According to FutureWise analysis the market for capsule endoscopy in 2023 is US$ 0.27 billion, and is expected to reach US$ 0.93 billion by 2031 at a CAGR of 16.70%.
The process of capturing digestive tract pictures using a tiny wireless camera is known as capsule endoscopy. A minuscule capsule carrying the endoscopy camera is swallowed which then travels through the digestive tract. On the other hand, the camera takes a lot of pictures which are then transmitted to a recorder that is mounted on a waist belt. This method enables the doctors to have a look at the smaller intestine without any surgical procedures and this method is also more efficient than the conventional endoscopy method which uses wire. Capsule endoscopy is now approved for colon screening looking for polyps. Technological advancements are helping in regularizing the capsule endoscopy for colon screening.
The increasing importance of minimal invasive in primary diagnosis among the primary healthcare systems led to robust growth of the market. It has created a huge opportunity for manufactures and led to the inclusion of capsule endoscopy in national and international guidelines. It is a major technological innovation in recent times due to the high demand of primary diagnosis and management of bowel disorders. It is further supported by a vast quantity of research activities by manufacturers. Along with this, the rapid advancement of technologies led to a paradigm shift in the progression of broadening indications in clinical application. It is an invaluable asset for clinical practice and outperforms other investigational modalities. Additionally, increasing prevalence of gastric disorder increased the traction during the forecast period.
North America market is expected to witness high market share in the global market due to the high acceptance of advanced technologies. It is followed by the European region and it accounts a significant share in the global market. Manufacturers in developed economies are mainly focused on organic growth strategies. Asia-Pacific region is expected to witness a high market growth rate during the forecast period. Changing economic conditions in Asia Pacific region created huge opportunities for manufacturing companies. Latin America and Rest of the world market are expected to account a small fraction of market share due to limited adoption.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Capsule Endoscopy Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Capsule Endoscopy Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.