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The small bowel diseases segment is expected to drive the growth of global Capsule Endoscopy market by application
According to new market research titled 'Capsule Endoscopy Market to 2027 – Global Analysis and Forecasts by Product, Application, and End User.' The global capsule endoscopy market is expected to reach US$ 697.29 Mn in 2027 from US$ 368.65 Mn in 2019. The market is projected to grow with a CAGR of 8.3% from 2020-2027.
Medical conditions, such as gastrointestinal disorders, inflammatory bowel diseases, and colorectal cancer, have increased significantly in recent years due to various environmental factors as well as a change in the lifestyle of individuals worldwide. The cases of colorectal cancer are increasing worldwide. For instance, as per the Globocan, in 2018, about 1,849,518 new cases of colorectal cancer were recorded worldwide. Awareness and screening play a vital role in reducing the mortality rate associated with colorectal cancer. Moreover, aging increases the risk of GI disorders such as CRC, inflammatory bowel disease, and appendicitis; hence, screening is important to avoid complications and further progression of gastrointestinal disorders. Additionally, the growing demand for less invasive diagnosis platforms is among the key factors supporting the growth of the capsule endoscopy market. This is expected to significantly improve the patient base preferring capsule endoscopy.
Moreover, the active participation of many organizations in raising awareness of gastrointestinal disorders is further boosting the market growth. For instance, the Gastroenterological Society of Australia (GESA) and the Australian Gastrointestinal Endoscopy Association (AGEA) established the National Endoscopy Training Initiative (NETI). This program was established to improve the quality and safety of endoscopy training in Australia.
The global capsule endoscopy market, based on application, has been segmented into obscure gastrointestinal bleeding (OGIB), Crohn’s disease, small bowel diseases and other end users. In 2019, the small bowel diseases segment held the largest share of the market. Obscure gastrointestinal bleeding (OGIB) segment is expected to register the significant growth during the forecast period due to the increasing incidences of obscure gastrointestinal bleeding in western countries.
The capsule endoscopy market majorly consists of players such as Olympus Corporation, CapsoVision, Medtronic and IntroMedic. Several companies in the market are concentrating on organic strategies, such as product approvals for enhancing their position in the market. For instance, in September 2017, CapsoVision announced US launch of CapsoCloud, an intelligent cloud technology based software which will help physicians to extract and analyse the data captured by capsule endoscope.
The report segments global capsule endoscopy market as follows:
Global Capsule Endoscopy Market – By Product
Global Capsule Endoscopy Market – By Application
Global Capsule Endoscopy Market – By End User
Global Capsule Endoscopy Market – By Geography
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