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The virtual colonoscopy software market has witnessed robust growth, surging from $31.19 billion in 2023 to an anticipated $33.69 billion in 2024, reflecting a noteworthy Compound Annual Growth Rate (CAGR) of 8.0%. This trajectory is poised to continue, projecting growth to $44.23 billion in 2028, fueled by a CAGR of 7.0%. Contributing factors include the impact of rising colorectal cancer incidence, advancements in AI-based endoscopy, and collaborative efforts to enhance detection technology.

Impact of Rising Colorectal Cancer Incidence

• Colorectal Cancer Incidence
  • The escalating incidents of colorectal cancer emerge as a pivotal factor propelling the growth of the virtual colonoscopy software market.
  • Colorectal cancer, affecting the colon or rectum tissues, necessitates advanced screening methods for early detection and intervention.
• Role of Virtual Colonoscopy Software
  • Virtual colonoscopy software plays a vital role in offering minimally invasive and non-invasive screening methods, revolutionizing colorectal cancer diagnosis.
  • It addresses the pressing need for efficient screening tools as projected cases and deaths from colorectal cancer are estimated to increase significantly by 2040.
• Example: International Agency for Research on Cancer (IARC) Findings
  • According to IARC, an estimated 3.2 million new cases and 1.6 million deaths from colorectal cancer are expected annually by 2040, emphasizing the urgency for advanced screening.

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Advancements in AI-Based Endoscopy

• Adoption of AI-Based Endoscopy
  • Key players in the virtual colonoscopy software market are prioritizing the adoption of advanced solutions, such as AI-based endoscopy, to maintain their market dominance.
  • AI-based endoscopy involves leveraging artificial intelligence in gastrointestinal (GI) endoscopy procedures for improved detection and treatment.
• Example: Medtronic’s GI Genius Module
  • Medtronic PLC launched the GI Genius module, an AI-driven endoscopy module, in August 2022, aiming to enhance the detection and treatment of colorectal cancer.
  • The module employs deep learning algorithms to assist physicians in real-time detection, providing enhanced visualization during colonoscopy.

Nvidia and Medtronic Collaboration

• Collaborative AI Technology Development
  • In March 2023, Nvidia Corporation collaborated with Medtronic PLC to integrate AI technologies into Medtronic’s colorectal polyp-spotting software, GI Genius.
  • The partnership aims to enhance real-time detection capabilities, focusing on identifying colorectal adenomas and polyps during colonoscopy.
• GI Genius Software
  • GI Genius is an intelligent endoscopy module by Medtronic that benefits from Nvidia’s AI technology to elevate its capabilities in detecting abnormalities in the colon lining.

Market Segmentation and Future Trends

• Market Segmentation
  • By Product Type: Two Dimensional (2D), Three Dimensional (3D).
  • By Deployment: On-Premises, Cloud-based.
  • By Application: Polyps, Crohn’s Disease, Ulcerative Colitis, Colorectal Cancer (CRC), Diverticulosis, Stenosis.
  • By End-User: Hospitals, Clinics, Diagnostic Centers, Ambulatory Surgical Centers.
• Future Trends
  • The virtual colonoscopy software market is anticipated to witness trends like AI-assisted image analysis, improved 3D visualization, patient-centered care, and heightened privacy and data security.
  • These trends align with the evolving landscape of telemedicine, patient education, and personalized healthcare.

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The Table Of Content For The Virtual Colonoscopy Software Market Include:
1. Virtual Colonoscopy Software Market Executive Summary
2. Virtual Colonoscopy Software Market Segments
3. Virtual Colonoscopy Software Market Size And Virtual Colonoscopy Software Market Growth Rate
4. Key Virtual Colonoscopy Software Market Trends
5. Major Virtual Colonoscopy Software Market Drivers
……
25. Key Mergers And Acquisitions In The Virtual Colonoscopy Software Market
26. Top Virtual Colonoscopy Software Companies
27. Virtual Colonoscopy Software Market Opportunities And Strategies
28. Virtual Colonoscopy Software Market, Conclusions And Recommendations
29. Appendix

The Virtual Colonoscopy Software Market Global Market Report 2023 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the virtual colonoscopy software market.

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