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Global Capsule Endoscopy Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 1.51 Bn by 2028, Likely to Grow with the CAGR of 7.8% During the Forecast Period.
The global Capsule Endoscopy technology has shown stagnant growth since the last few years and is expected to gain momentum in the coming years. Some of the factors fuelling the growth of global market include supportive government initiatives, a growing number of gastrointestinal cases, adoption of accurate and faster diagnostic tools, and R&D initiatives.
Rising Occurrences Colorectal Cancer is Fuelling the Market Growth
Capsule Endoscopy is a method to examine the complete gastrointestinal tract by using disposal and wireless device referred to as a video capsule, equipped with a light source, transmitter, battery, and camera. The rising number of colorectal cancer patients and its diagnosis is favouring the growth of the capsule endoscopy market. According to a study conducted by the American Cancer Society, in the United States, colorectal cancer is one of the leading causes of death and the most commonly diagnosed disease since last few years. This has increased the necessity of advanced diagnostic systems to minimize these occurrences which are anticipated to poise a positive impact on market growth.
Wireless Capsule Segment Held Larger Share in Global Capsule Endoscopy Market
On the basis of accessories, the wireless capsule segment held the largest market share in 2019. The rising adoption of these accessories in the colon, oesophagus, and small intestines, and availability of high medical reimbursement scenes favour the growth of the segment. Moreover, the introduction of advanced capsules with advanced features such as larger frame rate, 360-degree panoramic view, greater data storage facility, and enhanced battery life is expected to create new growth opportunities for the wireless segment.
Colon Capsule Segment is Anticipated to Register Highest Growth
Based on product type, the colon capsule is anticipated to show significant growth in the coming years. According to the Centers for Disease Control and Prevention (CDC), every year more than 600,000 cases of colorectal cancer are being registered globally and almost 14 million colonoscopies are conducted. This is expected to fuel the growth of the colon segment on a large scale.
The small bowel capsule led the global market by holding a larger share in 2019. These capsules are used for several medical conditions including obscure GI tract bleeding, small bowel neoplastic lesions, suspected Crohn’s disease, and inflammatory bowel disease. This is expected to boost the sale of these capsules thereby fuelling the segment growth.
Obscure Gastrointestinal Bleeding is Anticipated to be the Leading Segment
In terms of application, the Obscure gastrointestinal bleeding segment is anticipated to lead the global market throughout the forecast period. According to the U.S. National Library of Medicine, capsule endoscopy offers better investigation for Obscure gastrointestinal bleeding patients than traditional barium X-rays. Moreover, capsule endoscopy provides several advantages such as faster and easier diagnosis, real-time visibility which is influencing the healthcare professionals to shift towards capsule endoscopy by replacing traditional methods such as balloon enteroscopy. This is expected to impact the segment growth in a positive manner.
North America is Anticipated to be the Largest Share Holder in Global Market
By geography, North America is the largest shareholder in global capsule endoscopy market. This is mainly due to the high rate of colorectal cancer and GI disorder cases and the rising adoption of marginally invasive capsule technology in the U.S. and Canada. The supports regional growth. Moreover, huge expenditure in the advancement of healthcare infrastructure is anticipated to widen the scope of regional growth.
Furthermore, Asia Pacific is estimated to show rapid growth during the research timespan. The growth of the region can be propelled with a large consumer base, increasing income per capita, and rising awareness among patients. Also, manufacturers are focused on expanding their facilities in several Asian countries due to the presence of several unexploited opportunities.
Some of the major players involved in the global capsule endoscopy market include RF System lab, Given Imaging, CapsoVision, Olympus Corporation, Fujifilm Holding Corporation, Chongqing Jinshan Science & Technology (Group) Co., Ltd, and IntroMedic Co., Ltd.
Global Capsule Endoscopy Market by Accessories
- Workstation and Receiver
- Wireless Capsule
Global Capsule Endoscopy Market by Product
- Small Bowel
Global Capsule Endoscopy Market by Application
- Small Intestine Tumor
- Crohn’s Disease
- Obscure Gastrointestinal Bleeding
Global Capsule Endoscopy Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America