The new report by Expert Market Research titled, ‘Global Capsule Endoscopy Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global capsule endoscopy market, assessing the market based on its segments like accessories, product type, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2031)
• Forecast CAGR (2023-2031): 8.7%
The rapidly rising geriatric population, particularly in developed nations, is assisting the market. The increased need for capsule endoscopy is being driven by the high frequency of various health-related disorders among the older population, which is driving up demand for colorectal cancer diagnosis and treatment.
Furthermore, since the commencement of the COVID-19 pandemic, governments in both developed and developing countries have increased spending in the healthcare and pharmaceutical sectors, with the goal of improving healthcare infrastructure. This is accelerating the market’s expansion.
Because of the increased number of cancer patients in the region, North America has a substantial share of the capsule endoscopy market. The United States is one of the most important markets for endoscopic devices, which helps the capsule endoscopy sector to thrive.
According to the American Cancer Society, colon cancer is expected to be the third highest cause of cancer death in the United States. As a result, the number of capsule endoscopy procedures for the diagnosis of colon cancer is increasing, boosting market growth. With the rising frequency of digestive illnesses caused by sedentary lifestyles and improper eating habits among people of all ages, the number of gastrointestinal exams is expected to rise, boosting the region’s industrial growth.
Capsule Endoscopy Industry Definition and Major Segments
Capsule endoscopy is a medical treatment that allows a doctor to peek within the gastrointestinal tract and see internal images. The process is swallowing a capsule with a miniature camera that takes thousands of photos as it travels through the digestive tract and small intestine. Capsule endoscopy is commonly used to diagnose and treat gastrointestinal cancer, chronic stomach pain, Crohn’s disease, celiac disease, excessive bleeding, and ulcers.
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Based on its application, the market can be divided into:
• Obscure Gastrointestinal Bleeding (OGIB)
• Crohn’s Disease
• Small Intestine Tumour
Based on accessories, the market can be divided into:
• Wireless Capsule
• Workstation and Receiver
The following are the most common capsule endoscopy product types:
• Small Bowel
Regional markets include:
• North America
• The Asia Pacific
• Latin America
• The Middle East
Capsule Endoscopy Market Trends
Artificial intelligence is expected to be one of the most important factors in capsule endoscopy’s success. Capsule endoscopy’s integration of numerous technology improvements to increase reading experience, accuracy, and diagnostic capability is likely to fuel market expansion. The industry’s growth is expected to be accelerated by the development of Wi-Fi-enabled capsules with longer battery life and improved camera quality to improve capsule endoscopy’s diagnostic capabilities.
The demand for capsule endoscopy is projected to rise as more people become aware of the benefits of painless and minimally invasive diagnostic techniques that do not require anaesthesia. Globally, the rising prevalence of gastrointestinal illnesses and colorectal cancer is expected to boost market growth even more. Over the forecast period, other factors such as rising expenditure capacities and improvements in the healthcare industry are expected to support the global endoscopy industry’s growth.
Key Market Players
The major players in the market are Fujifilm Holdings Corporation, Jinshan Science and Technology (Group) Co. Ltd, Olympus Corporation, CapsoVision Inc., IntroMedic Co. Ltd., Medtronic plc and Others.
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