Increasing demand for non-invasive procedures for determination of digestive disorders is expected to drive the growth of the market in the near future
Meridian Market Consultants (MMC) has published a new report titled, “2020-2025 Global and Regional Capsule Endoscope and Workstations Industry Production, Sales and Consumption Status and Prospects Professional Market Research Report (Enhanced Version)”
In 2019, the global capsule endoscope and workstations market is accounted for more than US$ 700 Mn and expected to grow at a significant CAGR of 7.9% during the forecast period and expected to reach to the value of US$ XXX Bn in 2025.
Global capsule endoscope and workstations market, By Type (Capsule Endoscopes, Capsule Endoscopy Data Recorders, Capsule Endoscopy Workstations), By Application (Healthcare Facilities, Medical Diagnostics Sector, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2025.
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As per the report, the extensive technological advancements in the overall healthcare industry is majorly driving the growth of the global capsule endoscope and workstations market. Basically, capsule endoscopy consists of using a pill-sized camera to visualise and evaluate the middle section of the gastrointestinal tract of the human body, involving portions of the small intestine. There are different types of capsule endoscopes available for its utility in distinct parts of the digestive system, including capsule endoscopes for small bowel, colon, and esophagus, which acts a major driver for the stimulating demand of the medical treatment.
The rise in prevalence of gastrointestinal diseases, colorectal cancer, and related serious diseases among the population is also majorly boosting the growth of the global capsule endoscope and workstations market. In addition, owing to the developing demand for non-invasive procedures for determination of digestive disorders, the capsule endoscopy is projected to witness huge demand in the near future, thus propelling the growth of the global capsule endoscope and workstations market. Notably, the efficiency of capsule endoscopy to detect a number of digestive disorders such as Crohn’s disease, celiac disease, tumors in the small intestine, and obscure gastrointestinal bleeding among various other conditions of the digestive system is also another essential factor for the growth of the global capsule endoscope and workstations market.
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Moreover, worldwide, the increase in prevalence of gastrointestinal diseases among the population across the world is also contributing to the growth of the global capsule endoscope and workstations market. For example, in the U.S., back in 2004 approximately 236,000 deaths, 4.6 million hospitalizations, and 72 million ambulatory care visits were recorded due to gastrointestinal diseases.
In addition to that, hybrid imaging technologies and with new technology innovations, additional patients are willing to go through screening and diagnostic endoscopy, thereby positively fueling the growth of the global capsule endoscope and workstations market. Also, technological advances have paved the way for the growth of capsule endoscopes with magnetic and hybrid versions, longer battery life, and Wi-Fi enabled is a further crucial factor responsible for the growth of the global capsule endoscope and workstations market.
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MMC Study identifies some of the key participating players in the capsule endoscope and workstations market globally are Given Imaging Ltd., Olympus Corporation, Intromedic Co Ltd., and Chongqing Jinshan Science and Technology (Group) Co. Ltd, among others.
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