GlobalData, a data and analytics company, on Tuesday, forecasted that the global market of colonoscopes will rapidly grow from $3.6 billion in 2022 to $5.8 billion by the end of the decade. Colonoscopes are used to confirm suspected cases of colorectal cancer.
The data and analytics company notes that 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. 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 other countries,” Brian Hicks, Senior Analyst at GlobalData, said in a statement.
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, the data and analytics company claimed.
“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,” Hicks added.
The typical age for when colorectal cancer screening begins is around 50, at which point patients undergo either routine colonoscopy or stool tests, or a combination of the two.
“The 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,” Hicks added.
