GlobalData predicts the colonoscope market will grow from $3.6 billion to $5.8 billion by 2030.
The growth is mainly due to an increase in colorectal screenings worldwide, particularly in the U.S., and need for early detection and surgical treatment, according to a March 14 news release shared with Becker's.
Japanese medical device manufacturers such as Olympus, Fujifilm and Hoya currently lead the market for colonoscopes. Ambu, a Danish company that pioneered single-use endoscopes, is likely to launch the world's first single-use colonoscope, according to the release.
"By not only eliminating the risk of cross-contamination, but also potentially lowering the cost per procedure by using single-use colonoscopes, more companies will likely invest in their research and development for manufacturing their own single-use colonoscopes," Brian Hicks, senior analyst for GlobalData, said in the release.
Colorectal cancer is currently the second deadliest cancer and causes over 600,000 deaths each year.