Number of pages: 100 | Report Format: PDF | Published date: October 04, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global capsule endoscopes market was pegged at US$ 520.33 million in 2021 and is expected to witness a CAGR of 8.20% during the forecast period.
Capsule endoscopes are small, tiny medical devices equipped with a small camera that intend to capture intestinal lumen photos or video wirelessly. Capsule endoscopes are so small that their size is the same as a vitamin pill, consisting of lights, a battery, and an antenna to receive images. Capsule endoscopes are used for gastrointestinal examination to diagnose stomach, esophagus, small intestine disorders, internal colonic bleeding, inflammatory bowel disease, and cancer. In capsule endoscopy, the doctor asks a patient to swallow the capsule device, which travels to the digestive tract and a wireless recorder receives all the data for further examination.
The global capsule endoscopes market is mainly driven increasing prevalence of carcinoid tumors, celiac disease, Crohn’s disease, and esophageal varices. Additionally, the rising geriatric population and growing demand for minimally invasive procedures contribute to the global capsule endoscopes market growth. Moreover, technological advancement and acquisitions, and mergers of companies are fueling the global capsule endoscopy market. However, the high cost of capsule endoscope devices and procedures and limited reimbursement restrain the global capsule endoscopes market growth.
The global Capsule Endoscopes market has been analyzed from four perspectives: product, application, end user, and region.
Capsule Endoscopes Market by Product
Based on the product, the global capsule endoscopes market has been segmented into esophageal capsules, small bowel capsules, and colon capsules. Small bowel capsules are leading the global capsule endoscopes market owing to increasing utilization and acceptance of the gold-standard diagnosis of small bowel capsules for the diagnosis of inflammatory bowel diseases, gastrointestinal disease, and Crohn’s disease. Additionally, technological advancement and the introduction of novel products are contributing to the growth of the global small bowel capsule endoscopes market growth.
Capsule Endoscopes Market by Application
The global capsule endoscopes market is segmented into Crohn’s disease, small intestine tumors, and obscure gastrointestinal bleeding. Obscure gastrointestinal bleeding segment is leading the global capsule endoscopes market owing to increasing demand for diagnosing the cause of bleeding such as gastrointestinal cancer, worm infection, or internal injury and verifying the reason. The increasing geriatric population with a weak digestive system also contributes to the high demand for capsule endoscopes for obscure gastrointestinal bleeding diagnoses.
Capsule Endoscopes Market by End User
The global capsule endoscopes market has been segmented based on diseases into diagnostic laboratories, specialty clinics, and hospitals. Hospital segments are leading the global capsule endoscope market owing to increasing patient footfall in hospitals for diagnosing and treating gastrointestinal diseases and the availability of medical services in one place, reducing patient travel time and money. Additionally, the swift uptake of novel technologies and favorable reimbursement policies for hospital procedures contribute to the growth of the global capsule endoscopes market in hospitals.
Capsule Endoscopes Market by Region
Based on region, the global capsule endoscopes market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global capsule endoscope market in terms of revenue share. The large share of North America in the global market can be attributed to the large pool of baby boomers, increasing demand for minimally invasive diagnosis processes, and the quick uptake of new healthcare technologies. Additionally, the presence of developed infrastructure, increasing healthcare expenditure, and favorable reimbursement policies contribute to the growth of North American capsule endoscopes. Moreover, raising awareness about the benefits of early diagnosis of diseases is driving the development of the North American capsule endoscopes market.
Some of the prominent players operating in the global capsule endoscopes market are
North America dominates the global capsule endoscopes market in terms of revenue share. In contrast, the Asia Pacific market will progress at the fastest CAGR.
Technological advancement, a growing geriatric population, and a high prevalence of digestive diseases are driving factors for the global capsule endoscopes market.
The expected CAGR for the global capsule endoscopes market is 8.20% during the forecast period from 2022 to 2030.
The estimated market size of the global capsule endoscopes market US$ 1,037.3 million in 2030.
Capsule endoscopes are small, tiny medical devices equipped with a small camera that intend to capture intestinal lumen photos or video wirelessly.
*Insights on financial performance is subject to availability of information in public domain