Capsule Endoscopy Market Size Worth $939.5 Million By 2028

 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.

Based on the product, the capsule endoscopes segment dominated the market in 2020 and is anticipated to register a significant growth rate over the forecast period. It is attributed to the rising utilization rates of capsule endoscopes for the screening of the esophagus, colon, and small intestine in recent years. In addition, the introduction of technologically advanced wireless capsules along with the presence of affirmative reimbursement policies are likely to drive the growth of the segment in the coming years.

Capsule endoscopes are further divided into the type of small bowel, esophageal, and colon. In 2020, the small bowel endoscopy capsules segment held the largest revenue share of 72.3%. This share is attributable to the benefits provided by these devices in the diagnosis and treatment of diseases such as inflammatory bowel disease, Obscure GI Tract Bleeding (OGIB), Crohn’s disease, and small bowel neoplastic lesions. In addition, the growing prevalence of these conditions that would require the utilization of small bowel capsules for diagnosis is anticipated to support market growth during the forecast period.

Based on application, in 2020, the OGIB segment accounted for the largest revenue share of 58.1% in the market owing to the advantages provided by this endoscopy in the detection of obscure GI tract bleeding, such as real-time visualization of the small intestine and precise and faster diagnosis. In addition, shifting preference toward capsule-based endoscopic screening as compared to traditional screening for OGIB is yet another prominent factor boosting the market growth.

In 2020, based on end-use, the hospitals segment accounted for the largest revenue share of 47.8%. It is due to the rising adoption and utilization of capsule endoscopes and endoscopy systems in hospitals. In addition, supportive reimbursement policies provided by healthcare institutions as well as the government is further boosting the market growth. Furthermore, since hospitals are the primary healthcare facilities that are opted by patients in many countries across the globe, the number of surgical procedures performed in hospitals is higher and this signifies higher growth potential.

North America dominated the market and accounted for the largest revenue share of 44.0% in 2020. This high share is attributable to factors, such as increasing adoption of technologically advanced capsule-based endoscopy products and systems, rising preference for minimally invasive surgeries, and better-quality healthcare systems and infrastructures. Furthermore, the growing prevalence of chronic conditions, such as gastrointestinal disorders, OGIB, and cancer, are other factors boosting the market growth.

The pandemic of COVID-19 has significantly impacted the market majorly due to the rescheduling, postponement, or cancellation of elective surgeries. In addition, supply chain disruptions and changes in the regulatory scenario for curbing the infection caused due to the COVID-19 virus are other factors that have hindered the market growth during the COVID-19 pandemic. Furthermore, the training of medical professionals for capsule endoscopy was restricted due to the pandemic. According to a 2021 article published in BMJ Journals, some of the institutions have undertaken e-learning modules for capsule endoscopy training due to pandemic situations and are planning to move to traditional training patterns post-pandemic.

 

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.

 

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.

 

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.

 

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.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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