Capsule Endoscopy Market Size is Anticipated to Grow at 8.4% CAGR by 2030 | MRFR
Research Reports
Dec 23, 2022
Capsule Endoscopy Market Overview:
The global capsule endoscopy market size is anticipated to grow at 8.4% CAGR to reach USD 1.29 billion by 2030. A small wireless camera in the form of a capsule or tablet is used during capsule endoscopy to view the digestive tract. It is the next level of advanced endoscopy. This technique is used to detect conditions like gastrointestinal bleeding, esophageal conditions, gastrointestinal conditions, and conditions related to the colon. The main factor driving the market is the rising prevalence of these diseases. Endoscopy’s ongoing technological development and rising healthcare costs have fueled the market’s expansion. But the two biggest obstacles to the market’s expansion are the high cost of diagnosis and the meagre reimbursement.
Additionally, an endoscopy is a treatment that enables doctors or surgeons to view the interior of the organ. The method is employed for both therapeutic and diagnostic purposes. An instrument known as an endoscope is used to perform endoscopy. There are many different types of endoscopes, and which one is used depends on the body organ that is being examined. For example, bronchoscopes are used to examine issues with the lungs, while arthroscopes are preferred to look at joint issues. Other tools needed for an endoscopic surgery include trocar sleeves, flexible forceps, biopsy forceps, and cytology brushes. Endoscopes are either attached to or passed through surgical equipment to perform certain surgeries for therapeutic purposes. An endoscope is inserted during a type of minimally invasive surgery known as endoscopic surgery.
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Small incisions, little blood loss, less scarring, a low risk of infection, and a quick recovery are the main benefits of endoscopic surgery. According to Eurostat statistics from 2014, it is seen that cataract surgery—which was performed 4.3 million times across EU Member States—is the most frequently performed minimally invasive procedure in the European region. Bronchoscopy for diagnosis was the second-most frequently performed procedure, with a frequency rate of 685 per 100 000 people in Croatia and more than 400 in Latvia and Germany.
The global market for endoscopy equipment is expanding due to the rising frequency of chronic diseases, technological advancements in endoscopy, and increased funding and reimbursement for endoscopic screening and treatment.
Capsule Endoscopy Market Regional Analysis:
Geographically, the Americas region is controlling the greatest market share because endoscopic surgery is becoming more and more common. The percentage of people in the United States who have been diagnosed with colon cancer has increased, according to the Centers for Disease Control and Prevention, as a result of a rise in colonoscopy procedures. Additionally, it is predicted that, given the United States’ current capacity for colonoscopy screening, 80% of the eligible population will have undergone a screening by 2023.
Further, the shortage of healthcare experts, particularly endoscopists, has limited the market potential of countries like India, Thailand, Vietnam, and others.
Additionally, there are enormous differences between nations’ levels of market maturity. The largest market potential is in China, followed by India. The next country to dominate the market for capsule endoscopy devices is India. Developed markets like the US, Japan, and others are probably going to experience modest, low single-digit growth. The market in developed regions is also highly competitive. Therefore, developing region countries like Argentina, India, etc. are perfect for any new entrant.
Capsule Endoscopy Market Segmentation:
Based on the component, type, application, product, and distribution channels, the capsule endoscopy market has been segmented.
Based On the Component
Based on the component, the scope capsule, scope data recorder, and capsule endoscopy workstations have been segmented into the global market.
Based On the Type
Based on the kind that records cystoscopies and capsule neuro endoscopes, the global market has been segmented.
Based On the Product
Based on the product, the global market has been segmented into small bowel and, maybe soon, esophagus, and colon capsules.
Based On the Application
According to application, the world market has been segmented into segments for small intestine tumor, Crohn’s disease, and obscure gastrointestinal bleeding (OGIB). Since the year 2000, numerous new capsule endoscopy manufacturers have emerged.
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Based on The Distribution Channels
Based on the distribution channels, the global market has been segmented into hospitals, clinics, and other businesses. In terms of the distribution channel, the hospital’s market value in 2017 was approximately USD 289.3 million.
Capsule Endoscopy Market Key Players:
The major key players in the Global Capsule Endoscopy Market are Fujifilm Holding Corporation (Japan), Olympus Corporation (Japan), Given Imaging (Israel), RF System Lab (US), Capso Vision Inc. (US), IntroMedic Co., Ltd. (South Korea), Chongqing Jinshan Science & Technology Co. (China), Johnson and Johnson (US) and others.
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