Press release
Capsule Endoscopy Market Poised for Significant Growth Driven by Minimally Invasive Diagnostics
The global capsule endoscopy market is experiencing a surge in demand, driven by the increasing preference for minimally invasive diagnostic procedures. According to Reports and Data, the market was valued at USD 507.5 Million in 2021 and is projected to reach USD 1086.0 Billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 8.8 %.Market Overview
Capsule endoscopy utilizes a tiny wireless camera encapsulated in a pill-sized capsule that patients swallow. The capsule transmits images of the digestive tract, particularly the small intestine, which is difficult to access through traditional endoscopy. This painless procedure offers a valuable tool for diagnosing gastrointestinal disorders.
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Trends and Drivers
The capsule endoscopy market is propelled by several key trends:
Rising Prevalence of Gastrointestinal Diseases: The growing incidence of conditions like Obscure Gastrointestinal Bleeding (OGIB), Crohn's disease, and small bowel tumors is fueling demand for capsule endoscopy for accurate diagnosis.
Technological Advancements: Advancements in capsule technology, such as improved image quality, extended battery life, and incorporation of artificial intelligence (AI) for image analysis, are enhancing the efficiency and accuracy of procedures.
Increasing Geriatric Population: The burgeoning geriatric population, more susceptible to gastrointestinal issues, is a significant driver for the market.
Growing Awareness and Adoption: Rising awareness among healthcare professionals and patients regarding the benefits of capsule endoscopy over traditional endoscopy is fostering market growth.
Restraints and Challenges
While the future looks promising, some factors restrain market growth:
High Cost of Procedures: The cost of capsule endoscopy equipment and procedures can be a deterrent for some patients and healthcare institutions.
Limited Reimbursement: Reimbursement policies for capsule endoscopy procedures may vary across regions, impacting affordability.
Risk of Capsule Retention: In rare cases, the capsule may not be expelled naturally, necessitating endoscopic or surgical retrieval, adding to the cost and complexity of the procedure.
Growth Opportunities
The market presents exciting growth opportunities:
Emerging Markets: The Asia Pacific region, with its large and growing population and increasing healthcare spending, holds immense potential for market expansion.
Development of Reusable Capsules: Reusable capsule technology can significantly reduce procedure costs and environmental impact, creating new market avenues.
Telemedicine Integration: Integration of capsule endoscopy with telemedicine can improve accessibility and affordability in remote areas.
SWOT Analysis
Strengths:
Minimally invasive and painless procedure
Effective tool for diagnosing small intestine disorders
Technological advancements improving accuracy and efficiency
Weaknesses:
High cost of procedures
Limited reimbursement policies
Risk of capsule retention
Opportunities:
Growing demand in emerging markets
Development of reusable capsules
Telemedicine integration
Threats:
Stringent regulatory requirements
Competition from alternative diagnostic techniques
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Key Market Insights
The bowel capsule segment accounts for a major revenue share over the forecast period. Increasing prevalence of Irritable Bowel Syndrome (IBS) and rising need to diagnose such disorder for therapeutic purposes are primarily driving revenue growth of this segment. For instance, as per International Foundation for Gastrointestinal Disorders, in the U.S., between 25 and 45 million humans suffer from IBS. Nearly two-thirds of IBS patients are female. Men make up about 1 in 3 IBS patients. According to the National Center for Biotechnology Information, between 2.3% and 15.8% of Chinese people have IBS.
The global capsule endoscopy market has been segmented into hospitals, ambulatory surgery centers, clinics, and others. The hospitals segment is expected to account for largest market share over the forecast period. Factors, such as cleanliness, better emergency services, availability of doctors, and treatment at reasonable prices especially in government-based hospitals, are major factors driving revenue growth of this segment. Moreover, promising reimbursement plans and policies by government authorities are also driving revenue growth of this segment. For instance, in the U.S. Medica coverage policy covers capsule endoscopy expenses under an insurance coverage plan.
North America market accounted for largest revenue share in 2021. Increasing resilience and dependency on minimally invasive therapeutic procedures, along with rising incidence of various gastro-intestinal diseases is driving revenue growth in this region. For instance, as per the National Center for Biotechnology Information, Upper Gastrointestinal Bleeding (UGIB) occurs more frequently among individuals compared to Lower Gastrointestinal Bleeding (LGIB). Rate of UGIB among the U.S. population is approximately 67 per 100,000, while LGIB incidence accounts for 36 per 100,000 individuals. According to research, upper GI bleeding causes up to 20,000 mortalities per year in the U.S. Number of deaths owing to gastro-intestinal bleeding is comparatively high, which eventually rises demand for capsule endoscopy.
Some of the major companies included in the global market report are
Intromedic, Olympus Corporation, Jinshan Science & Technology, Fujifilm Corporation, CapsoVision, Inc., Medtronic, RF Co., Ltd., Check-Cap, Tracxn Technologies Limited, and Shangxian Minimal Invasive Inc.
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John W
Head of Business Development
Reports and Data | Web: www.reportsanddata.com
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E-mail: sales@reportsanddata.com
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision.
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