LONDON--(BUSINESS WIRE)--The global colonoscopes market is expected to post a CAGR of about 5% during the period 2019-2023, according to the latest market research report by Technavio.
The demand for minimally invasive surgeries is increasing significantly owing to the severe complications associated with traditional open surgeries. Minimally invasive surgeries are associated with lower anesthesia requirement, faster recovery time, smaller incisions, shorter hospital stays, reduced healthcare costs, and fewer post-operative complications. Thus, an increasing number of patients and surgeons prefer minimally invasive surgeries. Minimally invasive surgeries remove part of the affected area in colon and rectum through ostomy for benign colon and rectal conditions, including diverticulitis, colon polyps, IBD, and rectal prolapse. Thus, the rising demand for minimally invasive surgeries will drive the growth of the global colonoscopes market during the forecast period.
As per Technavio, the emergence of virtual colonoscopes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global colonoscopes market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global colonoscopes market: Emergence of virtual colonoscopes
In recent times, the market has witnessed the emergence of virtual colonoscopes that provide improved patient compliance and adherence compared with conventional colonoscopes. Virtual colonoscopes identify abnormalities in the colon and the rectum using CT or rviR1 to generate 2D and 3D images of the intestine. It is a minimally invasive approach that does not require the insertion of the colonoscope to the entire length of the colon. Some of the other advantages of virtual colonoscopes include increased accessibility, improved detection, low procedural time, and high safety when compared with conventional colonoscopes.
“The prevalence of intestinal disorders such as constipation, anal fissures, hemorrhoids, perianal infection, colitis, colon polyps, IBS, and cancer, is increasing rapidly. The increase in the prevalence of intestinal diseases has led to an increase in the number of diagnostic procedures. The availability of advanced minimally invasive diagnostic solutions such as colonoscopes, helps to simplify and expedite the diagnostic process. This will drive market growth during the forecast period,” says a senior research analyst at Technavio.
Global colonoscopes market: Segmentation analysis
This market research report segments the global colonoscopes market by product (instruments and accessories, and colonoscopes), end-users (hospitals, ASC, and others), and geography (Asia, Europe, North America, and ROW).
The hospitals segment held the largest colonoscopes market share in 2018. The availability of well-trained professionals and the rising number of hospital admissions are the two factors contributing to the growth of the hospitals segment, which will drive the use of colonoscopes for the diagnosis of GI abnormalities.
The North America region led the market in 2018, followed by Europe, Asia, and ROW respectively. The market in North America is primarily led by the US owing to extensive health insurance coverage, the increase in R&D expenditure of vendors, high adoption of technologically advanced products, and the growing prevalence of GI diseases.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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