Capsule Endoscopy Market Size worth $982.83 Million by 2030 | CAGR: 8.8%
The report “Capsule Endoscopy Market Share, Size, Trends, Industry Analysis Report, By End-Use (Hospitals, Ambulatory Surgery Centers, Others); By Product (Capsule Endoscopes, Systems); By Type; By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global capsule endoscopy market size is expected to reach USD 982.83 million by 2030 according to a new study by Polaris Market Research.
Factors such as the rising demand for minimally invasive treatments have boosted the demand for this endoscopy, driving the market growth during the forecast period. Endoscopes are minimally invasive instruments put into body pores such as the mouths or anus. They can also be introduced through minor incisions, such as the knee or abdomen. Minimally invasive surgery is performed through a small incision and is aided by sophisticated devices such as an endoscope.
Modern endoscopy has proved especially valuable in many fields of medicine, so it has low dangers, produces detailed images, and is rapid to perform. Endoscopies are performed on tens of millions of people each year. Further, the increasing use of minimally invasive surgical treatments has boosted the demand for endoscopic devices and electronic capsules, mostly for detecting or detecting gastrointestinal disorders such as OGIB (Obscure GI Tract Bleeding), Crohn’s disease, malignancy, and small intestine tumor.
This endoscopy delivers extremely efficient and rapid results for screening such gastrointestinal diseases, increasing usage and driving the market growth. For instance, as per the CDC, the number of adults in the United States having ulcers is 14.8 million. Adults with ulcers account for 5.9 percent of the population—around 37.2 million visits to doctors’ offices with digestive system illnesses as the primary diagnosis.
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Also, in the U.S., in 2020, there will be approximately 2.5 million persons suffering from inflammatory bowel disease. The frequency of IBD in the US population is expected to climb to roughly 3.5 million by 2030. Thus, the rising digestive-related diseases have increased the demand for minimally invasive treatments, which has boosted the endoscopy industry’s growth.Based on the end-use, the hospital’s segment accounted for the leading share in the market. It is related to hospitals’ significantly higher acceptance and utilization of these endoscopy services and similar endoscopes when compared to other health systems. Likewise, the government’s favorable reimbursement rules are driving the market growth. Furthermore, because hospitals are typically the primary care systems in many places, the number of inspections performed in hospitals is greater, indicating greater uptake and consumption.
Top Market Players
Market players such as Olympus Corporation, Chongqing Jinshan Science & Technology (Group) Co., Ltd, IntroMedic, Co. Ltd., Medtronic, CapsoVision, and RF Co., Ltd. are key players operating in the global market.
In November 2021, Medtronic plc announced FDA approval for its PillCam equipment for remote endoscopic treatments. The PillCam SB3 program combines the company’s PillCam technologies with Amazon logistics, aiming to provide customers with rapid and accurate findings from the comforts of home.
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Polaris Market Research has segmented the capsule endoscopy market report based on product, application, end-use, type, and region:
Capsule Endoscopy, Product Outlook (Revenue – USD Million, 2018 – 2030)
- Capsule Endoscopes
- Small Bowel
Capsule Endoscopy, Application Outlook (Revenue – USD Million, 2018 – 2030)
- OGIB (Obscure GI Tract Bleeding)
- Crohn’s Disease
- Small Intestine Tumor
Capsule Endoscopy, End-Use Outlook (Revenue – USD Million, 2018 – 2030)
- Ambulatory surgery centers
Capsule Endoscopy, Type Outlook (Revenue – USD Million, 2018 – 2030)
- Capsule Cystoscopies
- Capsule Neuro-Endoscopes