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Global Capsule Endoscopy Market Size Worth USD 1363 Mn By 2027

March 23rd, 2022 Market Data Forecast Releases

As per our research report, from USD 867.08 million in 2022 to USD 1,363.75 million in 2027, the global capsule endoscopy market is expected to develop at a CAGR of 9.48% during the forecast period.

Browse details of the report @ https://www.marketdataforecast.com/market-reports/global-capsule-endoscopy-market

The coronavirus sickness 2019 (COVID-19), caused by the SARS-CoV-2 (Severe Acute Respiratory Syndrome Coronavirus), is still wreaking havoc in many regions, putting a strain on global healthcare systems. Efforts have been made worldwide to mitigate and suppress the disease, but the sickness has proven challenging to control. As a result, many elective endoscopies were postponed initially to reduce the risk of infection and save money on personal protective equipment (PPE). Despite this, numerous endoscopy units are debating whether or not to resume operations during the pandemic, as delaying diagnostic testing indefinitely may delay cancer diagnosis and treatment.

The increase in the incidence of gastrointestinal ailments year over year is one of the key factors driving the global capsule endoscopy market.

The inserted video capsules take photos of the stomach, esophagus, and small intestine, enabling the diagnosis of gastrointestinal problems. The images are then scrutinized for signs of various intestinal issues. It can detect gastrointestinal cancers, Crohn’s disease, celiac disease, and bleeding, among other things. Capsule endoscopes for the small bowel, colon, and esophagus are among the many capsule endoscopes available for usage in different parts of the digestive system.

The importance of minimally invasive primary diagnosis is growing in primary healthcare systems, leading to substantial market growth. Because capsule endoscopy is now included in standard care, manufacturers suddenly have great potential. It has become an essential technological innovation in recent years because of the increased need for primary diagnosis and management of gastrointestinal problems. A flurry of manufacturer-led research programs also backs it up.

Another key factor driving the market’s growth is technological advancements that lead to enhancements in existing endoscopic devices. Increased R&D spending by prominent market players to create better and more efficient devices aids the adoption of such advanced endoscopes. Furthermore, the global capsule endoscopy market is predicted to grow as the need for more minor invasive procedures develops and reimbursement policies for endoscopic procedures become fairer.

Government initiatives to expand modern lines of therapy and the introduction of technologically upgraded diagnostic technologies such as endoscopes are expected to fuel the growth of the worldwide capsule endoscopy market. Furthermore, public healthcare departments offer financial help, experience, and labor to create endoscopic testing centers as part of public healthcare plans. The global capsule endoscopy market is rising as a result of these initiatives.

On the other hand, inadequate reimbursement policies, high diagnostic procedure costs, and the risk of capsule retention inside the patient’s body could limit the worldwide capsule endoscopy market’s overall growth. In addition, capsule endoscopy is an all-day treatment, despite the fact that most patients do not stay in the hospital for it. Another disadvantage is that the capsule could be affected or stuck within a small intestinal stricture or restricted area.

Avail sample market brochure of the report to evaluate report usefulness, get a copy @ https://www.marketdataforecast.com/market-reports/global-capsule-endoscopy-market/request-sample

KEY MARKET INSIGHTS:

In the global capsule endoscopy market, the wireless capsule is the most popular application segment, and it is expected to rise at a substantial CAGR over the projected period. Some of the market’s high-impact driving drivers include the growing usage of wireless capsules in the small intestine, esophagus, and colon and the availability of favorable reimbursement policies.

Geographically, North America dominated the global capsule endoscopy market in 2020, and this dominance is projected to continue during the forecast period. The increased prevalence of gastrointestinal disorders and colorectal cancer is a significant driver of the capsule endoscopy sector in the region. Apart from that, the region’s sustained adoption of capsule endoscopy is attributable to favorable reimbursement regulations, the presence of contemporary healthcare infrastructure, and a greater emphasis among patients on the benefits of minimally invasive treatments over invasive procedures. The United States currently dominates the endoscopic device market, likely to do so for a few more years. The market is expanding due to an increasing variety of treatments and a growing population with a higher prevalence of GI illnesses.

Furthermore, according to the American Cancer Society, colon cancer is likely to be the third-highest cause of cancer deaths in the United States, with about 53,200 fatalities estimated in 2020. In addition, the number of annual gastro-intestinal procedures is predicted to climb due to the rising incidence of digestive problems affecting all demographic groups and the developing therapeutic capabilities of endoscopic instruments.

The capsule endoscopy market is being driven by an increase in stomach ailments, minor intestinal disorders such as Crohn’s disease, ulcerative colitis, and GERD, increased cases of colorectal cancer, and a growing senior population in Europe. As the people of the elderly grow, gastrointestinal diseases are becoming more widespread. It will eventually require capsule endoscopy, posing a threat to the expansion of the European capsule endoscopy business.

In 2018, the number of cases of colon cancer was on the rise. As a result, Europe’s endoscopic capsules sector is expanding, opening up a slew of new research and development opportunities. According to the American Cancer Society, there have been roughly 97,550 new cases of colon cancer. According to the CDC, colorectal cancer kills approximately 608,500 people worldwide each year, and more than 14.8 million colonoscopies are performed. Growing demand for a less invasive testing platform is one of the major factors driving the market forward. According to the most recent WHO data published in 2019, stomach cancer fatalities in France totaled 5,600, accounting for 1.45 percent of all deaths, while deaths in Germany totaled 10,850, accounting for 1.55 percent of all deaths in the area.

The United Kingdom is expected to develop at the highest CAGR of 8.9% in the European market during the projected period. The rising prevalence of gastrointestinal disorders and colorectal cancer, improved healthcare infrastructure, the availability of specialized healthcare professionals, favorable reimbursement policies, and the growing adoption of minimally invasive capsule endoscopy by patients contribute to regional market growth.

Due to greater patient awareness, high disposable income, a growing senior population, and a considerable presence of untapped cancer screening prospects, France is likely to develop at a profitable pace during the projection period.

Germany is expected to be the second-largest European capsule endoscopy market holder during the projection period. The primary drivers driving market growth in this region include gastrointestinal illnesses such as Crohn’s disease, ulcerative colitis, and colorectal cancer. In Germany, one out of every eight new malignancies is associated with the large intestine or rectum. In 2018, about 26,600 women and 32,400 men were diagnosed with colorectal cancer for the first time. In addition, the focus on research and development, which further helps the market’s expansion, is another factor boosting the market’s growth.

Despite being ranked third, the Netherlands is still regarded as the fastest-growing market. Due to the support of funding and technological improvements in the medical field, the country has huge prospects.

The market is fiercely competitive, with several major companies worldwide. Some of the promising companies in the global capsule endoscopy market are RF Co. Ltd., IntroMedic Co., Ltd., AccuRead Endoscopy Inc., Boston Scientific Corporation, Medtronic Plc, Olympus Corporation, CapsoVision, Inc., Northside Gastroenterology Endoscopy Center, LLC., Chongqing Jinshan Science & Technology Co., Interscope Inc., and Given Imaging Ltd.

The report can be customized as per the requirements; talk to our team @  https://www.marketdataforecast.com/market-reports/global-capsule-endoscopy-market/customization

SEGMENTS ANALYZED UNDER THIS REPORT:

By Accessories:

  • Wireless Capsule
  • Workstation and Receiver

By Product:

  • Small Bowel
  • Esophageal
  • Colon

By Application:

  • Crohn’s Disease
  • OGIB (Obscure Gastrointestinal Bleeding)
  • Small Intestine Tumor
  • Others

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Browse Related Reports:

  • Europe Capsule Endoscopy Market

About MarketDataForecast:

Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs.

Contact Us:

Market Data Forecast

Phone: +1-888-702-9626

Email: contact@marketdataforecast.com

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