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LONDON, Dec. 21, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Virtual Colonoscopy Software Global Market Report 2024, the virtual colonoscopy software market has exhibited remarkable strength, escalating from $31.19 billion in 2023 to a projected $33.69 billion in 2024, boasting an impressive Compound Annual Growth Rate (CAGR) of 8.0%. This substantial growth in the historic period is credited to breakthroughs in imaging technology, the burgeoning aging population, the rise of remote consultations, and the influence of reimbursement policies.

Anticipated Strong Growth in the Forecast Period

The virtual colonoscopy software market is set to witness robust growth in the coming years, reaching an estimated value of $44.23 billion by 2028, maintaining a CAGR of 7.0%. The forecasted growth in the upcoming period is driven by factors such as global healthcare access, personalized screening approaches, the rise of telemedicine, and heightened patient education and awareness. Key trends in the forecast period encompass AI-assisted image analysis, improved 3D visualization, patient-centered care, and an increased focus on privacy and data security.

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https://www.thebusinessresearchcompany.com/report/virtual-colonoscopy-software-global-market-report

Increasing Incidents of Colorectal Cancer Fueling Growth

The rise in colorectal cancer incidents stands out as a significant driver propelling the growth of the virtual colonoscopy software market. Colorectal cancer, affecting the colon or rectum tissues, has witnessed a notable increase in cases. Virtual colonoscopy software plays a pivotal role in colorectal cancer management by offering a minimally invasive and non-invasive screening method for detecting abnormalities in the colon. According to the International Agency for Research on Cancer, an estimated 3.2 million new cases and 1.6 million deaths from colorectal cancer are projected annually by 2040, signifying a substantial increase from 1.9 million newly diagnosed patients and 930,000 deaths in 2020. The surge in colorectal cancer incidents underscores the crucial role of virtual colonoscopy software in early detection and prevention.

Leading Players and Technological Innovation

Major players in the virtual colonoscopy software market are at the forefront of technological innovation, propelling the development of revolutionary products. For example, Medtronic PLC launched the GI Genius module, an AI-driven endoscopy module designed for colorectal cancer treatment. This module utilizes AI and deep learning algorithms to aid physicians in detecting and treating colorectal cancer by enhancing visualization during colonoscopy and highlighting suspicious polyps in real-time. Such innovations position leading companies as trailblazers, strengthening their market presence.

Regional Dominance and Market Segmentation

As of 2023, North America emerges as the dominant region in the virtual colonoscopy software market. The virtual colonoscopy software market is segmented based on product types, including Two Dimensional (2D) and Three Dimensional (3D). Deployment options encompass On-Premises and Cloud-based solutions. Applications span Polyps, Crohn's Disease, Ulcerative Colitis, Colorectal Cancer (CRC), Diverticulosis, and Stenosis. End-users include Hospitals, Clinics, Diagnostic Centers, and Ambulatory Surgical Centers.

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Stakeholders in the virtual colonoscopy software market find themselves at the forefront of shaping the future of colorectal health. The industry's robust growth, driven by innovation, rising healthcare awareness, and technological advancements, positions it as a key player in the realm of preventive healthcare. Equipped with insights from the virtual colonoscopy software market report, industry players can navigate the evolving challenges, unlocking new avenues for growth, and contributing to a healthier future through advanced virtual colonoscopy solutions.

Virtual Colonoscopy Software Global Market Report 2024 by The Business Research Company provides insights on the virtual colonoscopy software market size, virtual colonoscopy software market segments, virtual colonoscopy software market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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Virtual Colonoscopy Software Global Market Report 2024

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