Capsule Endoscopy Market: Increasing Government Initiatives in the Asia Pacific

The capsule endoscopy market was valued at US$ 368.65 million in 2019 and is expected to grow at a CAGR of 8.3% from 2020 to 2027 to reach US$ 697.29 million by 2027.

Capsule endoscopes are tiny wireless endoscopy systems which are used to capture images of the internal tracts in the body. The endoscope camera fits in the vitamin size capsule and enables to take thousands of images which are then transmitted to the recorder. Capsule endoscopes allows the physicians to take the images of the parts where the traditional endoscope is unable to reach. The global capsule endoscopy market is driven by factors such as increase in gastrointestinal disorders worldwide, and rising patient preference for non-invasive diagnostic methods. However, the Limitations of Capsule Endoscopy such as lack of locomotive movement and less battery life are anticipated to restrain the market growth during the forecast period. Moreover, rising demand for noninvasive screening methods worldwide is likely to deliver substantial growth opportunities to improve market share for industry players in the near future.

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Key Findings from The Capsule Endoscopy Market

  • The global Capsule Endoscopys market, based on size, has been segmented into hospitals, clinics, research centers, and others. In 2019, the hospitals segment held the largest share of the market.
  • Hospitals provide healthcare services such as diagnostics and disease treatment with the help of modernized equipment. With the increasing prevalence of gastrointestinal diseases, rising number of gastrointestinal examinations are being conducted, which, in turn, is likely to drive the growth of the capsule endoscopy market for the hospital segment during the forecast period. Moreover, emerging countries are witnessing huge demand for advanced hospital settings with an aim to cope up with increasing patient pool and rising concerns of public health.
  • Growth strategies such as partnerships, agreement and acquisition have been significantly witnessed in the capsule endoscopy market, which has helped the company to strengthen its customer base. For instance, in June 2018, CapsoVision announced distribution partnership with Pentax Medical. PENTAX Medical will directly sale CapsoCam Plus and CapsoCloud across the U.S. The strategic step was taken by the company with an aim to strengthen its distribution channel in US.
  • The capsule endoscopy market majorly consists of players such as Olympus Corporation, CapsoVision, Medtronic and IntroMedic. Several companies in the market are concentrating on inorganic strategies, such as partnership for enhancing their position in the market. For instance, in June 2018, CapsoVision announced distribution partnership with Pentax Medical. PENTAX Medical will directly sale CapsoCam Plus and CapsoCloud across the U.S. The strategic step was taken by the company with an aim to strengthen its distribution channel in US.

Increasing Government Initiatives in the Asia Pacific

In the Asia Pacific, development has been made significantly to offer better healthcare services. The government supports the developments through various strategies, initiatives, and programs that help in increasing awareness regarding gastrointestinal disorders. In last few years, colorectal cases have increased in the region, which demand effective and cheap screening methods. For instance, as per the Globocan, ~52,490 new cases of colorectal cancer were diagnosed in China in 2018. However, screening programs have been effective in reducing the cancer mortality rate through early detection. For instance, in 2018, the Australian Government reduced the prices of two Medicare-funded capsule endoscopy. Of these, fees were reduced for capsule endoscopy (MBS items 11820 and 11823) to US$ 1,229.35.

The global Capsule Endoscopys market, based on size, has been segmented into hospitals, clinics, research centers, and others. In 2019, the hospitals segment held the largest share of the market. Hospitals provide healthcare services such as diagnostics and disease treatment with the help of modernized equipment. With the increasing prevalence of gastrointestinal diseases, rising number of gastrointestinal examinations are being conducted, which, in turn, is likely to drive the growth of the capsule endoscopy market for the hospital segment during the forecast period. Moreover, emerging countries are witnessing huge demand for advanced hospital settings with an aim to cope up with increasing patient pool and rising concerns of public health.

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