USA, Rockville MD, Aug. 29, 2022 (GLOBE NEWSWIRE) — According to the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, demand for capsule endoscope systems is expected to increase to a high CAGR of 8.3% over the forecast period (2022-2027).
Several chronic diseases including cancer and gastrointestinal disorders are on the increase in both developed and developing countries and this is one of the key factors expected to propel the expansion of the global endoscope systems market capsule. Due to the increase in demand for less invasive diagnostic procedures, the capsule endoscopy systems market size is expected to grow tremendously over the forecast period. Rising elderly population and launch of more advanced capsules are other reasons fueling the expansion of the market.
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The use of capsule endoscope systems for the diagnosis of obscure gastrointestinal bleeding is expected to drive the market growth as it has been clinically shown to be superior to barium x-rays and successful in detecting such bleeding . For faster diagnosis and better patient care, esophageal, intestinal and colonic capsule endoscopes are widely used in hospitals and healthcare facilities. The market is also expanding due to the growing geriatric population which is more prone to diseases such as appendicitis and inflammatory bowel disease.
Additionally, the growing demand for cancer diagnostic procedures and supportive government measures are also contributing to the growth of the market. The expansion of the market is also attributed to the growing patient awareness of the existence of painless visualization techniques for the treatment of these conditions.
Which region should capsule endoscope system suppliers invest in In?
“Increasing Use of Wireless Capsule Endoscope Systems in North America”
North America holds the largest capsule endoscope system market share. Rising usage of wireless capsule endoscope systems, rising demand for minimally invasive screening procedures, rise in technologically advanced products and systems, and improved healthcare infrastructure are the factors driving the market revenue In the region.
The market opportunity for capsule endoscopy systems is growing in the region owing to the presence of top capsule endoscopy companies and increased awareness for early detection of diseases such as gastrointestinal disorders, cancer and other chronic problems.
How lucrative is the US capsule endoscope systems market?
“Rising investment in healthcare infrastructure boosts market value in the United States”
Rising prevalence of gastrointestinal diseases and colorectal cancer, attractive reimbursement policies and recent developments in capsule endoscope systems are the factors driving the expansion of the capsule endoscope systems market in the United States .
Growing adoption of smart capsule endoscopy systems, rapid implementation of small bowel capsule endoscopy systems, increased investment in healthcare infrastructure, and growth opportunities in capsule endoscope systems are driving the growth of the market in the United States.
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Key segments covered by the Capsule endoscope systems Industry survey
- By product:
- Capsules for the small intestine
- Esophageal capsules
- Colon capsules
- Per application:
- OGIB (obscure gastrointestinal bleeding)
- Crohn’s disease
- Small intestine tumor
- Per end user:
- Ambulatory surgery centers
- By region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Major market players are taking steps to increase their market share, including expanding R&D in capsule-based endoscopic technologies and entering into strategic agreements with other competitors in the industry. Product developers are also creating user-friendly, high-resolution cameras with 360-degree panoramic vision.
- In 2021, a medical device called GI Genius, developed by Medtronic, uses artificial intelligence to help clinicians detect probable colon abnormalities in real time when performing colonoscopies.
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The key players in the Capsule endoscope systems Market
- Boston Scientific Society
- CapsoVision, Inc.
- Interscope, Inc.
- Medtronic APIs
- Olympus Society
- RF System Lab
- IntroMedic Co.
- MEDTRONIC APIs.
- Fujifilm holding company
- Check the cap
Main takeaways from Capsule endoscope systems Market research
- The global capsule endoscope systems market is expected to reach US$695 million by 2027.
- The market in Germany is expected to grow at a CAGR of 5.5% through 2027.
- The market in Canada is expected to grow at a CAGR of 7.5% during the forecast period.
- The demand for esophageal capsules is expected to grow at a CAGR of 7% from 2022 to 2027.
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