COVID-19 Outbreak Impact on Capsule Endoscopy Market Research by Size, Trends, Growth, Share, Component (Capsule Endoscopy, Capsule Endoscopy Data Recorder and Capsule Endoscopy Workstations), Endoscope Type (Capsule Cystoscopies and Capsule Neuro-Endoscopes), Product (Small Bowel Capsule, Esophageal Capsule and Colon Capsule), Application (Obscure Gastrointestinal Bleeding (OGIB), Crohn’s Disease and Small Intestine Tumor)- Forecast till 2023
Global Capsule Endoscopy Market size is poised to reach USD 967.4 MN by the end of 2023, registering 8.82% CAGR during the review period (2018 – 2023), says Market Research Future (MRFR). The capsule endoscopy market is growing pervasively due to the rising adoption of endoscopy procedures. Capsule endoscopy is used for the detection of polyps, inflammatory bowel disease, ulcers, and tumors of the small intestine. The growing prevalence of small intestinal disorders and the increasing geriatric population are the major growth drivers of the market. Moreover, factors such as increasing funding & reimbursement for screening & treatment using endoscopic techniques push market growth.
Additionally, spreading awareness about the availability & benefits of capsule endoscopy procedures is substantiating the market growth. Also, the rising demand for effective diagnostic & therapeutic options impacts the growth of the capsule endoscopy system market positively.
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On the other hand, the risks & complications associated with the capsule endoscopy are anticipated to hamper the market growth. Also, the lack of skilled physicians might constrain the growth of the capsule endoscopy market share. Nevertheless, augmenting demand & preference for less invasive treatment methods would support the increase of the capsule endoscopy market size during the forecast period.
Capsule Endoscopy Market Segmentation
The report segmented into six market dynamics;
By Component, the Capsule Endoscopy Market is segmented into Capsule endoscopy, Capsule Endoscopy Data Recorder, Capsule Endoscopy Workstations, and others.
By Endoscope Type, the Capsule Endoscopy Market is segmented into Capsule Cystoscopies, Capsule Neuro-Endoscopes, and others.
By Product, the Capsule Endoscopy Market is segmented into Small Bowel Capsule, Esophageal Capsule, Colon Capsule, and others.
By Application, the Capsule Endoscopy Market is segmented into Obscure Gastrointestinal Bleeding (OGIB), Crohn’s Disease, Small Intestine Tumor, and others.
By End User, the Capsule Endoscopy Market is segmented into Hospitals, Clinics, and others.
Capsule Endoscopy Market Geographical Analysis
North America possesses a significant share in the global capsule endoscopy market. The exponential growth attributes to the presence of a large number of major market players and patients suffering from intestinal diseases. Besides, the increasing emphasis on advanced diagnosis & treatment processes for cancer and gastrointestinal disorders is a key growth driver. Also, factors such as the availability of advanced technologies, high healthcare expenditure, and government support for research & development increase the region’s capsule endoscopy market size.
Moreover, rapid developments of novel biosimilars and drugs for the treatment of myriads of diseases act as a major tailwind behind the regional market growth. Besides, rising government support for R&D activities and growing focus on the development of new capsule endoscopy procedures contribute to the regional market growth. The North American capsule endoscopy market is estimated to retain its dominance over the global market throughout the forecast period.
Europe stands second in the global capsule endoscopy market, driven by the rising prevalence of Crohn’s disease and ulcerative colitis in the region. Also, factors such as improving economic conditions and massive development in the healthcare domain impact the regional market growth positively. Research institutions emphasis on updating technologies used or new & advanced diagnosis & treatment methods, which, in turn, drives the regional market growth.
Moreover, the presence of advanced hospital infrastructures and skilled healthcare professionals is increasing the capsule endoscopy system market in the region. Additionally, various strategic initiatives undertaken by the companies operating in the regional market are expected to boost Europe’s capsule endoscopy market share globally. The European capsule endoscopy market is likely to grow at a significant CAGR during the review period.
The capsule endoscopy market in the Asia Pacific region is growing rapidly. Factors such as the vast population base and the presence of rapidly developing countries like India and China in the region offer tremendous growth opportunities. Furthermore, the increasing numbers of patients who are suffering from cancer & gastrointestinal diseases create a vast market demand for various diagnosis & treatment methods.
Moreover, the augmenting demand for quality treatment & diagnostic process, proliferating healthcare technology, and increasing uptake of endoscopy procedures in the region provide impetus to market growth. The APAC capsule endoscopy market is estimated to register a phenomenal CAGR throughout the analysis period.
Capsule Endoscopy Market Competitive Analysis
Highly competitive, the Capsule Endoscopy market appears diversified due to the presence of several major players. To gain a larger competitive share, players adopt strategic initiatives such as mergers & acquisitions, expansion, collaboration, and product launch. They make huge investments to drive R&D activities and expansion plans. Further, market players work with physicians, nurses, and technicians around the world to identify unaddressed needs.
Capsule Endoscopy Market Major Players:
Players leading the capsule endoscopy market include Olympus Corporation, Medtronic PLC, IntroMedic, CapsoVision Inc., Chongqing Jinshan Science & Technology, Fujifilm Holding Corporation, AccuRead Endoscopy Inc., and RF Co.Ltd, among others.
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Industry/Innovation/Related News:
A team of researchers set out to assess the role of small-bowel capsule endoscopy (SBCE) in patients and to determine SBCE findings at diagnosis can predict disease outcome. The researchers are variously affiliated with the Royal Hallamshire Hospital, Academic Unit of Gastroenterology, Sheffield, UK, the Academic Unit of Gastroenterology, and others, assessed 177 patients with SNVA, IELs +/-crypt hyperplasia on duodenal histology. The research findings indicate that all these patients had an equivocal diagnosis of celiac disease, and about one in three patients had a positive SBCE.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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