Newark, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 680 million in 2022 capsule endoscopy market will reach USD 1500.58 million by 2030. Millions of individuals suffer from gastrointestinal problems every year. Around 20 million Americans are diagnosed with some form of gastrointestinal discomfort every year. More often than not, these problems require medical attention, meaning several productive days are lost from school, work, and other economic activities. Several gastrointestinal problems require surgical intervention.
Request PDF Brochure: https://www.thebrainyinsights.com/enquiry/sample-request/13275
The cumulative loss in productivity is translated into a significant loss for the nation. Therefore, the government expenditure on prevention, early diagnosis, and treatment of gastrointestinal problems have risen in the past years. Such development and product innovations will propel the market's growth in the forecast period. Given the rising awareness about medical advances, the growing demand for minimally invasive medicine has also contributed positively to the global capsule endoscopy market's growth.
Key Insight of the capsule endoscopy Market
The North American market is expected to dominate the global endoscopy market from 2022 to 2030.
The North American market is expected to dominate the global endoscopy market from 2022 to 2030. The region has built up a strong diagnostic infrastructure to detect illnesses and diseases early and intervene before they worsen. The region's dominance in the global capsule endoscopy market is attributed to its highly developed, well-equipped, sturdy, - sophisticated diagnostic infrastructure and high-end technology. Favourable government reimbursement rules and a sizable private insurance sector fuel the region's expansion. Significant players encourage innovation and provide access to the newest, most cutting-edge medical technologies and techniques. The demand for capsule endoscopy in the region would rise due to the ageing population growth and gastrointestinal issues in young adults, maintaining its market leadership during the projected period.
The capsule endoscopy segment will augment the facial implant market during the forecast period.
The component segment is divided into capsule endoscopes, recorders, and workstations. The capsule endoscope segment dominated the market with a market share of around 49% in 2022.
The small intestine tumor segment will augment the capsule endoscopy market during the forecast period.
The disease type segment is divided into obscure GI tract bleeding, Crohn's disease, small intestine tumors and others. The small intestine tumor segment dominated the market with a market share of around 45% in 2022.
The hospital segment will augment the capsule endoscopy market during the forecast period.
The end-user segment is divided into hospitals, ambulatory surgery centers, diagnostic laboratories, specialty clinics, and others. The hospital segment dominated the market with a market share of around 47% in 2022. In every nation, hospitals serve as the main healthcare facilities. They have the facilities and trained staff needed to do capsule endoscopy. They have the resources and money to buy the parts, machines, and other logistics required to set up the said medical procedure.
Procure Complete Report (230 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.thebrainyinsights.com/buy-now/13275/single
Advancement in market
September 2021 - patients who are awaiting an endoscopy—a technique that involves inserting a camera into the colon through a thin tube to look for indications of conditions like cancer—will be able to perform a similar, less invasive operation at home. University Hospitals Coventry and Warwickshire and CorporateHealth International are investigating how a pill-sized camera, made possible by 5G, could be used to deliver a colon capsule endoscopy (CCE) at home under physician supervision. The pilot will create the CCE Smartbox, a gadget that can be operated independently in patients' homes in collaboration with specialized connection partners. With the help of 5G, the Smartbox can take and send photos of the intestine outside of a medical setting. There were 187,000 individuals booked for endoscopies in UK hospitals as of April 2021, many of whom were on waiting lists. Through self-administration of the test, it is envisaged that the creation of the 5G-connected Smartbox can lessen this bottleneck.
Market Dynamics
Driver: the increasing patient pool of gastrointestinal problems
The elderly population has a very high prevalence of digestive disorders. In addition, the modern world has seen a rise in unhealthy lifestyles, which include eating poorly nutritious food, drinking too little water, doing no exercise, eating a diet high in processed sugar, and leading stressful lives at work. All these affect the person's health and, throughout their lives, resulting in several health issues, including various gastrointestinal disorders. Because capsule endoscopy is widely regarded in the medical community as an efficient, minimally invasive, and painless diagnostic method, the rising incidence and prevalence of gastrointestinal disorders, diseases, and conditions will fuel the market's expansion.
Restraint: the tendency of the capsule to stay inside the body
Although capsule endoscopy is a mostly risk-free medical technique, there are still some potential risks. The treatment requires the patient to swallow a capsule that transmits images to a transmitter outside the body while passing through the gastrointestinal tract. Although it is anticipated that the capsule will pass through the tract without any problems, there may be some difficulties. Tissue tearing, internal bleeding, or the capsule being lodged in the tract could result from this. Patients become skeptical of the surgery due to these complications, restricting the market's expansion. Furthermore, even if a capsule endoscope is less expensive than a conventional endoscopy, most of the population still needs to find it more affordable despite of favourable reimbursement regulations.. Low and middle-income countries lack of strong healthcare systems and reimbursement procedures restrains the market's expansion.
Opportunities: product innovations with enhanced features
Millions of people's lives have been enhanced by the advancement of technology in recent years, which has also increased worldwide productivity. The integration of artificial intelligence, augmented reality, big data, machine learning, and robotics is more or less to blame for the automation and digitization that have been observed in all areas of the economy. These wonders have opened the door for the global development of faster, safer, more accurate, precise, safe, and sound technologies, services, and development models. It has also made it possible for the market for capsule endoscopy to advance globally. Government and private actors have been further driven to create improved capsule endoscopy procedures by the rising prevalence of gastrointestinal illnesses. Over time, the market has grown due to the use of artificial intelligence to enhance the capsule endoscopy technique's safety, precision, accuracy, and image quality to assure favourable patient outcomes. The market's ongoing research and development expansion and increased capital funding supporting innovations will provide profitable prospects for market participants.
Challenge: strict approval processes
Any medication taken, the medical operation performed, or the surgical procedure undergone has an immediate effect on the patient. The patient may experience physical, mental, and emotional impacts. It is unacceptable for doctors, surgeons, or government agencies to have acted negligently when approving these medications, gadgets, and procedures. As a result, to prevent any harm, the government medical agencies overseeing the approval of new drugs or treatments maintain high levels of vigilance, control standards, testing protocols, and approval processes. The government's strict permission and regulation procedures would hinder market expansion.
Some of the major players operating in the capsule endoscopy market are:
• Anx Robotica
• CapsoVision Inc.
• Check Cap
• Chongqing Jinshan Science & Technology Co. Ltd.
• Fujifilm Holding Corporation
• IntroMedic Co. Ltd.
• Medtronic PLC
• Olympus Corporation
• RF System Lab
• Shangxian Minimal Invasive Inc.
Key Segments cover in the market:
By Component
• Capsule Endoscope
• Recorders
• Workstations
By Disease Type
• Obscure GI Tract Bleeding
• Crohn’s Disease
• Small Intestine Tumor
• Others
By End User
• Hospitals
• Ambulatory Surgery Centers
• Diagnostic Laboratories
• Specialty Clinics
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
For more information in the analysis of this report, speak to research analyst: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/13275
About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: http://www.thebrainyinsights.com
