Colonoscopes Market is expected to grow at a CAGR of around 5% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Colonoscopes Market is expected to grow at a CAGR of around 5% from 2022-2028. The analysis has been segmented into Product (Fiber Optic Colonoscopy Devices and Video Colonoscopy Devices); End-User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others); Region/Country.
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The colonoscopes market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the colonoscopes market. The colonoscopes market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the colonoscopes market at the global and regional levels.
Market Overview
The colonoscope is a long, flexible tube, equipped with an imaging system at its tip based on a camera and a source of light. The colonoscope is inserted and moves slowly through the intestine, under visual control, into the rectum, and reaches to the cecum through the colon. The demand for colonoscopes is upsurging due to the rising prevalence of colorectal diseases. For instance, as per Medline Plus, In the United States, it is estimated that 1 in 279 individuals have a genetic variant associated with Lynch syndrome and it increases the risk of colorectal cancer by up to 80%. Furthermore, the changing lifestyle of people and increasing fast food are supplementary factors driving the market of colonoscopes.
Factors such as the increasing demand for advanced colonoscopes to modernize diagnostics and the frequent product launch by the major market players are important factors responsible for the market growth of the colonoscopes market.
Some of the major players operating in the market include Some of the major players operating in the market include Olympus Corporation; Stryker; ABSOLUTE MEDICAL SERVICES; Medical Recovery Company, Inc; PENTAX Medical; Pro Scope Systems; Endo Technologies; SonoScape Medical Corp; Boston Scientific Corporation; and KARL STORZ
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COVID-19 Impact
The COVID-19 pandemic had a staggering and unprecedented impact on the global market. The market for PET scanners also had a negative impact by the COVID-19 pandemic. Due to government restrictions, patient visits to hospitals and diagnostic centers decreased during the pandemic, and the disruptive supply chain of the market for colonoscopes witnessed declining growth during the pandemic.
· Based on the product, the market has been categorized into fiber optic colonoscopy devices and video colonoscopy devices. Among them, the video colonoscopy devices segment is expected to grow at the highest CAGR in the market. Video colonoscopy is a technique that uses a computerized tomographic (CT) scan to construct virtual images of the colon. The improving diagnostic imaging and increasing demand for advanced medical equipment attributes to the growth of the segment.
· Based on the end-user, the market has been categorized into hospitals & clinics, ambulatory surgical centers, and others. Among them, the ambulatory surgical center’s segment grow with higher CAGR during the forecast period. The ambulatory care settings provide the point of care treatment, offer low-cost treatment, and reduce waiting time in emergency cases. These factors are responsible for the segmental growth of ambulatory surgical centers.
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Colonoscopes Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia-Pacific is anticipated to grow at the fastest rate during the forecast period. The major factors such as rising medical expenditure, increasing disposable income of people, along with frequent product launches attribute to the market growth of colonoscopes in the region. For instance, in August 2022, Medtronic launched AI Powered GI Genius Module for Colonoscopy that offers enhanced visualization for the detection of colorectal cancer in India.
The major players targeting the market include
· Olympus Corporation
· Stryker
· ABSOLUTE MEDICAL SERVICES
· Medical Recovery Company, Inc
· PENTAX Medical
· Pro Scope Systems
· Endo Technologies
· SonoScape Medical Corp
· Boston Scientific Corporation
· KARL STORZ
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Colonoscopes market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the colonoscopes market?
• Which factors are influencing the colonoscopes market over the forecast period?
• What are the global challenges, threats, and risks in the colonoscopes market?
• Which factors are propelling and restraining the colonoscopes market?
• What are the demanding global regions of the colonoscopes market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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