The global colonoscopy devices market is anticipated to reach $1.6 billion in 2025, compared to $1.1 billion in 2018, growing at a CAGR of 5.4% during the forecast period. (2019–2025). Colonoscopy is a process to diagnose various inflammatory bowel diseases (IBD), such as Crohn’s disease and ulcerative colitis, as well as colon cancer and rectal cancer. There are several types of colonoscopy procedures, including conventional colonoscopy and virtual colonoscopy. Conventional colonoscopy includes the use of instruments designed for examining the entire colon and terminal ileum, which are mainly used in the colonoscopy process for the excision of tumors or colorectal polyps (polypectomy), control of hemorrhage, and removal of foreign bodies. On the other hand, virtual colonoscopy is also known as CT colonography. For the identification of polyps and cancer, virtual colonoscopy employs specialized equipment that generates pictures of the colon and rectum without the use of an endoscope.
Key Drivers of the Global Colonoscopy Market
Integration of AI in Colonoscopy
Endoscopic inspection with a camera using artificial intelligence (AI) during colonoscopy is beneficial in detecting pre-cancerous polyps. Employing AI in colonoscopy improves polyp detection rates while lowering expenses. Owing to this, various hospitals are opting for AI-integrated procedures. The key market players are also launching new innovative solutions to meet demand. For instance, in December 2022, Olympus Corporation entered into an agreement to acquire Odin Vision, a company based in London that specializes in cloud-based artificial intelligence for endoscopy. Odin Vision offers a range of commercially available computer-aided detection/diagnostic (CAD) solutions for clinical procedures such as colonoscopy and esophagogastroduodenoscopy. Its innovative cloud-based AI platform aims to revolutionize the integration of AI into endoscopy, supporting clinical procedures and creating a paradigm shift in the industry. Olympus sees this acquisition as an opportunity to expand its endoscopy business by incorporating Odin Vision's technology and innovation pipeline into its portfolio. Additionally, in July 2022, US Digestive Health (USDH), a network of top-rated gastrointestinal (GI) practitioners, announced that the country's biggest installation of GI Genius intelligent endoscopy modules is now delivering patients AI-assisted colonoscopies.
Increasing Prevalence of Colon and Rectal Cancer
There is an increasing prevalence of colon and rectal cancer. According to the American Cancer Society’s estimates for 2023 in the US, new colon and rectal cancer cases are expected to be 106,970 and 46,050, respectively. Additionally, according to Cancer.Net, in 2020, about 1,880,725 people were diagnosed with colorectal cancer globally. Aging is a key risk factor for developing cancer. For instance, according to the American Society of Clinical Oncology's article titled 'Colorectal Cancer: Risk Factors and Prevention,' which was updated in May 2022, the majority of colorectal cancers occur in adults over the age of 50. Hence, the growing number of elderly will increase the prevalence of colon cancer, resulting in a high demand for colonoscopies.
Expansions and Innovations by Major Market Players
The colonoscopy market has significant contributors such as Boston Scientific Corp., Fujifilm Holdings Corp., Hoya Corp., Karl Storz SE & Co. KG, Olympus Corp., and Medtronic Plc, among others. These players assist in the market’s growth with the launch of new and innovative colonoscopy devices and through collaborations and investments. Some of the recent developments in the market include-
• In August 2022, Medtronic Plc, a leader in medical technology and solutions, announced the launch of the GI Genius intelligent endoscopy module, a novel computer-aided polyps identification device driven by AI. GI Genius is based on deep learning algorithms and real-time data and enables clinicians to diagnose and treat colorectal cancer by providing increased visualization during colonoscopy.
• In April 2022, SMART Medical Systems Ltd., a manufacturer of revolutionary endoscopic tools, announced another FDA certification for its G-EYE Colonoscope, which is based on Olympus' 510(k)-certified PCF colonoscope series.
• In July 2020, Ambu Inc., a rapidly growing medical device manufacturer and pioneer of sterile, single-use endoscopes, announced that the US Food and Drug Administration (FDA) granted 510(k) clearance for its Ambu aScope Duodeno. Duodenoscopes are used to do visual inspections of the duodenum and are crucial in the detection and treatment of disorders such as gallstones, pancreatitis, tumors or cancer in the bile ducts or pancreas.
• In February 2020, SMART Medical Systems formed a distribution partnership with Fujifilm, allowing Fujifilm to sell SMART's G-EYE® endoscope in Europe. The G-EYE® endoscope is a conventional colonoscope with an integrated G-EYE® balloon. By inflating the balloon moderately during the withdrawal of the colonoscope, the image in the colon lumen is centralized and the colonic folds are flattened, improving visualization of the colon. Clinical studies have shown that this technology can increase the detection of cancerous polyps, which are precursors to colon cancer.