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.
Market Segmentation
Based on Capsule Type:
Among them, Small Bowel Capsule acquired a considerable growth during 2017-2021, owing to the favorable outcomes of small bowel investigation using capsule endoscopy techniques. Further, the small bowel endoscopy proved to be an efficient tool for extracting the high-quality images of the entire small bowel. The rapid diagnosis & evaluation of Obscure GI bleeding, Crohn’s diseases, unexplained diarrhea, and surveillance in patients with polyposis syndromes are the most common factors for the notable growth of small bowel capsules across the world.
Furthermore, the small bowel capsule has been evolving through the years & is expected to witness a notable share in the forecast years as well, owing to the rapid technological advancements such as the integration of artificial intelligence & machine learning in the endoscopic capsule by the leading players such as Medtronic, Jinshan, and Capovision.
Based on Component:
Here, the Hardware component held a dominant share in the historical years & is expected to remain dominant during 2022-2027 on account of a broad range of the utilization of the products for the complete endoscopic procedure, starting from an ingestible capsule, sensor belts, arrays, and data recorders. The Sensor belt, array, and recorders are being used to determine the activity of the capsule inside the human body & are capital-intensive product segments of the procedure. Moreover, the ingestible capsule excretes from the body after 24-48 hours. The images & videos captured by the capsules are utilized for the transmission of data through sensor arrays & belts that are further transferred to the data recorder for final analysis.
Therefore, the hardware segment requires a comparatively more capital investment than the software segment & generates continuous demand for ingestible capsules, which significantly impacts the market growth in the forecasted years globally.
Based on Application:
Of them all, Capsule Endoscopy has revolutionized the diagnosis of inflammatory bowel diseases for historical years on account of the high-definition visualization of the small bowel, which was earlier inaccessible to the health care professionals due to its long length and tortuosity. Furthermore, these capsules for inflammatory bowel diseases have undergone technological advancements such as improved image resolution, faster adaptable frame rate, and the ability for real-time analysis to increase diagnostic yields even further. According to the American Gastroenterological Association & American Society for Gastrointestinal Endoscopy overall prevalence of Inflammatory bowel diseases was 396 cases per 100,000 individuals in 2020. In addition, the rapidly growing cases of inflammatory bowel diseases & demand for minimally invasive procedures for the screening and diagnostic purpose of cancer would further augment the market growth of capsule endoscopy in the application of inflammatory bowel diseases.
Regional Landscape
Geographically, the Global Capsule Endoscopy Market expands across:
Of all the regions, North America held a significant market share in the Global Capsule Endoscopy market during 2017-2021 due to the rising prevalence of minimally invasive screening procedures along with the adoption of technologically advanced diagnostic products & systems. Furthermore, rising awareness regarding early screening of diseases such as cancer, gastrointestinal disorders, and other chronic ailments were the prominent factors supporting the market growth. In addition, another factor driving market growth in the historical years has been the region's comparatively more developed health infrastructure.
Moreover, the Asia-Pacific Capsule Endoscopy market is expected to witness an astonishing market growth in the forecast years, owing to the rising geriatric population, improving healthcare infrastructure, and rapid adoption of capsule-based endoscopic technologies for screening procedures in the region. Additionally, significant economic development in the region is one of the notable factors responsible for attracting international investments during 2022-2027.
Recent Developments by Leading Companies
Market Dynamics:
Key Driver: Rising Demand for Minimally Invasive Diagnostic Procedure to Drive the Market
The rising adoption of minimally invasive diagnostic procedures has propelled the utilization of capsule endoscopic systems & wireless capsules during the historical years. The growing burden of chronic ailments such as a small intestine tumor, formation of polyps in the bowel, Obscure gastrointestinal diseases, and Crohn’s disorder was the prominent reason for the growth of the Capsule Endoscopy market across various geographies. In addition, these minimally invasive diagnostic procedures provide more accurate & precise results as compared to conventional techniques, which supports their greater adoption among healthcare professionals.
Moreover, the integration of advanced technologies such as artificial intelligence & deep learning methods is further expected to escalate the market in the coming years, owing to more reliability, proven results, and accurate detection of any possible disorder at an early stage.
Possible Restraint: High Cost of Diagnostic Procedures to Hamper the Market Growth
The high cost of capsule endoscopy is an important factor restraining the potential development of capsule endoscopic procedures for screening purposes. At present, capsule endoscopy is significantly costlier than gastroscopy in various countries such as Spain & Italy. Thus, an imbalance between precise quality screening & procedure cost has been created in some emerging countries, which is considered a reasonable challenge for the global growth of the Capsule Endoscopy Market.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Capsule Endoscopy Market is expecting around 10.42% CAGR during 2022-27.
A. The Small Bowel Capsule is anticipated to emerge as an opportunity area for the leading players in the market during the forecast period.
A. Growing technological advancements in the capsule endoscopy hardware & software systems could be considered as an opportunity area for the rapid adoption of Capsule endoscope, globally.
A. The Global Capsule Endoscopy Market would witness an astonishing growth in the coming years due to the adoption of capsule endoscopes in the home care settings, which could be handled remotely using telemedicine services.
