DUBLIN–(BUSINESS WIRE)–The “Capsule Endoscopy Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
The capsule endoscopy market was valued at US$883.244 million in 2020 and is expected to grow at a CAGR of 6.04% over the forecast period to reach a market size of US$1,331.795 million in 2027.
A capsule endoscopy camera is like a vitamin-size capsule that is swallowed by people. The procedure of Capsule Endoscopy is done with the use of a tiny wireless camera that takes images of the digestive tract. The capsule contains video chips, a light bulb, a battery, and a radio transmitter. It takes thousands of images as it travels through our digestive tract; and sends them through the transmitter. These images are used by the doctor to see areas that cannot be reached easily with traditional endoscopy procedures.
Drivers
The rising geriatric population base is projected to provide the capsule endoscopy market with a strong platform for growth over the analyzed period. Aging significantly increases the risk of gastrointestinal disorders like inflammatory bowel disease, Crohn’s disease, colorectal cancer, and appendicitis, to name a few. Further, the growing prevalence of cancer in older as well as younger adults in recent times and the increasing adoption of screening tests, including capsule endoscopy for detection is likely to propel market growth. According to the statistics provided by the American Cancer Society, it is projected that about 1.9 million cancer cases would be reported in the US by the end of 2022. Such an increasing prevalence is thus expected to catalyze the growth of the market.
Further, the growing adoption of minimally invasive surgical interventions has accelerated the utilization of capsule endoscopic systems and wireless capsules, majorly for the detection or diagnosis of gastrointestinal issues such as OGIB (obscure gastrointestinal tract bleeding), Crohn’s disease, cancer, and small intestine tumor. Capsule endoscopy provides efficient and rapid results concerning screening of such conditions, thereby boosting the adoption of this method and leading to market growth.
Adding to that, strategic alliances among market players, such as mergers, acquisitions, and partnerships, along with growing R&D in the area of capsule-based endoscopic technologies are some of the factors that are further expected to drive the growth of the market. for instance, in 2020, Medtronic announced a partnership with Amazon for the home delivery of its capsule endoscope, PillCam Genius. Through this partnership, it aimed at increasing its penetration at a global scale and enhancing patient comfort and satisfaction.
Application Insights
Based on application, the OGIB segment is expected to hold dominant shares in the market, due to the numerous advantages provided by capsule endoscopy in the diagnosis and detection of OGIB. Additionally, benefits like real-time visualization, image capturing, and analysis of the entire small intestine, along with reliable and precise results attribute to the increase in the adoption of capsule endoscopes for OGIB. Further, the shift in trend towards the adoption of capsule-based endoscopy screening for OGIB as compared to the other conventional methods, such as double-balloon enteroscopy, is further expected to aid in the growth of the segment.
Moreover, the Crohn’s disease segment is projected to grow at a substantial rate during the analyzed period due to the increasing utilization of capsule endoscopes for the detection of Crohn’s disease. It is considered one of the most common types of Inflammatory Bowel Disease (IBD) and the rising prevalence of IBD, along with Crohn’s disease is likely to augment market growth during the forecasted period. Canada has one of the highest incidence rates of IBD, including Crohn’s disease and ulcerative colitis. For instance, according to 2021 statistics provided by Crohn’s and Colitis Canada, around 260,000 people in the country were found to be living with IBD which is a substantially high number. In addition, the IBD prevalence rate is anticipated to increase by 50% by the year 2030, with around 400,000 Canadians getting diagnosed with IBD, according to a study by Crohn’s and Colitis Canada in 2018.
Market Segmentation:
By Component
Capsule Endoscopy
Capsule Endoscopy Data Recorder
Capsule Endoscopy Workstations
By Endoscope Type
Cystoscopies
Neuro-Endoscopes
By Product
Small Bowel Capsule
Esophageal Capsule
Colon Capsule
By Application
Obscure Gastrointestinal Bleeding
Crohn’s Disease
Intestine Disease
Others
By End-User
Hospitals
Clinics
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Isreal
Others
Asia Pacific
China
Japan
South Korea
India
Indonesia
Thailand
Taiwan
Others
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. CAPSULE ENDOSCOPY MARKET BY COMPONENT
6. CAPSULE ENDOSCOPY MARKET BY ENDOSCOPE TYPE
7. CAPSULE ENDOSCOPY MARKET By Product
8. CAPSULE ENDOSCOPY MARKET By Application
9. CAPSULE ENDOSCOPY MARKET BY END-USER
10. CAPSULE ENDOSCOPY MARKET BY GEOGRAPHY
11. COMPETITIVE ENVIRONMENT AND ANALYSIS
12. COMPANY PROFILES
Companies Mentioned
JInshan Science & Technology
IntroMedic Co. Ltd.
Olympus America Inc.
CapsoVision Inc.
Medtronic Plc.
FujiFilm Corporation
RF Co. Ltd.
Boston Scientific Corporation
Steris Corporation
For more information about this report visit https://www.researchandmarkets.com/r/xijwbm-endoscopy?w=4
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