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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 report by Market Research Future (MRFR) encompasses several factors, drivers, and challenges faced by players for the period between 2018 and 2023 (forecast period).
The global capsule endoscopy market growth is expected to touch USD 967.4 million by 2023. It can exhibit a CAGR of 8.82% from 2018 to 2023. 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 particular 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.
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.
The global capsule endoscopy market is segmented by component, endoscopy type, product, application, and end-user.
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 Crohn’s 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.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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