Capsule Endoscopy Industry Overview
The global capsule endoscopy market size was valued at USD 465.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2021 to 2028. The increasing prevalence of cancer, growing global geriatric population base, rising demand for minimally invasive diagnostic procedures, and introduction of technologically advanced capsules are the major factors bolstering the market growth. In addition, rising healthcare expenditure levels triggering the need for effective diagnostic procedures for cancer and supportive government initiatives are a few factors expected to boost the market growth.
Benefits provided by capsule endoscopies such as painless visualization of gastrointestinal tract images, precise diagnosis, and faster results have increased their adoption in recent years. In addition, the introduction of technologically advanced wireless capsules with enhanced features such as longer battery life, enhanced data storage capability, WiFi-enabled devices, ergonomic designs, easy transmission, larger frame rate, 360-degree panoramic view, and improved image quality are the other factors propelling the market growth during the forecast period.
Gather more insights about the market drivers, restraints, and growth of the Global Capsule Endoscopy market
In addition, the rising geriatric population base is anticipated to provide this market with a strong platform of growth over the coming years. Aging significantly increases the risk of gastrointestinal disorders such as inflammatory bowel disease, Crohn’s disease, colorectal cancer, and appendicitis. Furthermore, the growing prevalence of cancer in older as well as younger adults in recent years and increasing adoption of screening tests, including capsule endoscopy for detection is likely to fuel market growth. According to statistics provided by Cancer.Net in 2021, it is estimated that around 149,500 adults in the U.S. will be diagnosed with colorectal cancer this year. Such increasing prevalence signifies the growth of the market shortly.
Furthermore, the rising adoption of minimally invasive surgical interventions has further propelled the utilization of capsule endoscopic systems and wireless capsules, majorly for detection or diagnosis of gastrointestinal issues such as OGIB (obscure GI tract bleeding), Crohn’s disease, cancer, and small intestine tumor. Capsule endoscopy provides highly efficient and fast results concerning screening of such gastrointestinal conditions, thereby boosting the adoption and leading to market growth.
Moreover, some of the limitations of capsule endoscopy such as capsule retention and utilization limited to diagnostic purpose act as hurdles in the growth of the market for capsule endoscopy. The risk of retention of the capsule may require endoscopic retrieval or rarely surgical resection. For instance, as per a 2017 study published in Annals of Translational Medicine, capsule retention occurs approximately in 2% of the patients undergoing a small bowel capsule endoscopic procedure. This creates an obstacle in the adoption of capsule endoscopes. However, with technological advancements and better-designed wireless capsules, the retention rate is anticipated to reduce, thereby fueling the market growth.
In addition, the COVID-19 pandemic has substantially impacted the capsule endoscopy market. The postponement, delay, cancellation, and reduction in the number of elective surgeries performed during the COVID-19 pandemic have impacted significantly the market. In addition, changing regulations with regards to surgical interventions and endoscopic screening procedures, and disruptions in the supply chain are some of the key factors that have hindered the growth of the market for capsule endoscopy during the pandemic.
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Key Companies profiled:
Some prominent players in the global Capsule Endoscopy market include
- Given Imaging (Medtronic Plc)
- Olympus Corporation
- IntroMedic, Co. Ltd.
- Chongqing Jinshan Science & Technology (Group) Co., Ltd
- CapsoVision
- RF System lab
Order a free sample PDF of the Capsule Endoscopy Market Intelligence Study, published by Grand View Research.
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