Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Capsule Endoscopy Market, The Global Capsule Endoscopy Market is projected to grow at a CAGR of around 10.42% during the forecast period, i.e., 2022-27. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Capsule Endoscopy Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2022-2027
- CAGR (2022-2027): 10.42%
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Global Capsule Endoscopy Market Segmentation Breakdown:
The Capsule Endoscopy Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Capsule Type
- Small Bowel Capsule
- Colon Capsule
- Oesophageal Capsule
Among them, Small Bowel Capsule acquired a considerable growth during 2017-2021, owing to the favorable outcomes of small bowel investigation using capsule endoscopy techniques.
- By Component
- Software
- Hardware
- Ingestible Capsule
- Sensor Belt
- Sensor Array
- Data Recorder
Here, the Hardware component held a dominant share in the historical years & is expected to remain dominant during 2022-2027 on account of a broad range of the utilization of the products for the complete endoscopic procedure, starting from an ingestible capsule, sensor belts, arrays, and data recorders.
- By Application
- Obscure GI bleeding (OGIB)
- Oesophageal Disease
- Iron Deficiency Anaemia
- Inflammatory Bowel Diseases
- Celiac Disease
- Crohn’s Disease
- Small bowel tumour and hereditary polyposis syndromes
- Others (Small bowel transplant, Henoch-Schonlein purpura etc.)
Of them all, Capsule Endoscopy has revolutionized the diagnosis of inflammatory bowel diseases for historical years on account of the high-definition visualization of the small bowel, which was earlier inaccessible to the health care professionals due to its long length and tortuosity.
- By End User
- Hospitals
- Diagnostic centres
- Ambulatory surgery centres
- Others (Clinics, Home care settings, etc.)
Geographical Growth Insights:
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
Of all the regions, North America held a significant market share in the Global Capsule Endoscopy market during 2017-2021 due to the rising prevalence of minimally invasive screening procedures along with the adoption of technologically advanced diagnostic products & systems.
MarkNtel Advisors Highlights Key Market Drivers for Capsule Endoscopy Market:
Rising Demand for Minimally Invasive Diagnostic Procedure to Drive the Market
The rising adoption of minimally invasive diagnostic procedures has propelled the utilization of capsule endoscopic systems & wireless capsules during the historical years. The growing burden of chronic ailments such as a small intestine tumor, formation of polyps in the bowel, Obscure gastrointestinal diseases, and Crohn’s disorder was the prominent reason for the growth of the Capsule Endoscopy market across various geographies. In addition, these minimally invasive diagnostic procedures provide more accurate & precise results as compared to conventional techniques, which supports their greater adoption among healthcare professionals.
Moreover, the integration of advanced technologies such as artificial intelligence & deep learning methods is further expected to escalate the market in the coming years, owing to more reliability, proven results, and accurate detection of any possible disorder at an early stage.
A Comprehensive Analysis of Leading Companies in Global Capsule Endoscopy Market
- Olympus Corporation
- Medtronic Plc
- CapsoVision Inc
- IntroMedic Co., Ltd
- Jinshan Group
- Check-Cap Ltd.
- RF System Lab
- AnX Robotica
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Global Capsule Endoscopy Market Possible Restraint:
High Cost of Diagnostic Procedures to Hamper the Market Growth
The high cost of capsule endoscopy is an important factor restraining the potential development of capsule endoscopic procedures for screening purposes. At present, capsule endoscopy is significantly costlier than gastroscopy in various countries such as Spain & Italy. Thus, an imbalance between precise quality screening & procedure cost has been created in some emerging countries, which is considered a reasonable challenge for the global growth of the Capsule Endoscopy Market.
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