1. The market for capsule endoscopy is growing.
A non-invasive diagnostic method for seeing the digestive system is capsule endoscopy. Orally, in the form of a capsule, a tiny wireless camera records images as it travels through the digestive system. A recorder worn by the patient receives the images, which are then analysed by a doctor to look for any anomalies.
Throughout the projection period, it is anticipated that the market for capsule endoscopy will expand at a CAGR of 8.5%. (2018-2023).
The primary driver fueling the market’s expansion is the increasing prevalence of gastrointestinal illnesses. Gastrointestinal diseases, which impact more than 60 million Americans, are the most prevalent form of chronic disease in the country, according to the National Institute of Diabetes and Digestive and Kidney Diseases.
The market is expanding due to the rising use of capsule endoscopy in the realm of cancer screening. The American Cancer Society reports that in 2016, more than 1.6 million new instances of cancer were discovered in the country.
The main element limiting the market’s growth is the high cost of capsule endoscopy. According to the American Society for Gastrointestinal Endoscopy Research, a capsule endoscopy procedure can cost between $1,000 and $2,000 USD.
Application, end-user, and region are the segments used to analyse the global capsule endoscopy market.
The market is divided into small bowel illnesses, large bowel disorders, and other conditions based on application.
The market is divided into hospitals, ambulatory surgery centres, and other end-users based on end-user.
North America, Europe, Asia-Pacific, and the rest of the world make up the geographical segments of the market.
Given Imaging, Olympus Corporation, Medtronic, Boston Scientific Corporation, and Fujifilm Holdings Corporation are the leading companies active in the worldwide capsule endoscopy market.
2. Challenges in the Market for Capsule Endoscopy
In order for the capsule endoscopy market to expand, a few issues must be resolved. First and foremost, the procedure’s exorbitant cost is a significant impediment to adoption. The endoscopic equipment needed to carry out the treatment is highly pricey, just like the capsules themselves. This limits the procedure’s prospective market because it means that a small number of people can use it.
The lack of knowledge regarding the process is another issue the market for capsule endoscopy is facing. Even those who are aware of it may not completely understand all of its potential advantages since many people are still unaware of its existence. This indicates that in order to boost the procedure’s adoption, additional education and awareness-raising are required.
And finally, the surgery itself carries some risk. There is a slight chance that the capsule will pierce the gut; there is also a chance that it will get lodged there. Potential patients need to be made aware of these hazards so they can decide for themselves whether or not to undergo the surgery.
3. Market Trends for Capsule Endoscopy
A procedure called a capsule endoscopy is used to look inside the digestive system. The swallowing of a capsule containing a miniature camera As the camera travels through the digestive system, photos are taken and sent to a recorder the patient is wearing.
The process detects and diagnoses gastrointestinal diseases such as bleeding, inflammation, polyps, and tumors.It is also employed to gauge how serious certain illnesses are.
From 2019 to 2024, the market for capsule endoscopies is anticipated to expand at a CAGR of 7.5%.
The rising prevalence of gastrointestinal illnesses, the growing inclination toward less invasive procedures, and the expanding accessibility of reimbursement for the operation are the main factors driving the growth of the capsule endoscopy market.
The danger of gastrointestinal perforation and a lack of consumer understanding of the process are the two main barriers to the expansion of the market for capsule endoscopy.
The development of new and improved capsule endoscopy devices and the growing use of the procedure in emerging nations are the main growth prospects for the capsule endoscopy market.
The high cost of the operation and a shortage of skilled employees are the two biggest obstacles to the expansion of the capsule endoscopy business.
Olympus Corporation (Japan), Given Imaging Ltd. (Israel), CapsoVision, Inc. (US), Medtronic plc (Ireland), and Boston Scientific Corporation are the leading companies in the capsule endoscopy market (US).
4. The Impact of the Capsule Endoscopy Market on COVID-19
The global market for capsule endoscopy has been significantly impacted by the COVID-19 pandemic epidemic. The market had a value of US$ XX million in 2019; at a CAGR of XX%, it is anticipated to drop to US$ XX million in 2020. The pandemic-related stoppage of elective surgeries and treatments is the main cause of the market’s downturn. The number of procedures conducted as a result of this has decreased, which has had a detrimental effect on the demand for capsule endoscopy. Additionally, the market has been significantly impacted by the closure of hospitals and clinics in a number of nations.
The manufacture of capsule endoscopes has also decreased as a result of the COVID-19 epidemic. China, a significant hub for the production of these devices, has had to close factories as a result of the outbreak. This has caused a shortage of these gadgets and had an impact on the global supply chain. Additionally, the market has been negatively impacted by the cancellation of conferences and trade shows relating to the medical sector.
The global market for capsule endoscopy is anticipated to rebound in the following years, despite the difficulties brought on by the COVID-19 epidemic. From 2020 to 2025, the market is expected to grow at a CAGR of XX%, reaching US$ XX million.The increased prevalence of gastrointestinal illnesses and the rising desire for less invasive procedures are both blamed for the market’s expansion. Additionally, the introduction of brand-new, cutting-edge capsule endoscopes is anticipated to accelerate market expansion.
5. Market Trends in the Capsule Endoscopy Industry
During the projection period of 2020–2025, it is anticipated that the global market for capsule endoscopy will expand at a CAGR of about 9.4%. The rising prevalence of gastrointestinal illnesses, the rising geriatric population, and the rising awareness of the need for early detection of gastrointestinal diseases are some of the major factors propelling the market’s expansion.
The prevalence of gastrointestinal problems has significantly increased in recent years on a global scale. GIT disorders are the second most common cause of mortality worldwide, according to the World Health Organization (WHO). Irritable bowel syndrome (IBS), inflammatory bowel disease (IBD), and gastroesophageal reflux disease (GERD) are among the most prevalent gastrointestinal conditions. The market for capsule endoscopy is anticipated to rise during the forecast period due to the increasing prevalence of these conditions.
Due to longer life expectancies, there is a rising global population of elderly people. The United Nations predicts that by 2050, there will be 2.1 billion elderly people worldwide. Due to the age-related deterioration of the digestive system, the expanding elderly population is vulnerable to gastrointestinal illnesses. Over the course of the projection period, this is anticipated to increase demand for capsule endoscopy.
A less invasive method that aids in the early detection of digestive diseases is capsule endoscopy. There is no need for sedation during the surgery, which is safe. Additionally, it is more affordable than other diagnostic techniques. These elements are projected to raise public awareness of the process, which is likely to fuel market expansion for capsule endoscopy throughout the course of the projection period.
6. Market Analysis for Capsule Endoscopy
The market for capsule endoscopy is predicted to grow at a CAGR of ZZ% from 2020 to 2026, from USD YY million to USD XX million. The main factors influencing the growth of this market are the increased prevalence of gastrointestinal disorders, rising preference for minimally invasive procedures, and technological advancements in capsule endoscopy.
The main obstacles limiting the growth of this industry, however, are the strict reimbursement scenario and the danger of capsule retention.
During the forecast period, the small bowel category is anticipated to expand at the highest CAGR.
The procedure, indication, end user, and geographical segments of the global capsule endoscopy market
The small bowel capsule endoscopy, colon capsule endoscopy, and oesophageal capsule endoscopy segments of the market are classified according to procedure.
According to indications, the market is divided into categories such as ulcerative colitis, Crohn’s disease, and celiac disease.
The market is divided based on end users into hospitals, ambulatory surgery centres, and other end users.
The market is divided into North America, Europe, Asia-Pacific, and the Rest of the World according to region (RoW).