Capsule Endoscopy Market Revenue to Cross $697.29 million in 2027 - The Insight Partners

Capsule Endoscopy Market is expected to reach US$ 697.29 Mn by 2027

NEW YORK, UNITED STATES, November 29, 2021 /EINPresswire.com/ -- 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.

Strategic Insights:

Report Coverage (Details)
Market Size Value in (US$ 368.65 million in 2019)
Market Size Value by (US$ 697.29 million in 2027)
Growth Rate (CAGR of 8.3% from 2020 to 2027)
Forecast Period (2019-2027)
Base Year (2019)
No. of Pages (178)
No. Tables (85)
Segments covered (by Product; Formulation; Application, End Users and Geography)
Regional scope (North America; Europe; Asia Pacific; Latin America; MEA)
Country scope (US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)
Report coverage (Revenue forecast, company ranking, competitive landscape, growth factors, and trends)

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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.

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. Colonoscopy is considered as a standard method for screening colorectal cancer. However, due to limitations of colonoscopy and growing demand for minimally invasive techniques, capsule endoscopy is being increasingly adopted. Capsule endoscopy is a noninvasive wireless diagnostic procedure that provides physicians a complete view of the small intestine. The technology has revolutionized the diagnosis and treatment of various small intestine disorders—including obscure gastrointestinal (GI) bleeding, celiac disease, inflammatory bowel disease, and cancer.

COVID-19 Impacts on Capsule Endoscopy Market

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.

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In terms of product, the global capsule endoscopy market is segmented into capsule endoscopes and components. In 2019, the capsule endoscopes segment held largest share of the market. Moreover, the same segment is estimated to register the highest CAGR during the forecast period.

Based on application, the global capsule endoscopy market is segmented into obscure gastrointestinal bleeding (OGIB), Crohn’s disease, small bowel diseases, and other diseases. The small bowel diseases segment held the largest market share in 2019. However, the obscure gastrointestinal bleeding (OGIB) segment is estimated to register the highest CAGR during the forecast period.

Capsule Endoscopy Market: Competitive Landscape and Key Developments

RF Co., Ltd., JINSHAN Science & Technology, Shangxian Minimal Invasive Inc., CapsoVision, Check-Cap, IntroMedic Co.,Ltd., Medtronic, Olympus Corporation, Anhan Technology (Wuhan) Co., Ltd. etc.

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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.

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Sameer Joshi
The Insight Partners
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