PUBLISHER: The Business Research Company | PRODUCT CODE: 1415749
PUBLISHER: The Business Research Company | PRODUCT CODE: 1415749
“Virtual Colonoscopy Software Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on virtual colonoscopy software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for virtual colonoscopy software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The virtual colonoscopy software market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Virtual colonoscopy software refers to specialized scanning and advanced imaging software that utilizes computed tomography to generate both 2D and 3D images of the colon. This software plays a pivotal role in the screening and detection of colorectal cancer, offering a less invasive alternative to the traditional colonoscopy procedure.
Virtual colonoscopy software encompasses a range of product types, including two-dimensional (2D) and three-dimensional (3D) software solutions. In this context, 2D signifies objects or shapes existing in a two-dimensional, flat plane defined by length and width. 2D products within virtual colonoscopy software play a significant role in the detection and examination of colorectal abnormalities. These software solutions can be deployed on-premises or in the cloud, and they find applications in various clinical scenarios, including the evaluation of conditions such as polyps, Crohn's disease, ulcerative colitis, colorectal cancer (CRC), diverticulosis, and stenosis. The end-users of virtual colonoscopy software encompass hospitals, clinics, diagnostic centers, and ambulatory surgical centers.
The virtual colonoscopy software market research report is one of a series of new reports from The Business Research Company that provides virtual colonoscopy software market statistics, including virtual colonoscopy software industry global market size, regional shares, competitors with a virtual colonoscopy software market share, detailed virtual colonoscopy software market segments, market trends and opportunities and any further data you may need to thrive in the virtual colonoscopy software industry. This virtual colonoscopy software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The virtual colonoscopy software market size has grown strongly in recent years. It will grow from $31.19 billion in 2023 to $33.69 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to advancements in imaging technology, aging population, remote consultations, reimbursement policies.
The virtual colonoscopy software market size is expected to see strong growth in the next few years. It will grow to $44.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to global healthcare access, personalized screening, telemedicine, patient education and awareness. Major trends in the forecast period include ai-assisted image analysis, improved 3d visualization, patient-centered care, elevated privacy and data security.
The rising prevalence of colorectal cancer is poised to be a driving force behind the expansion of the virtual colonoscopy software market in the foreseeable future. Colorectal cancer, a form of cancer that develops in the tissues of the colon or rectum, is effectively addressed with the aid of virtual colonoscopy software. This software offers a minimally invasive and non-invasive approach to screen for and detect abnormalities within the colon. As an illustration, data from the International Agency for Research on Cancer in September 2022 projected a notable increase in the global incidence of colorectal cancer. It was estimated that by 2040, there would be 3.2 million new cases and 1.6 million deaths attributed to colorectal cancer annually, representing a significant rise from the 1.9 million newly diagnosed cases and 930,000 deaths recorded in 2020. Consequently, the escalating incidence of colorectal cancer is a key driver of growth in the virtual colonoscopy software market.
The increase in disease prevalence and mortality associated with various chronic conditions is anticipated to foster the growth of the virtual colonoscopy software market. Chronic diseases, characterized by long-lasting conditions that can be managed but not cured, have contributed to a surge in diagnostic screening procedures for a range of intestinal ailments, including rectal cancer, colon cancer, and other gastrointestinal (GI) bleeding-related disorders. This rise in diagnostic screenings has subsequently heightened the demand for virtual colonoscopy software, which plays a crucial role in colorectal cancer prevention by identifying and removing polyps before they progress to cancer. For example, research published by the American Cancer Society in January 2022 projected 609,360 cancer-related deaths and 1.9 million new cancer cases in the United States for the year 2022, highlighting the substantial impact of chronic diseases. This equates to approximately 1,670 fatalities daily. Thus, the increase in chronic disease incidence and mortality is a significant driver of growth in the virtual colonoscopy software market.
The high expense associated with virtual colonoscopy software is anticipated to impede the growth of the market. The cost of virtual colonoscopy software can be prohibitive, potentially restricting access for healthcare providers and patients. For instance, as of November 2022, data from Verywell Health, a U.S.-based health and wellness information source, indicated that the average out-of-pocket cost for a virtual colonoscopy stands at $2,400, with variations that can range from under $750 to over $5,000, dependent on location and provider. Therefore, the considerable software costs are acting as a constraint on the expansion of the virtual colonoscopy software market.
Prominent companies within the virtual colonoscopy software market are actively embracing advanced technological solutions, particularly AI-based endoscopy, to maintain their market positions. AI-based endoscopy involves the integration of artificial intelligence (AI) technology into gastrointestinal (GI) endoscopy procedures. For instance, in August 2022, Medtronic PLC, a U.S.-based medical device company, introduced the GI Genius module, an AI-powered endoscopy module designed for the treatment of colorectal cancer. This innovative module harnesses AI and deep learning algorithms to assist physicians in the detection and treatment of colorectal cancer. It enhances visualization during colonoscopy and leverages AI software to identify suspicious polyps in real-time, facilitating early detection of colorectal cancer.
In March 2023, Nvidia Corporation, a U.S.-based software company, joined forces with Medtronic PLC to enhance the detection capabilities of Medtronic's GI Genius software, a technology designed to spot colorectal polyps. The collaboration involves the integration of Nvidia's AI technologies into the GI Genius intelligent endoscopy module, enhancing its real-time ability to detect colorectal adenomas and polyps along the colon's lining during a colonoscopy. Medtronic PLC, a U.S.-based medical device company with a focus on manufacturing medical devices and therapies, spearheads this collaborative effort.
Major players in the virtual colonoscopy software market are Hitachi Medical Corporation, Medtronic PLC, Siemens Healthineers, Koninklijke Philips N.V., Boston Scientific Corporation, Olympus Corporation, GE HealthCare Technologies Inc., Hologic Inc., Stony Brook University, Carestream Health, Toshiba Medical Systems Corporation, Barco NV, Agfa Healthcare, Cybernet Systems Co. Ltd., Intelerad Medical Systems Incorporated, Canon Medical Informatics Inc., TeraRecon Inc., iCAD Inc., Median Technologies, LEXION Medical LLC, Mentice Inc., Pie Medical Imaging, Ziosoft USA Inc., EDDA Technology Inc., Intrasense SA, Volumina Medical, Medweb, Viatronix Inc., Voxel-Q .
North America was the largest region in the virtual colonoscopy software market in 2023. The regions covered in virtual colonoscopy software report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the virtual colonoscopy software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The virtual colonoscopy software market includes revenues earned by entities by providing services such as colonoscopy imaging, image analysis, interpretation, reporting and documentation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.