Capsule Endoscopy Market Size Is Projected to Reach USD 967.4 Million at a CAGR of 8.82% By 2023
Pune, Maharashtra, February 26 2020 (Wiredrelease) Market Research Future Capsule Endoscopy Market Scope
Capsule endoscopy is a procedure for recording internal images of the gastrointestinal tract for diagnosis purposes. It is used in the detection of polyps, ulcers, tumors, and inflammatory bowel disease. The global capsule endoscopy market size is projected to reachUSD 967.4 million at a CAGR of 8.82%by 2023. The global capsule endoscopy market report by Market Research Future (MRFR) encompasses several factors, drivers, and challenges faced by players for the period between 2018 and 2023 (forecast period).
Major factors driving market growth include the large geriatric population and high prevalence of small intestinal disorders. According to the American Cancer Society, close to 97,000 cases of colon cancer were detected in 2018. The large geriatric population and their inclination towards gastrointestinal cancer due to their old age can drive the demand for advanced diagnostic methods. The risk of appendicitis and colorectal cancer (CRC) in this demographic can influence the demand for endoscopic procedures.
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Introduction of wireless capsules for endoscopic procedures and demand for accurate diagnostic tools can drive the demand in the global capsule endoscopy market. The rise of ingestible technologies in hospitals as well as its need in rapid diagnosis can bode well for the market.
However, complications pertaining to capsule endoscopy and lack of skilled physicians can hamper the global capsule endoscopy market growth.
Capsule Endoscopy Market Segmentation
The global capsule endoscopy market is segmented by component, endoscopy type, product, application, and end-user.
By component, it is capsule endoscopy market segmented intocapsule endoscopy workstations, capsule endoscope, and capsule endoscopy data recorder.
By endoscopy type, capsule endoscopy market is divided intocapsule cystoscopies and capsule neuro-endoscopes.
By product, capsule endoscopy market is segmented intocolon capsule, esophageal capsule, and small bowel capsule.
By application, capsule endoscopy market is segmented intoCrohns disease, obscure gastrointestinal bleeding, and small intestine tumor.
By end-user, capsule endoscopy market is segmented into hospitals, clinics, and others. Hospitals accounted for close to USD 289.3 million in 2017.
Capsule Endoscopy Market Regional Analysis
Asia Pacific (APAC), the Middle East Africa (MEA), Europe, and the Americas are regions covered in the global capsule endoscopy market report.
The Americas are touted to dominate the global capsule endoscopy market due to large number of patients reportedly diagnosed with GI. According to the Center for Disease Control Prevention (CDC), the United States saw a surge of colonoscopy procedures in people diagnosed with colon cancer. Government support for research and development, well-developed technology, and high healthcare expenditure from nations in the region can fuel the market growth exponentially. Launch of biosimilars and other similar drugs for the treatment of diseases by key players can impact the global market.
Europe is the second-largest region of the market due to incidence of ulcerative colitis and Crohns disease. Companies engaging in mergers and acquisitions can drive the development of drugs and bode well for the global capsule endoscopy market. Patients in the U.K. can gain the benefit of capsule endoscopy for detection of abnormalities in the small intestine. Wrexham Maelor Hospital in Wales, U.K., for symptoms of GI.
The APAC region is expected to exhibit the fastest growth rate during the forecast period due to massive growth opportunities and a large patient pool. China is the biggest contributor with close to 30% market share in 2017.
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Capsule Endoscopy Market Competitive Outlook
RF Co. Ltd, Olympus Corporation, Fujifilm Holding Corporation, IntroMedic, Chongqing Jinshan Science Technology, Medtronic PLC, AccuRead Endoscopy Inc., and CapsoVision Inc. are prominent players of the global capsule endoscopy market. Expansions, acquisitions, product development, and new technological breakthroughs are strategies to be capitalized by these players to get ahead in the marketspace.
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