Market Definition
Capsule Endoscopy is utilized for the examination of the gastrointestinal tract. It is a vitamin-sized capsule consisting of sensors & small-sized cameras. When the patient swallows the capsule, the tiny camera captures images and videos of the gastrointestinal tract, which are then transmitted to a recorder on the patient's waist belt. The whole process enables the healthcare professionals or surgeons to detect abnormalities or infections in the gastrointestinal tract to provide precise results. Further, the continuous growth in the number of chronic ailments & gastrointestinal disorders are the prominent factors for the market growth of Capsule Endoscopy in the coming years.
Market Insights
The Global Capsule Endoscopy Market is projected to grow at a CAGR of around 10.42% during the forecast period, i.e., 2022-27. The Global Capsule Endoscopy market is expected to witness significant growth during the forecasted period on account of growing healthcare technologies in emerging countries & increasing awareness of the patients regarding minimally invasive technologies. In addition, the precise & accurate early diagnosis of cancer patients would further help the individuals to cater to the diseases on a mass level, eventually impacting the positive growth of capsule endoscopy in the coming years.
Furthermore, on account of increasing gastrointestinal disorders across the world, the market experienced rapid growth during 2017-2021. According to the Centers for Disease Control and Prevention, 14.8 million adults in the US were diagnosed with ulcers accounting for 5.9% of the total population, as of 2018. Furthermore, with the rising prevalence of chronic ailments in the country, such as Ulcerative Colitis, Colorectal Cancer, and Gastrointestinal Bleeding, capsule endoscopy is widely adopted as a minimally invasive procedure as the first-line examination for patients.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR | 10.42% |
| Regions Covered | North America: The US, Canada, Mexico |
| South America: Brazil, Argentina, Rest of South America | |
| Europe: Germany, The UK, France, Italy, Spain, Russia Rest of Europe | |
| Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa, Egypt, Rest of MEA | |
| Key Companies Profiled | Olympus Corporation, Medtronic Plc, CapsoVision Inc, IntroMedic Co., Ltd, Jinshan Group, Check-Cap Ltd., RF System Lab, AnX Robotica |
| Unit Denominations | USD Million/Billion |
As per the WHO, International Agency for Research on Cancer, around 1.15 million cases of colon cancer were estimated globally & the number is expected to reach 1.82 million by 2040. Therefore, capsule endoscopy experienced significant growth, owing to the less painful & safer procedure as compared to the conventional technologies & proved to be an effective tool for the detection of polyps in the screening settings.
Key Trend in the Market
Capsule Endoscopy had received emergency clearance for at-home use due to the outbreak of the COVID-19 pandemic. The rising number of COVID-affected populations halted the ongoing screening processes of Cancer-related & gastrointestinal disorders in 2020, due to which Food and Drug Authority approved the utilization of capsule endoscopy in the home-care settings. Thus, various medical device companies, such as CapoVision, and Medtronic, launched their At-home endoscopic capsules, which could be monitored remotely by the healthcare professionals.
In addition, the rapid adoption of telemedicine or telehealth services to monitor real-time health data & vitals such as pulse, respiration, and temperature, along with screening & diagnostic procedures have propelled the market growth of capsule endoscopy in the forecasted years.
Impact of Covid-19 on the Global Capsule Endoscopy Market
The COVID-19 pandemic negatively impacted the market due to the supply chain disruption & strict lockdown measures imposed during that time. Moreover, the delayed & postponed elective surgeries reduced the number of diagnostic lab procedures related to cancer & gastrointestinal procedures, subsequently impacting the growth of the capsule endoscopy market across the world.
Besides, the market experienced a decline in product demand due to the tremendous healthcare expenditure towards the COVID-19-affected population & related infrastructural developments. However, the market regained its momentum in 2021 & is expected to surge during the forecast period on account of clearing the significant backlogs of required oncological surgeries & the emerging new cases as well.
