Capsule endoscopy systems market to hit $399.7M by 2020, says Allied Market Research
The capsule endoscopy systems market will generate a revenue of $399.7 million by 2020, according to a new report.
The capsule endoscopy systems market will generate a revenue of $399.7 million by 2020, registering a compound annual growth rate (CAGR) of 14.8% during 2015-2020, according to a new report by Allied Market Research (Portland, OR). In 2014, wireless disposable capsules segment held around 95% share in the overall market and will continue to dominate the market throughout the forecast period.
Related: Tiny OCT endoscope could have big impact on esophageal cancer precursor Barrett's
Capsule endoscopy is an advanced noninvasive technique that uses wireless disposable video capsule, workstations, and recorders for the diagnosis of gastrointestinal disorders such as peptic ulcers, Crohn's disease, and obscure gastrointestinal bleeding (OGB), among others. The capsule aids in capturing images, which are transmitted to its recorders and analyzed through workstations and software. Capsule endoscopy could gradually replace conventional gastrointestinal monitoring techniques largely because of noninvasiveness and convenience. Increasing popularity of varied capsule types such as small bowel, esophagus, and colon; a growing aging population; and rising incidences of gastrointestinal disorders are some of the key factors that could largely drive market growth. On the other hand, unclear reimbursement policies, stringent regulations, and high cost of capsule endoscopy systems could hamper market growth.
The small bowel diseases segment accounted for the highest revenue in 2014, primarily because of a large patient population suffering from small bowel disease and established reimbursement for small bowel capsules.
North America and Europe collectively accounted for around 83% of the capsule endoscopy systems market revenue in 2014, and are expected to maintain their lead throughout the forecast period. A large patient base, rising healthcare expenditure, and quick adoption of innovative technologies are the key factors responsible for market growth in these regions. Key players profiled in this report include Given Imaging, Olympus, IntroMedic, CapsoVision, and Chongqing Jinshan Science & Technology Group.
For more information, please visit www.alliedmarketresearch.com.
Follow us on Twitter, 'like' us on Facebook, connect with us on Google+, and join our group on LinkedIn