The global capsule endoscopes market is expected to reach $401.4m by 2028, growing at a compound annual growth rate (CAGR) of 4.2%, according to GlobalData, a leading data and analytics company.
The company’s recent report, ‘Capsule Endoscopes – Medical Devices Pipeline Assessment, 2020’, reveals that the Asia Pacific region will be one of the fastest growing at a CAGR of 5.2% between 2019 and 2028, with North America and Europe following behind at 4.4% and 3.4%, respectively.
Medtronic is the market leader for capsule endoscopes with its PillCam product line. However, Olympus Corporation has significant market share with its ENDOCAPSULE system.
Eric Chapman, Medical Devices Analyst at GlobalData, comments: “The capsule endoscope market is expected to grow throughout 2019-2028, due to a growing preference for minimally invasive procedures among patients and healthcare providers.”
In addition to increases in the number of gastrointestinal disorders and aging populations, this market is experiencing advances in technological developments involving imaging and wireless capacities.
Chapman concludes: “Companies that invest in the development of robotic or magnetically controlled capsules will remain competitive with such superior devices that also reduce the risk of capsule retention in patients.”