iCrowdNewswire Dec 31, 2020 1:00 PM ET
The Global Capsule Endoscopy Market 2020 is poised to record a CAGR of 8.82% and is slated to reach USD 967.4 million by 2023.
The main drivers that have paved the way for the robust growth of the global market for capsule endoscopy are the growing incidence of chronic gastrointestinal diseases and abdominal diseases, the increasing requirement for minimally invasive endoscopy procedures and favourable government regulations. Artificial intelligence, robotic technologies and magnetic-controlled and computer-assisted capsule endoscopies have been introduced as scientific developments in the area of capsule endoscopy. With the aid of sophisticated computer learning and robotics, these advances have been groundbreaking in terms of reducing human errors in the diagnostic process and improving accuracy. The rapidly expanding healthcare sector, which funds the advancement of new capsule endoscopy technologies with the assistance of private and public financing agencies, has contributed to these innovations. The research landscape for technical innovation is mostly the focus of emerging companies. In addition, due to the availability of research funds and favourable regulatory scenarios for healthcare products, new companies have a strong opportunity to join the capsule endoscopy market. Both of these aspects are also supposed to give the expansive growth of the industry a combined impetus.
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Market development, however is adversely affected by evolving healthcare legislation and a lack of understanding among the population of such advanced technologies. In addition, the possibility and complications of capsule endoscopy and the shortage of trained doctors limit the growth of the industry.
The global market for capsule endoscopy has been divided into materials, form of endoscope, product, application and end consumer.
The market was split into capsule endoscopes, capsule endoscopy data recorders and capsule endoscopy workstations on the basis of the part.
The market has been divided into capsule cystoscopies and capsule neuro-endoscopes, depending on the endoscope form.
The industry has been bifurcated into small bowel capsules, esophageal capsules, and colon capsules depending on the commodity.
The demand has been classified as obscure gastrointestinal bleeding (OGIB), Crohn’s disease and tumour of the small intestine, depending on the application.
The demand for end customers has been hospitals, clinics and others.
The regional-based global capsule endoscopy Market has been split into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
During the prediction period, the Americas is expected to dominate the global market for capsule endoscopy. This is due to the prevalence of large intestinal disease patients, well-developed technologies, strong healthcare spending, and research and development funding from the government.
In addition, factors such as the accelerated production and launch by major players in the industry of novel biosimilars and drugs for the treatment of diseases help to fuel the growth of the market. During the projected period, the European capsule endoscopy market is predicted to be the second-largest. In this area, the rising Crohn’s disease and ulcerative colitis are expected to fuel market development.
In addition, the businesses active in the industry primarily concentrate on mergers & acquisitions, which are projected to promote the growth of the market. Due to the large population base and the availability of immense opportunities for the growth of the industry in the region, Asia-Pacific is expected to be the fastest growing market. In addition, emerging players in the area have invested in R&D activities to build new reinforced equipment. Countries like India, China and Japan have untapped potential and are likely to become the region’s focal point of expansion.
Furthermore, owing to the prevalence of poor economies in the African region, the Middle East & Africa market has the least market share.
The eminent players in the global capsule endoscopy market are Olympus Corporation, IntroMedic, Medtronic PLC, Chongqing Jinshan Science & Technology, Fujifilm Holding Corporation, RF Co.Ltd, CapsoVision Inc., and AccuRead Endoscopy Inc.
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