The growth of the colonoscope market particularly in the US highlights the need for early detection and surgical treatment for the deadliest colorectal cancer.
GlobalData, a data and analytics company forecasted that the global market of colonoscopes will rapidly grow from $3.6 billion in 2022 to $5.8 billion by the end of 2030. With March being Colorectal Cancer Awareness Month in Canada, there is renewed public awareness and attention towards this deadly disease and how it is screened, diagnosed, and treated.
Global Colonoscopy Market Set to Exceed by the End of decade
A critical component in this process is the use of colonoscopes to confirm suspected cases of colorectal cancer. This growth is primarily driven by the increasing number of Colorectal cancer screenings worldwide, particularly in the US, as the need for early detection and surgical treatment for what is the second deadliest type of cancer remains high. 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 Canada, Europe, and Australia.‘Colorectal cancer screening typically begins around 50 years including either routine colonoscopy or stool tests or a combination of the two.’
In such cases, a colonoscopy would occasionally be performed as a confirmatory procedure following stool sample analyses. Therefore, the colonoscope market has traditionally been focused within the US over most other countries.As for the market leaders of colonoscopes, they are comprised of mostly top Japanese medical device manufacturers, including Olympus, Fujifilm, and Hoya. However, this list may change by 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.
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 single-use colonoscopes.
There is a need for early detection and surgical treatment for colorectal cancer, which is the second deadliest cancer type, remains high. Recent data from sources like the International Agency for Research on Cancer indicate that the annual death count due to colorectal cancer exceeds 600,000, which highlights the importance of detecting this cancerous type at early stages so that suitable treatments can be arranged.
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