Increase in prevalence of cancer, growth in the geriatric population, and surge in introduction of technologically advanced capsules drive the growth of the global capsule endoscopy system market. North America contributed the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share.
Portland, OR, May 26, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global capsule endoscopy system market generated $616.5 million in 2020, and is projected to reach $2.0 billion by 2030, witnessing a CAGR of 12.4% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increase in prevalence of cancer, growth in the geriatric population, and surge in introduction of technologically advanced capsules drive the growth of the global capsule endoscopy system market. However, high cost of treatments, endoscopy equipment, limited reimbursement, and risk of retention of the capsule, which may require endoscopic retrieval or rarely surgical resection restrain the market to some extent. On the other hand, many innovative and technologically advanced products gain commercialization during the forecast period, owing to increase in research and development activities of key market players, which presents new opportunities in the upcoming years.
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The outbreak of the COVID-19 pandemic hampered the overall growth of the global capsule endoscopy system market, owing to the postponement, cancellation, and reduction in the number of elective surgeries.
It further disrupted the whole supply chain, leading to difficulty in the procurement of raw materials. This created a huge gap in supply–demand.
However, the market is expected to recover soon, owing to rise in demand for minimally invasive diagnostic procedures.
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The report offers detailed segmentation of the global capsule endoscopy system market based on component, disease type, and region.
Based on component, the capsule endoscope segment held the highest market share in 2020, holding more than 90% of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 12.7% from 2021 to 2030. The report includes analysis of the work station and recorders segment.
Based on disease type, the small intestine disorder segment held the largest market share in 2020, holding nearly three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. However, the colonic disorder segment is projected to register the highest CAGR of 14.9% from 2021 to 2030.
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Based on region, North America contributed the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. Moreover, Asia-Pacific is projected to manifest the fastest CAGR of 13.2% during the forecast period.
Leading players in the global capsule endoscopy system market analyzed in the research include Given Imaging (Medtronic), IntroMedic Co., Ltd., Olympus Corporation, Chongqing Jinshan Science & Technology (Group) Co., Ltd., RF System lab, CapsoVision, Shengxian Minimal Invasive Inc., Check -Cap, Accuread Endoscopy Inc., Fujifilm Holding Corporation, and Anhan Technology (wuhan) co., Ltd.
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