The global “capsule endoscopy market” is likely to derive growth from the rise in the number of chronic diseases, namely, cancer and gastrointestinal diseases across the globe. Fortune Business Insights, in a report, titled “Capsule Endoscopy Market Size, Share And Global Trend By Product (Oesophageal Capsule, Small Bowel Capsule,Colon Capsule), By Application (Obscure Gastrointestinal Bleeding, Crohn’s Disease, Small Intestine Tumor), By End User (Hospitals, Diagnostic Laboratories, Specialty Clinics), And Geography Forecast Till 2026,” states that there has been advancements in hybrid imaging techniques as well as capsule endoscopy technology, which in turn is propelling the global endoscopy market. Also, patients have recently started favoring advanced and modern diagnostics for fast recovery. This is one of the most significant factors that has been contributing towards the growth of the global capsule endoscopy market. The report classifies the global endoscopy market in terms of four segments, namely, by product, by application, by end user, and by geography. By product, the market is divided into esophageal capsule, small bowel capsule, and colon capsule.
In terms of application, the market is further segmented into Crohn’s disease, obscure gastrointestinal bleeding, small intestine tumor, and others. Amongst these, obscure gastrointestinal bleeding segment is projected to boost the global capsule endoscopy market during the forecast period. By end user, the market is classified into specialty clinics, hospitals, and diagnostic laboratories.
Some of the major companies that are present in the global capsule endoscopy market are
- Olympus Corporation
- Fujifilm Holding Corporation
- IntroMedic Co., Ltd.
- RF System lab
- JINSHAN Science & Technology
Innovations by Key Players Likely to Boost Market
Stratis Medical, Inc., a prominent distributor and importer of gastroenterology products announced that they have developed an exclusive distribution agreement with MiroCam Capsules Endoscopy System in June 2018 in the U.S. Startis has also received FDA approval for the launch of their dual-camera capsule endoscopy system. It will be used to examine the small intestines. Fujifilm Holding Corporation, a renowned photography and imaging company based in Japan, launched two new products in August 2017, with advanced endoscopic platform that include FlushKnife and ClutchCutter devices. These products allow clinicians to conduct endoscopic submucosal dissection effectively, within the patient’s digestive tract. Olympus Corporation, an optical products company headquartered in Japan, launched 4K UHD screens in September 2016, for performing endoscopy of nose, ears, and throat. It will provide the surgeons with a big screen while performing surgeries with confidence and will also increase visibility.
North America and Europe Market Likely to Show Notable Growth
Geographically, the global capsule endoscopy market is divided into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Amongst these regions, North America is projected to hold the largest share in the global capsule endoscopy market during the forecast period. A rise in the number of cases of gastrointestinal disorders and colorectal cancer are likely to catapult North America to the leading position. Also, high demand for minimally invasive surgeries, an increasing adoption of modern and advanced technological services, and a rise in the investment in the healthcare infrastructure are projected to propel the capsule endoscopy market in North America. The region is anticipated to be followed by Europe. Furthermore, Latin America and Asia Pacific are likely to exhibit a higher CAGR during the forecast period. This is anticipated to occur due to an increasing number of geriatric population in these regions. There have also been numerous advancements in the endoscopy treatments and the governments are also taking several initiatives to create awareness among the masses about capsule endoscopy. All these factors are likely to boost the capsule endoscopy market in both the regions.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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