Capsule Endoscopy Market Set to Exceed USD 1,081.73 Million by 2031
“Capsule Endoscopy Market” in terms of revenue was estimated to be worth $515.89 Mn in 2023 and is poised to reach $1,081.73 Mn by 2031, growing at a CAGR of 9.91% from 2024 to 2031 according to a new report by InsightAce Analytic.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the capsule endoscopy market are:
Improvement in healthcare facilities
Growing inclination for less invasive screening methods
Growing number of elderly people
The following are the primary obstacles to the capsule endoscopy market's expansion:
Shortage of skilled workers
Strict governmental rules
Concerns about capsule retention and the expensive devices
Future expansion opportunities for the capsule endoscopy market include:
Rising investment in capsule endoscopy technology
Increasing adoption of technologically advanced goods and systems
The market for capsule endoscopies is anticipated to be driven by factors like the rising incidence of colon cancer and inflammatory intestinal illnesses and the ongoing need for precise diagnostic instruments. Additionally, several benefits over conventional endoscopy and technological developments in the good drive end users to use the items, hence propelling market growth throughout the forecast timeframe. Furthermore, increasing healthcare spending levels that necessitate efficient cancer detection techniques and encouraging government initiatives are anticipated to expand the market.
List of Prominent Players in the Capsule Endoscopy Market:
Jinshan Science & Technolgy (Group) Co. Ltd.,
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In January 2024, Medtronic introduced GI Genius, a colorectal cancer endoscopic module. Doctors can now detect and treat colorectal cancer more effectively owing to the system’s enhanced visualization during colonoscopies and real-time data delivery via artificial intelligence (AI).
In Oct 2023, Olympus has announced the next-generation EVIS X1 endoscopy system for gastrointestinal (GI) practitioners. The GIF-1100 gastrointestinal videoscope is meant for use in the upper digestive tract, whilst the CF-HQ1100DL/I colonovideoscope is designed for use in the lower digestive tract.The EVIS X1 endoscopy equipment incorporates Texture and Color Enhancement Imaging technology, which improves image color and texture during endoscopic screening, increasing the visibility of lesions and polyps.
Capsule Endoscopy Market Dynamics:
Market Drivers: Rising Aging Population
Due to the increasing aging population, this industry is expected to experience robust expansion in the coming years. Several gastrointestinal diseases, including appendicitis, Crohn’s illness, bowel inflammation, and colorectal cancer, are more common among the elderly. In addition, capsule endoscopy is becoming more popular for cancer diagnosis, and the disease’s increasing incidence in both younger and older persons bodes well for the future of the industry. Several gastrointestinal disorders, including obstructive gastrointestinal bleeding, cancer, and small intestine tumors, can be diagnosed with the use of capsule endoscopic systems, which have become increasingly popular due to the increasing popularity of minimally invasive surgical procedures. Capsule endoscopy is driving adoption and market expansion in the coming years.
Challenges: Heavy Equipment Expenses
The initial investment and ongoing costs of capsule endoscopy devices are high. Due to budget constraints, investing in this technology could be challenging for healthcare organizations and hospitals. Furthermore, delays in entering the market could be caused by the stringent regulatory requirements for licensing and marketing capsule endoscopy equipment. Introducing new items to market becomes more costly and time-consuming when they must comply with many regulatory standards. The high cost of equipment is a major factor that is preventing the capsule endoscopy market from expanding.
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North America is Expected to Grow with the Highest CAGR During the Forecast Period
The capsule endoscopy market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because of consumers’ growing inclination for less intrusive screening methods and the uptake of technologically advanced goods and systems. A further aspect driving market expansion is the region’s enhanced healthcare infrastructure. Further driving market expansion in the area is growing public consciousness of the benefits of early disease screening for problems including cancer, gastrointestinal issues, and other chronic illnesses, which will grow the market is expected to grow within the projected time frame.
Segmentation of Capsule Endoscopy Market-
Obscure Gastrointestinal Bleeding (OGIB)
Rest of Middle East and Africa
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