Endoscopy Capsule Market to Grow at a CAGR of 8.13% During the Forecast Period
Growing prevalence of chronic diseases is driving the global endoscopy capsule market growth in the forecast period.
According to TechSci Research report, “Global Endoscopy Capsule Market By Product Type (Small Bowel, Esophageal, Colon) By Accessories (Wireless Capsule v/s Workstation and Receiver) By Application (Obscure Gastrointestinal Bleeding, Crohn’s Disease, Small Intestine Tumor, Others) By End User (Hospitals & Clinics, Diagnostic Centers, Others) By Company, By Region, Competition Forecast & Opportunities, 2026”, global endoscopy capsule market was valued USD409.78 million, in value terms, in 2020 and is forecast to grow at CAGR of 8.13% to reach USD647.60 million by 2026. Factors like the increasing geriatric population and their tendency to be infected with gastrointestinal diseases like Chronic Rhinosinusitis CRS, inflammatory bowel disease and appendicitis are supporting the growth of the global endoscopy capsule market. The pill form of the camera is completely safe and can be ingested orally. The capsule is embedded with a camera which travels through the gastrointestinal tract while capturing pictures. Additionally, owing to the advantages attached such as real-time visualization of the entire small intestine and faster & easier diagnosis, healthcare professionals, and patients are shifting their preference from conventional methods such as double-balloon enteroscopy to endoscopy capsules. This in turn is expected to drive the market growth over the next few years. Technological advancement in the endoscopy capsule is anticipated to further enhance the chances of making it the gold standard for diagnosis of small bowel diseases and thereby boost the global endoscopy capsule market growth. However, the lack of awareness pertaining to the availability and use of endoscopy capsule, especially in the developing nations, can hamper the market growth through 2026. Also, the endoscopy capsule is quite expensive. As a result, patients prefer traditional endoscopic procedures over endoscopy capsules. This in turn can restrict the market growth during the forecast period.
Browse over 123 market data Figures spread through 110 Pages and an in-depth TOC on “Global Endoscopy capsule Market”.
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The global endoscopy capsule market is segmented based on product type, accessories, application, end user, regional distribution, and company. Based on application, the market is further categorized into obscure gastrointestinal bleeding, crohn’s disease, small intestine tumor, and others. The obscure gastrointestinal bleeding segment dominated the overall market with a share of around 45.19% in 2020 on account of the fact that endoscopy capsule procedure is more effective than barium rays method in the diagnosis of obscure gastrointestinal bleeding. Endoscopy capsule is widely used for the diagnosis of occult bleeding in the duodenum as well as the diagnosis of Crohn’s disease and small bowel tumors.
Some of the major competitors in the market are Medtronic Plc., Olympus Corporation, Fujifilm Holding Corporation, IntroMedic Co., Ltd., CapsoVision, Inc., RF System lab (RF Co., Ltd), Boston Scientific Corporation, Chongqing Jinshan Science & Technology (Group) Co. Ltd, AnX Robotica Corporation, and Check-Cap Ltd. The companies are focusing on extensive research and development activities to stay competitive in the market. Other competitive strategies include formation of alliances and partnerships.
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“Gastrointestinal disorders and colorectal cancer cases are rapidly rising in the North America region. Although the region has excellent health care services, the practice of sedentary lifestyle is influencing the increase in the number of patients. Favorable reimbursement plans, new investments and development of advanced technology are expected to help new players in the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Endoscopy Capsule Market By Product Type (Small Bowel, Esophageal, Colon) By Accessories (Wireless Capsule v/s Workstation and Receiver) By Endoscope Type (Capsule Cystoscopies v/s Capsule Neuro-Endoscopes) By Application (OGIB (Obscure Gastrointestinal Bleeding), Crohn’s Disease, Small Intestine Tumor, Others) By End User (Hospitals & Clinics, Diagnostic Centers, Others), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of the global endoscopy capsule and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global endoscopy capsule.
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