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Global Capsule Endoscopy Market to Reach USD 1232 Million by 2026, Aided by the Growing Geriatric Population

According to a new report by EMR titled, ‘Global Capsule Endoscopy Market and Forecast 2021-2026’, the global market for capsule endoscopy attained a value of about USD 747.1 million in 2020. The industry is further expected to grow at a CAGR of 8.7% during the forecast period of 2021-2026 to reach a value of nearly USD 1232 million by 2026.

The market for capsule endoscopy is being driven by the growing prevalence of gastrointestinal disorders and the increasing geriatric population in both developed and developing nations. With colon cancer being reported as one of the leading causes of cancer deaths in countries, such as the United States, capsule endoscopic procedures for diagnosis are being widely adopted, hence, resulting in the market growth of capsule endoscopy. Moreover, the integration of various technological advancements such as artificial intelligence and machine learning in capsule endoscopy owing to increased government investment and increasing research and development (R&D) activities in the healthcare sector is strengthening the market growth. Furthermore, factors such as the growing levels of income and surging awareness regarding the benefits of painless and minimally invasive (MI) techniques of diagnosis are anticipated to strengthen the growth of the capsule endoscopy industry in the forecast period.

Some of the leading companies in the market are IntroMedic Co Ltd (KOSDAQ:150840) and CapsoVision Inc. The latter announced that the Food and Drug Administration (FDA) is expected to apply enforcement discretion to enable home administration of CapsoVision’s self-contained capsule endoscopy system, CapsoCam Plus, in September 2020. The system allows remote access for examining the small bowel mucosa in adults during the COVID-19 outbreak.  By eliminating the need for in-person interaction between physician and patient, the CapsoCam Plus device is projected to offer optimal patient care while minimising the risk of exposure to SARS-CoV-2. Moreover, it enables the ingestion of capsules to eliminate the requirement of external equipment. The development of such innovative capsule endoscopy systems is expected to augment the market growth.

Market Analysis by Accessories, Product Type, Application, and Region:

  • On the basis of accessories, the market is divided into wireless capsule and workstation and receiver.
  • Based on product type, the market is categorised into small bowel, oesophageal, and colon.
  • The application segments of capsule endoscopy are obscure gastrointestinal bleeding (OGIB), Crohn’s disease, and small intestine tumour, among others, including celiac disease and NSAID reactions. 
  • The major regional markets of capsule endoscopy are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

Key Findings of the Report:

  • The rising prevalence of small intestinal disorders and the growing geriatric population are some of the significant factors driving the market growth.
  • The rising cases of colon cancer in regions such as North America is increasing the demand for capsule endoscopy for diagnosis, hence, propelling the market growth.
  • Increasing investments in the healthcare sector by governments of both developed and developing nations are augmenting the market growth of capsule endoscopy. 
  • The industry is expected to be aided by advancements in artificial intelligence (AI) in the coming years.
  • The development of Wi-Fi enabled capsules, along with the rising awareness regarding the benefits of minimally invasive techniques, is further projected to catalyse the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for capsule endoscopy for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for accessories, product types, applications, and major regions of capsule endoscopy.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the capsule endoscopy market are Fujifilm Holdings Corporation, Jinshan Science and Technology (Group) Co Ltd., Olympus Corporation, CapsoVision Inc., IntroMedic Co. Ltd., and Medtronic plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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