According to The Insight Partners market research titled ‘Capsule Endoscopy Market to 2027 – Global Analysis and Forecasts by Product, Application, and End User’. The global capsule endoscopy market is expected to reach US$ 697.29 Mn in 2027 from US$ 368.65 Mn in 2019. The market is projected to grow with a CAGR of 8.3% from 2020-2027. The report provides trends prevailing in the global capsule endoscopy market along with market drivers and restraints.
Capsule endoscopes are tiny wireless endoscopy systems which are used to capture images of the internal tracts in the body. The endoscope camera fits in the vitamin size capsule and enables to take thousands of images which are then transmitted to the recorder. Capsule endoscopes allows the physicians to take the images of the parts where the traditional endoscope is unable to reach. The growth of the global capsule endoscopy market is attributed to the growing adoption of capsule endoscopy, increasing prevalence of gastrointestinal diseases, rising patient preference for non-invasive diagnostic methods and benefits offered by capsule endoscopy. However, operating limitations of capsule endoscopy is the major factor hindering the market growth.
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The capsule endoscopy market majorly consists of players such as Olympus Corporation, CapsoVision, Medtronic and IntroMedic. Several companies in the market are concentrating on inorganic strategies, such as partnership for enhancing their position in the market. For instance, in June 2018, CapsoVision announced distribution partnership with Pentax Medical. PENTAX Medical will directly sale CapsoCam Plus and CapsoCloud across the U.S. The strategic step was taken by the company with an aim to strengthen its distribution channel in US.
The global capsule endoscopy market, based on the product, is segmented as capsule endoscopes and components. Capsule endoscopes are further divided into colonic capsule, bowel capsule, and esophageal capsule. Component is further sub segmented into workstation market, image receiver, recorder market and others. In 2019, the capsule endoscopes segment accounted for the largest market share in the global capsule endoscopy market by product. Capsule endoscopes play a vital role in effective and safe diagnosis of gastrointestinal disorders, hence the segment is anticipated to grow at a significant rate during the forecast period.
Major factors boosting the growth of market include increasing gastrointestinal disorders globally and increasing demand of noninvasive screening methods. However, limitation associated with the capsule endoscopy is hampering growth of the market to a certain extent.
The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement.
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Increase in Gastrointestinal Disorders Worldwide to Drive Global Capsule Endoscopy Market Growth
Medical conditions, such as gastrointestinal disorders, inflammatory bowel diseases, and colorectal cancer, have increased significantly in recent years due to various environmental factors as well as a change in the lifestyle of individuals worldwide. The cases of colorectal cancer are increasing worldwide. For instance, as per the Globocan, in 2018, about 1,849,518 new cases of colorectal cancer were recorded worldwide. Colorectal cancer is the third most commonly diagnosed cancer and the second-leading cause of cancer death worldwide. Awareness and screening play a vital role in reducing the mortality rate associated with colorectal cancer. Moreover, aging increases the risk of GI disorders such as CRC, inflammatory bowel disease, and appendicitis; hence, screening is important to avoid complications and further progression of gastrointestinal disorders. As stated by the National Colorectal Round Table, it is estimated that screening at the age of 50 can reduce colorectal cancer deaths by 230,000. With an increase in these medical conditions, the demand for capsule endoscopy is expected to witness a significant increase in the coming years.
Additionally, the growing demand for less invasive diagnosis platforms is among the key factors supporting the growth of the capsule endoscopy market. This is expected to significantly improve the patient base preferring capsule endoscopy.
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