North American colonoscopy devices market is estimated to grow moderately at a CAGR of 5.5% during the forecast period. North America is estimated to have a significant share in the market owing to well-developed healthcare infrastructure, significant per capita health expenditure, and growing incidence of colorectal cancer across the region. The considerably large number of cases pertaining to colorectal cancer and other colon-related diseases is a contributor to the growth of the North American market. According to the American Cancer Society, colorectal cancer is diagnosed in more than 1.2 million people globally every year, with North America being the most dominant region. Moreover, the World Health Organization (WHO) has stated that the incidence of colorectal cancer is around 93,898 in men and 85,873 in women, and around 33,752 men and 30,369 women have mortality from colorectal cancer in 2018.
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Furthermore, rising geriatric population, the increasing advancement of colorectal cancer screening tests, and increasing awareness among the population regarding the prevalence of colorectal cancer are some of the factors that are contributing towards the growth of colonoscopy devices market in North America. Additionally, the market is anticipated to witness the growing adoption of colonoscopies due to its rising benefits such as efficiency and its ability to accelerate the diagnosis of colon cancer. Moreover, the increasing healthcare expenditure in the region by the government bodies, research institutions, and individuals is augmenting the growth of the market.
The companies which are contributing to the growth of the North American colonoscopy devices market include Boston Scientific Corp., Medtronic PLC, FUJIFILM Holdings Corp., Conmed Corp., and B. Braun Melsungen AG. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. For instance, in May 2019, FUJIFILM Medical Systems U.S.A., Inc. entered into an agreement to acquire medwork GmbH a company that develops, manufactures and markets instruments for a therapeutic and diagnostic endoscopy. The company will be a 100%-owned subsidiary of the Fujifilm group. The acquisition marks Fujifilm’s full-scale entry into the endoscopic instrument business.
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North American Colonoscopy Devices Market Segmentation
By Type
- Conventional Colonoscopy
- Virtual Colonoscopy
By End-User
- Hospitals
- Clinics
- Others
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