in the Asia Pacific, which in-turn is expected to propel the colonoscopes market from 2018 to 2026.
Major players in the global colonoscopes market are Stryker Corporation, Absolute Medical Services, Inc., PENTAX Medical, FUJIFILM Holdings America Corporation, Olympus Corporation, Pro Scope Systems, Medical Recovery Company, Inc., Endo Technologies, ESS, Inc., MedWrench, LLC, International Medical Equipment, Inc., and Boston Scientific Corporation, among others.
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