The Global Capsule Endoscopy market is projected to grow at a CAGR of 10.42% during the forecast period, 2022-27, says MarkNtel Advisors in their recent research report. This is due to the rising prevalence of gastrointestinal disorders & chronic ailments such as Ulcerative Colitis, Colorectal Cancer, Oesophageal cancer, and Gastrointestinal Bleeding across the globe. According to the WHO, International Agency for Research on Cancer, around 481,552 Oesophageal cancer cases were reported in Asia & 52,993 in Europe, as of 2020. Hence, capsule endoscopy has seen a major increase in popularity due to the fact that it is a less painful & safer operation than other technologies, and it has proven to be an efficient tool for the detection of polyps in screening settings.
Further, due to the supply chain interruption & severe lockdown measures, the COVID-19 epidemic had a detrimental influence on the market. As a result of the postponed & delayed elective surgeries, the number of diagnostic lab procedures associated with cancer & gastrointestinal procedure decreased, affecting the global growth of the capsule endoscopy market. However, the market regained its momentum after the FDA clearance of capsule endoscopy in the home-care settings for emergency use.
Furthermore, the Global Capsule Endoscopy is predicted to have a lucrative growth in the forecast years, owing to the rising patient awareness regarding minimally invasive technologies & growing healthcare infrastructure across various geographies. Additionally, precise & reliable early cancer diagnosis would assist persons in better addressing diseases on a mass scale, resulting in the positive rise of capsule endoscopy in the approaching years.
Hardware Segment to Acquire a Significant Share in the Market
Based on the components, the market bifurcates into Software & Hardware. Among them, the Hardware segment held a significant share in the market & would continue to do so in the forecasted years as well. The sensor belt, arrays, data recorders, and ingestible capsules are the most expensive components of the capsule endoscopy hardware segment. Moreover, the sensor-embedded indigestible capsule excretes from the body after 24-48 hours. Therefore, the continuous demand has been generated for the endoscopic capsule due to the rising number of minimally invasive endoscopic procedures & this would further impact the growth of the hardware in the forecasted years.
Inflammatory Bowel Diseases to Augment the Market Growth in Forecasted Years
Based on the application the market is divided into Obscure GI Bleeding, Oesophageal Disease, Iron Deficiency Anaemia, Inflammatory Bowel Diseases, Celiac Disease, Crohn’s Disease, and Small Bowel Tumour & Hereditary Polyposis Syndromes. Of them, the Inflammatory Bowel diseases acquired a reasonable share in the Global Endoscopy market during the forecast years due to the extraction of high-definition imaging of the small bowel, which was previously unavailable to healthcare providers because of its length & tortuosity. Furthermore, these capsules for inflammatory bowel illnesses have undergone technological advancements such as improved image resolution, a faster adjustable frame rate, and the capacity to perform real-time analysis to further improve diagnostic results.
In addition, the rapidly increasing instances of inflammatory bowel illnesses as well as the desire for minimally invasive treatments for cancer screening & diagnosis would propel the market for capsule endoscopy in the application of inflammatory bowel disorders in the coming years.
North America to Hold a Dominant Share in the Market
Geographically, North America held a considerable market share in the Global Capsule Endoscopy market during 2017-2021 & is expected to remain dominant during the forecasted period as well. The rising adoption of technologically advanced procedures for screening purposes as well as the adoption of minimally invasive diagnostic devices is the prominent reason for the growth of the Capsule Endoscopy market in North America. Moreover, rising awareness regarding the early detection of oncological disorders & gastrointestinal ailments would further support the market growth in the respective region in the coming years.
However, the Asia-Pacific Global Capsule Endoscopy market is expected to have a lucrative growth in the forecast years on account of rising cancer cases, development of healthcare infrastructures, government initiatives, and rapidly growing geriatric population, reveals MarkNtel Advisors in their research report, "Global Capsule Endoscopy Market Analysis, 2022-2027."
According to MarkNtel Advisors, the leading players in the Global Capsule Endoscopy Market are Olympus Corporation, Medtronic Plc, CapsoVision Inc, IntroMedic Co., Ltd, Jinshan Group, Check-Cap Ltd., RF System Lab, and AnX Robotica.
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