Capsule Endoscopes Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2859
Capsule Endoscopes Market size is projected to experience significant growth from 2018 to 2024.
Growing prevalence of chronic diseases such as cancer and gastrointestinal diseases in developed as well as developing countries is the key factor that will drive global capsule endoscopes market growth during the analysis period. Colorectal cancer (CRC) is the third most commonly diagnosed tumor and the fourth leading cause of cancer mortality in the world. According to the BMJ Journal report, global burden of colorectal cancer is anticipated to grow by more than 60% to around 2.2 million new cases as well as over 1.1 million deaths by 2030. Rising geriatric population base prone to GIT diseases such as inflammatory bowel disease and appendicitis will further upsurge capsule endoscopes market size during the forthcoming years.
Technological advancements leading to improvisations in the existing endoscopy devices will serve to be another positive impact rendering factor. Huge investments in R&D by key industry players to develop better and efficient products will increase the adoption of such advanced endoscopes. For instance, CapsoVision developed Capso Cam Plus, an innovative, user-friendly and high resolution capsule endoscope that provides a full 360º panoramic lateral view of the small bowel mucosa. Moreover, increasing demand for minimally invasive procedures coupled with fair reimbursement policies for endoscopic procedures will augment market growth in the foreseeable future. However, high cost associated with advanced capsule endoscopes as well as dearth of skilled technicians may hamper capsule endoscopes market growth in the coming years.
Esophageal capsule endoscopes product segment accounted for significant revenue share in 2017 and is expected to show lucrative growth rate over the forecast period. The growth is attributable to increasing prevalence of esophageal cancer worldwide. Esophageal cancer is the 8th most common cancer leading to cancer mortality. According to American Cancer Society’s estimates for esophageal cancer, esophageal cancer accounted for about 15,850 deaths in the U.S. in 2018. Increased smoking and alcohol consumption worldwide will further drive segmental growth in the foreseeable future.
Obscure gastrointestinal bleeding (OGIB) applications segment is expected to show considerable growth over the forecast period. Obscure gastrointestinal bleeding is a condition leading to gastrointestinal bleeding without an obvious etiology. According to the U.S. national Library of Medicine, OGIB can be better diagnosed using capsule endoscope as compared to the conventional barium X-rays. Increasing adoption of capsule endoscopes for detection of OGIB will spur the market growth.
Hospitals end-use segment held largest market share in 2017 and is projected to show similar trend throughout the analysis period. Availability of diverse and advanced endoscopic devices in hospital settings as well as presence of skilled healthcare professionals will upsurge segmental growth. Moreover, availability of highly-equipped special operating rooms and facilities for diagnosis and monitoring of chronic diseases will augment segmental growth in the coming years.
U.S. capsule endoscopes market dominated global market with the largest revenue share in 2017. The growth is attributable to high adoption of advanced technologies, presence of highly advanced healthcare infrastructure as well as high demand for minimally invasive surgeries. Unhealthy dietary habits, sedentary lifestyle and other environmental factors will increase disease prevalence thereby stimulating market growth. Furthermore, presence of major industry players will propel regional growth during the forecast period.
China capsule endoscopes market is projected to witness lucrative growth over the analysis period. Presence of large patient pool coupled with rapidly growing elderly population base is the prime factor that will boost market growth. Moreover, increasing healthcare spending, establishment of endoscopic training centers as well as growing presence of untapped opportunities of cancer screening in China will spur regional market growth over the analysis timeframe.
Some of the notable industry players in capsule endoscopes market include Olympus Corporation, CapsoVision Inc., Chongqing Jinshan Science & Technology Co., RF System lab, Fujifilm Holding Corporation, Given Imaging Ltd. and IntroMedic. Industry players are majorly focusing on novel product launch as well as strategic collaborations, mergers and acquisitions to enhance existing product portfolio and customer portfolio as well as capture high revenue share.
Capsule endoscopes market by product, 2013-2024 (USD Million)
- Esophageal capsule
- Small bowel capsule
- Colon capsule
Capsule endoscopes market by application, 2013-2024 (USD Million)
- Obscure gastrointestinal bleeding (OGIB)
- Crohn’s disease
- Small intestine tumor
Capsule endoscopes market by end-use, 2013-2024 (USD Million)
- Diagnostic laboratories
- Ambulatory surgical centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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