Market Overview:
The capsule endoscopy procedure is used where the traditional endoscopy is ineffective. Capsule endoscopy helps to capture internal images of the digestive tract using a small camera, transmitter, battery, and light sources. Capsule endoscopy is majorly performed in the diagnosis of gastrointestinal complications such as small intestinal bleeding, chronic pain, ulcer, and abnormal tissue growth.
Market Research Future (MRFR) has published a research report that foretells expansion of the global Capsule Endoscopy Market with 8.7% CAGR (Compound Annual Growth Rate) between 2018 and 2023.
The key factors that are driving the growth of this market during the forecast period include demand for fast and accurate diagnostic tools, growing geriatric population, and rising occurrences of gastrointestinal diseases. However, the high cost of capsule endoscopy, limited reimbursement, and the risk of capsule retention may hamper the growth of this market.
Key Players
The key players in the global capsule endoscopy market include Chongqing Jinshan Science & Technology (Group) Co. Ltd (China), CapsoVision Inc. (USA), Check-Cap Ltd. (Israel), Fujifilm Holding Corporation (Japan), Given Imaging (Israel), IntroMedic Co., Ltd. (South Korea), Olympus Corporation (Japan), and RF System lab (USA).
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Regional Segmentation:
Moreover, factors such as the presence of a well-proliferated healthcare sector and the leading market players alongside the availability of skilled healthcare professional fuel the growth of the market. Continuing with the same growth trends, the capsule endoscopy market in the region will retain its dominance throughout the assessment period.
The regional segmentation of the global capsule endoscopy market segments the market into The Americas (North America & South America), Europe, Asia Pacific, and Middle East & Africa (MEA). Due to government initiatives, increase in inflammatory bowel diseases, increase in the number of colon cancer patients, and technological advancements, the market is rising in this region. Due to technological advancement, North America is a bigger market than South America. In North America, the biggest market comprises of the United States of America (USA) and Canada.
During the forecast period, Europe is expected to be the second largest market. Due to reasons same as the Americas, Western Europe market is bigger than the Eastern Europe market. In this region, the most important country-based markets include France, Germany, Italy, Spain, and the United Kingdom (UK), followed by the rest of Western Europe. The market growth in Europe can be attributed to various governments funding and support of the healthcare sector, along with increasing research and development (R & D).
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The forecast period predicts Asia-Pacific to be the fastest-growing capsule endoscopy market due to the increasing prevalence of GIT ailments, rising investments in healthcare, rising medical tourism, and R & D by the various governments in the region. In this region, the biggest markets are Australia, China, India, Japan, and South Korea, followed by the rest of the Asia Pacific region. The MEA region is the smallest market due to ignorance of diseases, lack of education, lack of technical knowledge, less infrastructure development, limited growth in the healthcare sector, political instability, poor medical facilities, and underdeveloped healthcare sector.
Latest Industry News
- PENTAX Medical, a healthcare industry leader in diagnostic and therapeutic endoscopy solutions, has signed an exclusive distribution agreement with CapsoVision for their CapsoCam Plus® Capsule Endoscopy line of products. 4 JUNE 2018
- The FDA has warned healthcare facilities to avoid using certain endoscope connectors, known as 24-hour multi-patient connectors, due to the potential risk for cross-contamination. These devices are used for connecting the auxiliary water channel of an endoscope to a water source and irrigation system. They are labeled for use with multiple patients over a 24-hour period before they need reprocessing. 18 APR 2018
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