Global Capsule Endoscopy Market Size To Reach USD 1.6 Billion In 2032 | Xcellent Insights

(MENAFN- GlobeNewsWire - Nasdaq) Pune, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The global capsule endoscopy market has experienced significant growth, reaching a value of approximately USD 567.4 million in 2022, and is projected to expand to USD 1.6 billion by 2032, with an impressive annual growth rate of 9.6%. Several key factors contribute to this robust market growth, including the increasing incidence of cancer cases, a rising elderly population worldwide, a growing demand for less invasive diagnostic methods, and the introduction of advanced capsule technologies. Additionally, increased healthcare spending, particularly in the pursuit of effective cancer diagnostics, and government support further boost market expansion. Capsule endoscopy offers numerous advantages, including painless viewing of the gastrointestinal tract, precise diagnosis, and faster results, which have contributed to its popularity in recent years.

The adoption of minimally invasive surgeries has driven the utilization of capsule endoscopic systems and wireless capsules, particularly for detecting or diagnosing gastrointestinal issues such as obscure GI tract bleeding, Crohn's disease, cancer, and small intestine tumors. Capsule endoscopy provides efficient and rapid screening for these conditions, leading to increased adoption and market growth. However, there are limitations to consider, such as capsule retention and the restricted use for diagnostics only, which pose challenges to market growth.

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Capsule retention, where the capsule may become stuck and require retrieval through endoscopy or surgery, occurs in approximately 2% of patients undergoing small bowel capsule endoscopy. This presents a challenge to product adoption. Nevertheless, with ongoing technological advancements and better-designed wireless capsules, the retention rate is expected to decrease, thus boosting market growth. Additionally, the COVID-19 pandemic has significantly impacted the market, with the postponement, delay, cancellation, and reduction of elective surgeries during the pandemic affecting market growth. Changes in regulations related to surgical procedures and endoscopic screenings, as well as supply chain disruptions, were key factors hindering market growth during the pandemic.

The increasing prevalence of gastrointestinal disorders is a significant driver of the capsule endoscopy market's compound annual growth rate (CAGR). Gastrointestinal conditions like inflammatory bowel disease (IBD), Crohn's disease, and celiac disease are becoming more widespread globally. For example, IBD affects approximately 0.5% to 1% of the population in affluent countries. Capsule endoscopy offers a non-invasive diagnostic method that allows healthcare providers to detect and monitor these illnesses more efficiently than traditional endoscopy, which involves inserting a long, flexible tube with a camera into the digestive tract. As the prevalence of gastrointestinal disorders continues to rise, the demand for capsule endoscopy is expected to grow, given its non-invasive and patient-friendly nature.

Moreover, technological advancements in capsule endoscopy are driving rapid market growth. Innovations like high-resolution cameras and wireless communication systems have enhanced the precision and efficiency of capsule endoscopy procedures. Additionally, the application of artificial intelligence and machine learning algorithms allows for the analysis of vast amounts of data generated by capsule endoscopy procedures, further improving diagnostic accuracy. This combination of factors, including the increasing incidence of gastrointestinal diseases and the growing demand for non-invasive diagnostic methods, propels the capsule endoscopy market forward. Continued technological enhancements are expected to drive market growth as more patients and healthcare providers adopt capsule endoscopy as a diagnostic tool.

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Another crucial driver of the capsule endoscopy industry is the rising demand for point-of-care diagnostics. Point-of-care testing enables healthcare providers to conduct diagnostic tests conveniently and swiftly at the patient's bedside, in a clinic, or even at home. Capsule endoscopy represents a form of point-of-care diagnostics that empowers healthcare providers to diagnose and monitor gastrointestinal diseases efficiently. This approach can be administered in a clinic or at home, making it a convenient option for individuals in remote areas or with mobility challenges. Capsule endoscopy's increasing use in remote and rural locations reflects the growing demand for point-of-care testing, particularly in areas with limited access to healthcare services and diagnostic testing.

In conclusion, capsule endoscopy is a valuable diagnostic tool used by healthcare practitioners to diagnose and monitor gastrointestinal illnesses. Its non-invasive and patient-friendly nature, coupled with ongoing technological advancements, make it a preferred choice in remote and rural settings, where access to medical facilities is limited. As the prevalence of gastrointestinal disorders continues to rise, and as healthcare providers and patients increasingly recognize the benefits of capsule endoscopy, the market is poised for significant expansion in the coming years.

Report Coverage:

Report Details	Outcome
Market Size in 2022	USD 567.4 Million
Revenue CAGR	9.6%
Market Size in 2032	USD 1.6 Billion
Base Year for Estimation	2022
Historical Data	2018-2021
Forecast Period	2023-2032
Segments Covered	Product Type, Application, End Use, and Region
Qualitative Info	Value Chain Analysis Pricing Analysis Regional Outlook Market Trends Market Share Analysis Competition Analysis Technological Advancements
Customization Scope	10 Hours of Free Customization and Expert Consultation

Competitive Landscape:

Major players in the capsule endoscopy industry include Anx Robotica, Capsovision Inc., Check-Cap Ltd, Changing Jinshan Science and Technology Group Co., Fujifilm Holding Corporation, IntraMedic Co., Medtronic plc, Olympus Corporation, RF System Lab, Shangxian Minimal Invasive Inc., and others. These prominent market players are actively deploying advanced technologies to address the substantial unmet needs of consumers. Their strategic initiatives encompass forming partnerships, introducing new products, and facilitating commercialization as part of their market expansion strategies.

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Some Key Players Listed in the Report Include:

• Anx Robotica
• Capsovision Inc.
• Check-Cap Ltd
• Changing Jinshan Science and Technology Group Co.
• Fujifilm Holding Corporation
• IntraMedic Co.
• Medtronic plc
• Olympus Corporation
• RF System Lab
• Shangxian Minimal Invasive Inc.
• Other key players

Capsule Endoscopy Industry Recent Developments:

• In November 2021, Medtronic plc made an announcement regarding the receipt of U.S. FDA 510(k) clearance for its PillCam Small Bowel 3 system, specifically designed for remote endoscopy procedures. This system, known as PillCam 583 HOME, offers a telehealth solution for the direct visualization and monitoring of the small bowel. It aims to improve the detection of lesions that may not be identified through upper and lower endoscopy, which can be indicative of conditions such as Crohn's disease or help locate obscure bleeding, among other potential uses. The regulatory approval granted by the FDA played a pivotal role in enhancing the company's research and development capabilities and expanding its product portfolio.
• In May 2021, Fujifilm Holdings Corporation introduced the ELUXEOTM Endoscopy System, featuring an endoscopy system designed for the diagnosis and monitoring of gastrointestinal diseases.
• In March 2020, RF System Lab, a subsidiary of Jabil Inc., launched the VJ-3 Capsule Endoscope TM. This innovative capsule endoscope offers enhanced capabilities and a compact design, aiming to improve diagnostic accuracy and efficiency in medical procedures.

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The Global Capsule Endoscopy market has been segmented based on Product, Application, End Use, and Region:

Capsule Endoscopy Segment By Product

• Systems
• Wireless Capsule

Capsule Endoscopy Segment By Application

• OGIB (Obscure GI Tract Bleeding)
• Small Intestine Tumor
• Crohn's Disease
• Other Applications

Capsule Endoscopy Segment By End-Use

• Ambulatory Surgery Centers/Clinics
• Hospitals
• Other End-uses

Capsule Endoscopy Segment by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Russia
  • Nordic Countries
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Southeast Asia
  • India
  • Australia
  • Rest of Asia
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • Turkey
  • Saudi Arabia
  • UAE
  • Rest of MEA

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