Capsule Endoscopy Market Technology Overview and Application Scope

San Francisco, Calif., USA, Dec 23, 2022 — /EPR Network/ —

Capsule Endoscopy Industry Overview

The global capsule endoscopy market size is expected to reach USD 939.5 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a compounded annual growth rate (CAGR) of 8.7% from 2021 to 2028. The rising prevalence of colorectal cancer, gastrointestinal diseases, and other intestinal disorders is one of the major factors supporting market growth. In addition, the growing demand for accurate, faster, and precise diagnostic tools coupled with favorable government initiatives are some of the other factors boosting the market growth. 

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. 

Capsule Endoscopy Market Segmentation

Grand View Research has segmented the global capsule endoscopy market based on product, application, end-use, and region:

Based on the Product Insights, the market is segmented into Capsule Endoscopes, and Systems.

• The capsule endoscopes segment dominated the market for capsule endoscopy and accounted for the largest revenue share of 75.7% in 2020. In addition, this segment is anticipated to grow at the fastest rate during the forecast period.
• The capsule endoscopes segment is segmented into types of capsules, such as small bowel, esophageal, and colon endoscopes.
• Small bowel capsules contribute to the highest revenue share of the market in 2020 due to their rising utilization in the diagnosis and screening of medical conditions such as inflammatory bowel disease, Crohn’s disease, obscure GI tract bleeding (OGIB), and small bowel neoplastic lesions.
• In addition, a growing preference toward less-invasive screening techniques is anticipated to support the growth of the market for capsule endoscopy during the forecast period.

Based on the End-use Insights, the market is segmented into Hospitals, Ambulatory surgery centers, Other end-uses.

• The hospitals segment dominated the market for capsule endoscopy and accounted for the highest revenue share of 47.8%. It is attributed to the substantially large adoption, utilization of capsule endoscopy services, and such endoscopes in the hospitals compared to the other healthcare systems.
• In addition, favorable reimbursement policies provided by the government are further boosting the market growth.
• The ambulatory surgery centers/clinics segment is expected to grow at the fastest rate over the forecast period. Minimal time required for capsule endoscopy screening procedures and faster results are the key factors that are supporting the demand for these procedures in the ambulatory surgical centers/clinics systems. It is further affirmatively impacting the market growth.

Based on the Application Insights, the market is segmented into OGIB (obscure GI tract bleeding), Crohn’s Disease, Small Intestine Tumor, and Others.

• The OGIB segment held the highest revenue share of 58.1% in 2020, due to numerous advantages provided by capsule endoscopy in the diagnosis and detection of OGIB.
• In addition, benefits such as real-time visualization, image capturing, and analysis of the entire small intestine and reliable and precise results help increase the adoption of capsule endoscopes for OGIB.
• The Crohn’s disease segment is anticipated to grow at a substantial rate during the forecast period due to the increasing utilization of capsule endoscopes for the detection of Crohn’s disease. It is one of the most common types of Inflammatory Bowel Diseases (IBD) and the rising prevalence of IBD, along with Crohn’s disease is anticipated to support market growth during the forecast period.

Capsule Endoscopy Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

There is significant competition amongst the existing players due to the growing demand for capsule-based endoscopes and endoscopy systems for various screening and diagnostic procedures. In addition, technological advancements in the field of endoscopy by key players is further increasing the competition. Some of the key players operating in the market are Given Imaging (Medtronic), IntroMedic Co., Ltd., Olympus Corporation, Chongqing Jinshan Science & Technology (Group) Co., Ltd, RF System lab, and CapsoVision.

Furthermore, strategic alliances with other market players, such as mergers and acquisitions, product launches, partnerships, and growing R&D in the area of capsule-based endoscopic technologies are some of the initiatives being undertaken by key market players to increase their market shares. In 2020, Medtronic announced its partnership with Amazon for home delivery of its capsule endoscope-PillCam Genius. It will help in increasing its penetration at a global level and enhancing patient comfort and satisfaction.

Some of the prominent players of the 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.