The Canadian colonoscopy device market is projected to reach $65 million by 2030, according to a new report from Research and Markets. The market is expected to grow at a compound annual growth rate (CAGR) of 7.2% over the forecast period of 2020-2030.
Colonoscopy is a procedure used to examine the inner lining of the large intestine, or colon. It is used to detect and diagnose diseases such as colorectal cancer, inflammatory bowel disease, and polyps. Colonoscopy is also used to screen for colorectal cancer in people who are at high risk of developing the disease.
The increasing prevalence of colorectal cancer is one of the major drivers of the Canadian colonoscopy device market. According to the Canadian Cancer Society, colorectal cancer is the second leading cause of cancer death in Canada. In 2020, it is estimated that 26,300 Canadians will be diagnosed with colorectal cancer and 9,400 will die from it.
In addition, the growing demand for minimally invasive procedures and technological advancements in colonoscopy devices are also driving the market growth. Minimally invasive procedures are less painful and have shorter recovery times than traditional open surgeries. Technological advancements such as capsule endoscopy, which uses a pill-sized camera to take pictures of the inside of the colon, are making colonoscopy more accessible and less invasive.
The Canadian colonoscopy device market is highly competitive, with a number of manufacturers offering a range of products. Some of the leading players in the market include Olympus Corporation, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, and Hologic Inc. These companies are investing heavily in research and development to develop innovative products that can improve patient outcomes.
The Canadian colonoscopy device market is expected to continue to grow over the forecast period due to the increasing prevalence of colorectal cancer, growing demand for minimally invasive procedures, and technological advancements in colonoscopy devices. The market is highly competitive and manufacturers are investing heavily in research and development to develop innovative products that can improve patient outcomes.
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