Capsule Endoscopy Market

Global Capsule Endoscopy Market Size (2023 to 2028)

During the forecast period, the global capsule endoscopy market is estimated to grow at a CAGR of 9.48% and be worth USD 1493.02 million by 2028 from USD 949.27 million in 2023.

During capsule endoscopy, the patient swallows a pill-sized endoscope to capture images of the digestive tract. The photos are then analyzed for the detection of various intestinal problems. The availability of capsule endoscopes in multiple forms for usage in numerous digestive system areas benefits their increased use. Capsule endoscopes for the small bowel, colon, and esophagus are included. Regardless, the camera, batteries, transmitter, and light source are the essential components of a capsule endoscope.

MARKET DRIVERS:

The growing importance of minimal invasive primary diagnosis in primary healthcare systems has resulted in solid capsule endoscopy market growth.

Capsule endoscopy has now been included in national and international guidelines, creating a significant opportunity for manufacturers. Due to the high demand for primary diagnosis and therapy of bowel disorders, it has become an essential technological advancement in recent years. A slew of manufacturer-led research initiatives also backs it up.

Technology advancements leading to improvements in existing endoscopic devices are another significant factor boosting the market's growth rate.

Most researchers and manufacturers focus on developing quality cameras for capsule endoscopy to improve image quality. Images are the central procedure of examining the body's problems and help provide appropriate treatment to the patient for a fast recovery. They also use advanced technologies and software to visualize the body and filter the important images for treatment using artificial intelligence and enlarged data concepts. Adopting such advanced endoscopes will be aided by increasing R&D spending by dominant industry players to provide better and more efficient devices. Furthermore, the global capsule endoscopy market is expected to rise due to the rising demand for minimally invasive surgeries and favorable reimbursement policies for endoscopic operations.

Furthermore, the expansion of the global capsule endoscopy market is further estimated to be driven by the supporting government initiatives to extend modern lines of therapy and the advent of technologically improved diagnostic devices such as endoscopes. In addition, public healthcare departments are providing financial assistance, expertise, and labor to establish endoscopic testing centers under public healthcare plans. As a result of such factors, the capsule endoscopy market is growing.

MARKET RESTRAINTS:

Inadequate reimbursement policies in some parts of the world, high costs associated with diagnostic procedures, and the risk of capsule retention inside the patient's body are anticipated to restrain the global capsule endoscopy market growth. One disadvantage is that capsule endoscopy is an all-day procedure, even though most patients do not stay in the hospital. Capsule becoming impacted or caught within a tiny intestinal stricture or restricted region is another major obstacle to the market's growth rate. The lack of skilled professionals for capsule endoscopy procedures is another major factor hampering the market’s growth rate.

Impact of Covid-19 on the global capsule endoscopy market:

The coronavirus disease 2019 (COVID-19), caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), is still wreaking havoc in many parts of the world and putting pressure on global healthcare systems. Globally, mitigation and suppression methods have been implemented, but the disease has proven challenging to control. As a result, many elective endoscopies were initially canceled to reduce the risk of infection and conserve PPE. Furthermore, during the COVID-19 pandemic, many endoscopy units have stopped providing services, as delaying diagnostic procedures indefinitely may delay the diagnosis and treatment of malignancies. However, owing to the reduced impact of COVID-19, the unlocking of restrictions imposed earlier by the governments, and the growing adoption of new normalization, the global capsule endoscopy market is anticipated to recover quickly and register a healthy CAGR during the forecast period.

REPORT COVERAGE:

This global capsule endoscopy market research report has been segmented and sub-segmented into the following categories.

Capsule Endoscopy Market - By Accessories:

• Wireless Capsule             
• Workstation and Receiver

Based on accessories, the wireless capsule segment captured the major share of the global capsule endoscopy market in 2022, and the domination of the segment is likely to continue during the forecast period. The segment's growth is primarily attributed to the growing patient population suffering from gastrointestinal diseases and the rising preference of people for minimally invasive diagnostic procedures. In addition, the growing demand for procedures of wireless capsules is another major factor driving segmental growth.

Due to the rising demand for advanced diagnostic procedures, the workstation and receiver segment is expected to register a healthy CAGR during the forecast period.

Capsule Endoscopy Market - By Product:

• Small Bowel
• Esophageal
• Colon

Based on the product, the smart bowel segment is predicted to hold the largest global capsule endoscopy market share during the forecast period. The growing population suffering from small bowel disorders and the increasing demand for minimally invasive diagnostic procedures promote the segment's growth rate.

The esophageal segment had a substantial share of the global market in 2022 and is estimated to showcase a notable CAGR during the forecast period. The segment's growth is driven by the increasing number of people suffering from gastroesophageal reflux disease (GERD), Barrett's esophagus, and other esophageal disorders.

The colon segment is expected to witness a healthy CAGR in the coming years. This is because the rising incidence of colon diseases is majorly propelling segmental growth.

Capsule Endoscopy Market – By Application:

• Crohn's Disease
• OGIB (Obscure Gastrointestinal Bleeding)
• Small Intestine Tumor
• Others

Based on the application, the OGIB segment captured the leading share of the global capsule endoscopy market in 2022. The OGIB segment is predicted to register a healthy CAGR during the forecast period. The segment's growth is driven by the rising patient count suffering from obscure gastrointestinal bleeding and the need for non-invasive diagnostic procedures. In addition, increasing technological advancements in capsule endoscopy and the growing number of wireless capsule endoscopy procedures to detect OGIB are promoting the segment’s growth rate.

Other segments, such as Crohn's disease and small intestine tumors, are expected to witness a healthy CAGR during the forecast period.

Capsule Endoscopy Market - By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Geographically, the North American region captured the major share of the global capsule endoscopy market in 2021, and the region’s dominance is anticipated to continue throughout the forecast period. The growing aging population and the rising patient population suffering from gastrointestinal disorders, such as inflammatory bowel disease and colorectal cancer, are majorly propelling regional market growth. In addition, the presence of notable market participants in the North American region is anticipated to fuel the growth rate of the North American market. Furthermore, the growing investments by the key market players to conduct R&D, develop effective capsule endoscopy products, and improve the quality of existing ones are expected to support the market growth in North America. Furthermore, sophisticated healthcare infrastructure and favorable reimbursement policies favor regional market growth. As a result, the U.S. and Canada are the most promising regional markets for capsule endoscopy in North America.

The European Capsule Endoscopy Market accounted for the second biggest share of the global market in 2021 and is estimated to witness a noteworthy CAGR during the forecast period. The presence of several medical manufacturers in the European region and rising awareness regarding the advantages of early diagnosis and treatment are fuelling the growth rate of the European market. In addition, the patient population suffering from gastrointestinal diseases is gradually increasing in the European region, another major factor promoting the regional market growth. The favorable policies from the European countries are predicted to boost the capsule endoscopy market in Europe. Germany, the UK, and Spain are anticipated to capture the major share of the European market during the forecast period.

The APAC market is projected to grow at the fastest CAGR during the forecast period. The growth of the APAC market is primarily driven by increasing healthcare expenditure and rising awareness among people regarding gastrointestinal diseases. The rising number of developments in the healthcare infrastructure among the APAC countries is anticipated to favor the capsule endoscopy market in the Asia-Pacific region. In addition, the growing number of initiatives from governmental and non-governmental organizations favoring capsule endoscopy is anticipated to fuel the market’s growth rate in APAC.

The Latin American capsule endoscopy market is predicted to grow steadily during the forecast period. The growing awareness among healthcare providers regarding minimally invasive surgical procedures to treat gastrointestinal diseases in Latin America is propelling regional market growth.

The MEA market is expected to hold a moderate global market share during the forecast period.

KEY MARKET PLAYERS:

RF Co. Ltd., IntroMedic Co., Ltd., AccuRead Endoscopy Inc., Boston Scientific Corporation, Medtronic Plc, Olympus Corporation, CapsoVision, Inc., Northside Gastroenterology Endoscopy Center, LLC., Chongqing Jinshan Science & Technology Co., Interscope Inc., and Given Imaging Ltd are a few of the promising companies in the global capsule endoscopy market profiled in this report.

RECENT HAPPENINGS IN THE MARKET:

• In 2021, Medtronic announced that it must get approval from the U.S. Food and Drug Administration for the PillCam that can be used at home. When a patient swallows pillCam, it takes a video of the small intestine, collecting the data.
• In 2020, Olympus Corporation announced that it had signed an agreement with Arc Medical Design Limited, which is focused on developing advanced colonoscopy tools through research and development for the early detection of colorectal cancer.
• Olympus' capital expenditures increased in 2018 due to additional investments in refurbishing gastrointestinal endoscopy product plants in Europe.