United States, Rockville MD, Aug. 29, 2022 (GLOBE NEWSWIRE) -- As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, demand for capsule endoscope systems is projected to rise at a high-value CAGR of 8.3% over the forecast period (2022-2027).
Several chronic diseases, including cancer and gastrointestinal disorders, are on the rise in both, developed and developing countries, and this is one of the key factors predicted to propel the expansion of the global capsule endoscope systems market. Due to the rise in demand for less invasive diagnostic procedures, the market size for capsule endoscopy systems is anticipated to experience considerable growth over the forecast period. Increases in the elderly population and the launch of more advanced capsules are other reasons fueling market expansion.
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The use of capsule endoscope systems for the diagnosis of obscure gastrointestinal bleeding is expected to drive market growth since it has been clinically demonstrated to be superior to barium X-rays and successful in detecting such bleeding. For quicker diagnosis and better patient care, esophageal, small bowel, and colon capsule endoscopes are widely employed in hospitals and healthcare facilities. The market is also expanding due to the growing geriatric population that is more prone to illnesses such as appendicitis and inflammatory bowel diseases.
In addition, increasing demand for cancer diagnostic procedures and supportive government measures are also contributing to market growth. Market expansion is also attributed to the growing awareness among patients about the existence of painless visualization techniques for the treatment of these conditions.
Which Region Should Capsule Endoscope System Suppliers Invest In?
“Growing Usage of Wireless Capsule Endoscope Systems in North America”
North America holds the highest share in the capsule endoscope systems market. Growing usage of wireless capsule endoscope systems, the rising demand for minimally invasive screening procedures, an increase in technologically advanced products and systems, and improvements in healthcare infrastructure are the factors driving the market revenue in the region.
The market opportunity for capsule endoscopy systems is growing in the region as a result of the presence of top capsule endoscopy companies and increased awareness about early screening for diseases such as gastrointestinal disorders, cancer, and other chronic problems.
How Lucrative is the U.S. Capsule Endoscope Systems Market?
“Rising Investments in Healthcare Infrastructure Driving Market Value in the U.S.”
Increasing prevalence of GI diseases and colorectal cancer, attractive reimbursement policies, and recent developments in capsule endoscope systems are the factors driving the capsule endoscope systems market expansion in the U.S.
Rising adoption of smart capsule endoscopy systems, rapid implementation of small bowel capsule endoscopy systems, rising investments in the healthcare infrastructure, and growth opportunities in capsule endoscope systems are driving the market growth in the U.S.
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Key Segments Covered in the Capsule Endoscope Systems Industry Survey
- By Product :
- Small Bowel Capsules
- Esophageal Capsules
- Colon Capsules
- Small Bowel Capsules
- By Application :
- OGIB (Obscure Gastrointestinal Bleeding)
- Crohn’s Disease
- Small Intestine Tumor
- Others
- OGIB (Obscure Gastrointestinal Bleeding)
- By End User :
- Hospitals
- Ambulatory Surgery Centers
- Others
- Hospitals
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America
Winning Strategy
Key market players are taking steps to enhance their market shares, including growing R&D in the area of capsule-based endoscopic technologies and strategic agreements with other industry competitors. Product developers are also creating user-friendly, high-resolution cameras with 360-degree panoramic vision.
- In 2021, a medical device called GI Genius, developed by Medtronic, uses artificial intelligence to help clinicians detect probable anomalies in the colon in real-time while performing colonoscopies.
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Key players in the Capsule Endoscope Systems Market
- Boston Scientific Corporation
- CapsoVision, Inc.
- Interscope, Inc.
- Medtronic PLC
- Olympus Corporation
- RF System lab
- IntroMedic Co.
- MEDTRONIC PLC.
- Fujifilm Holding Corporation
- Check Cap
Key Takeaways from Capsule Endoscope Systems Market Study
- The global capsule endoscope systems market is anticipated to reach US$ 695 million by 2027.
- Market in Germany expected to increase at CAGR of 5.5% through 2027.
- Market in Canada projected to expand at CAGR of 7.5% over forecast period.
- Demand for esophageal capsules expected to rise at CAGR of 7% from 2022 to 2027.
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