Colonoscope Global Market Report 2023: Sector to Reach $2.5 Billion by 2031 at a 7.6% CAGR
Global Colonoscope Market
Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Colonoscope Market by Application, End-user: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global colonoscope market was valued at $1.2 billion in 2021, and is projected to reach $2.5 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.
The growth of the colonoscopes market is driven by an increase in incidence of colon related diseases, rise in demand for healthcare services for the aging population and continuous developments in the field of colonoscopy. Moreover, rise in geriatric population and surge in adoption of colonoscope systems to facilitate better diagnosis of colon diseases is expected to notably contribute toward the market growth.
Furthermore, the global colonoscopes market growth is largely driven by factors such as an increase in advancements of colonoscope which is surely expected to lead the growth of the market. Prominent players in the global colonoscopes market have opted various strategies such as product launch, acquisition, and investments in R&D for advancement in colonoscopes to strengthen their position in the market and sustain the competitive environment.
For instance, in 2022, SMART Medical Systems Ltd., announced an additional FDA clearance for its G-EYE Colonoscope which is based on Olympus' PCF colonoscope series which is also 510(k) cleared. With this additional FDA clearance, G-EYE is available for use in the U.S. market on the commonly used colonoscope models of all three leading endoscopy brands namely OLYMPUS, FUJIFILM, and PENTAX Medical.
A significant increase in awareness about the advantages of colonoscope, rise in the usage of this device in the screening, and surge in the number of patients suffering from colon related diseases are some of the other key factors driving the growth of the market. However, risks of complications during the colonoscopy and high cost of the device restricts the market growth.
Conversely, the introduction of new and advanced products has changed the market dynamics during the forecast period and is expected to provide lucrative opportunities for the growth of the market. Extensive R&D activities in the field of medical devices along with significant improvement in medical infrastructure are anticipated to open new avenues for the expansion of the market.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the colonoscope market analysis from 2021 to 2031 to identify the prevailing colonoscope market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the colonoscope market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global colonoscope market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By End User
Ambulatory Surgery Centers
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
Key Market Players
Sonoscape Medical Corp.
Boston Scientific Corporation
Key Market Insights
By application, the others segment was the highest revenue contributor to the market and is estimated to continue this during the analysis period, with a CAGR of 7.1%. However, the ulcerative colitis segment is estimated to be the fastest-growing segment with a CAGR of 8.4% during the forecast period.
By end user, the hospitals segment was the highest revenue contributor to the market and is estimated to continue this during the analysis period, with a CAGR of 7.5%. However, the ambulatory surgery centers segment is estimated to be the fastest-growing segment with a CAGR of 8.0% during the forecast period.
Based on region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 8.9% during the forecast period.
No. of Pages
2021 - 2031
Estimated Market Value (USD) in 2021
Forecasted Market Value (USD) by 2031
Compound Annual Growth Rate
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: COLONOSCOPE MARKET, BY APPLICATION
CHAPTER 5: COLONOSCOPE MARKET, BY END USER
CHAPTER 6: COLONOSCOPE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/lv2ftp
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900