Capsule Endoscopy Market is predicted to reach USD 1,975.68 million by 2030
The Global Capsule Endoscopy Market held USD 687.14 million in 2018 and is predicted to reach USD 1,975.68 million by 2030 with a CAGR of 9.2% from 2019-2030
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Capsule endoscopy allows the complete examination of the gastrointestinal tract using a wireless and disposable device. These devices are equipped with other gadgets such as a camera, transmitter, and light source. Capsule endoscopy system includes a work station, data recorder, sensor, and software, which are used in integration with wireless capsules.
Capsule endoscopies are used to detect celiac disease, obscure gastrointestinal bleeding, in small intestine tumors, and other diseases that weaken the digestive system. The technological advancement in the endoscopies has enabled to have real-time visualization of the entire small intestine as well as helps to provide faster & easier diagnosis. These advantages have increased the focus of the healthcare professionals and patients towards the adoption of capsule endoscopies.
The factors including increased prevalence of gastrointestinal diseases, an increasing number of colorectal cancer patients, and demand for faster & accurate diagnostics tools have majorly driven the capsule endoscopy market. The government initiatives have further supplemented the market growth. However, high cost and lack of skilled professionals may limit the growth of the capsule endoscopy market. The introduction of technologically advanced capsules will create new opportunities for increased capsule endoscopy market size in the future.
The capsule endoscopy market is segmented on the basis of product, accessory, application, and geography. On the basis of product, the market is segmented into small bowel diseases, esophagea, and colonic. On the basis of accessory, the market covers wireless capsule and workstations & recorders. On the basis of application, the market is classified into obscure gastrointestinal bleeding (OGIB), Crohn’s, and small intestine tumors. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and LAMEA.
North America is anticipated to hold the highest capsule endoscopy market share during the forecast period. This is attributable to the factors including the increasing occurrence of colorectal cancer and gastrointestinal disorders, increasing adoption of minimally invasive capsule endoscopy by patients, and favorable reimbursement policies.
It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size owing to improvement in public & private healthcare facility, and increasing patient awareness levels, and rising disposable income. This will positively impact the capsule endoscopy market share in coming years.
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Comprehensive competitive analysis and profiles of the major market players such as Given Imaging, Olympus Corporation, IntroMedic Co., Ltd., Chongqing Jinshan Science & Technology Co., Ltd, Fujifilm Holding Corporation, CapsoVision, RF System lab, and others are provided in the capsule endoscopy market report.
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