PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1186796
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1186796
The capsule endoscopy market was valued at US$883.244 million in 2020 and is expected to grow at a CAGR of 6.04% over the forecast period to reach a market size of US$1,331.795 million in 2027.
A capsule endoscopy camera is like a vitamin-size capsule that is swallowed by people. The procedure of Capsule Endoscopy is done with the use of a tiny wireless camera that takes images of the digestive tract. The capsule contains video chips, a light bulb, a battery, and a radio transmitter. It takes thousands of images as it travels through our digestive tract; and sends them through the transmitter. These images are used by the doctor to see areas that cannot be reached easily with traditional endoscopy procedures. The main use of the capsule is to diagnose gastrointestinal complications, inflammatory bowel diseases, celiac diseases, polyps screening, oesophagus examination, and abnormal tissue growth where the traditional endoscopy is ineffective and helps in at-time and faster recovery. The growth of the capsule endoscopy market is substantiated by supportive government initiatives, increasing demand for faster and more accurate diagnostics, growing incidences of intestinal disorders and gastrointestinal diseases, and the increasing geriatric population. However, the risks and complications of capsule endoscopy and the lack of skilled physicians remain major challenges.
Drivers
The rising geriatric population base is projected to provide the capsule endoscopy market with a strong platform for growth over the analyzed period. Aging significantly increases the risk of gastrointestinal disorders like inflammatory bowel disease, Crohn's disease, colorectal cancer, and appendicitis, to name a few. Further, the growing prevalence of cancer in older as well as younger adults in recent times and the increasing adoption of screening tests, including capsule endoscopy for detection is likely to propel market growth. According to the statistics provided by the American Cancer Society, it is projected that about 1.9 million cancer cases would be reported in the US by the end of 2022. Such an increasing prevalence is thus expected to catalyze the growth of the market.
Further, the growing adoption of minimally invasive surgical interventions has accelerated the utilization of capsule endoscopic systems and wireless capsules, majorly for the detection or diagnosis of gastrointestinal issues such as OGIB (obscure gastrointestinal tract bleeding), Crohn's disease, cancer, and small intestine tumor. Capsule endoscopy provides efficient and rapid results concerning screening of such conditions, thereby boosting the adoption of this method and leading to market growth.
Adding to that, strategic alliances among market players, such as mergers, acquisitions, and partnerships, along with growing R&D in the area of capsule-based endoscopic technologies are some of the factors that are further expected to drive the growth of the market. for instance, in 2020, Medtronic announced a partnership with Amazon for the home delivery of its capsule endoscope, PillCam Genius. Through this partnership, it aimed at increasing its penetration at a global scale and enhancing patient comfort and satisfaction.
Application Insights
Based on application, the OGIB segment is expected to hold dominant shares in the market, due to the numerous advantages provided by capsule endoscopy in the diagnosis and detection of OGIB. Additionally, benefits like real-time visualization, image capturing, and analysis of the entire small intestine, along with reliable and precise results attribute to the increase in the adoption of capsule endoscopes for OGIB. Further, the shift in trend towards the adoption of capsule-based endoscopy screening for OGIB as compared to the other conventional methods, such as double-balloon enteroscopy, is further expected to aid in the growth of the segment.
Moreover, the Crohn's disease segment is projected to grow at a substantial rate during the analyzed period due to the increasing utilization of capsule endoscopes for the detection of Crohn's disease. It is considered one of the most common types of Inflammatory Bowel Disease (IBD) and the rising prevalence of IBD, along with Crohn's disease is likely to augment market growth during the forecasted period. Canada has one of the highest incidence rates of IBD, including Crohn's disease and ulcerative colitis. For instance, according to 2021 statistics provided by Crohn's and Colitis Canada, around 260,000 people in the country were found to be living with IBD which is a substantially high number. In addition, the IBD prevalence rate is anticipated to increase by 50% by the year 2030, with around 400,000 Canadians getting diagnosed with IBD, according to a study by Crohn's and Colitis Canada in 2018.
COVID-19 insights
The outbreak of the COVID-19 pandemic had a mixed impact on the capsule endoscopy market. The delay, cancellation, and reduction in the number of elective surgeries performed during the initial phases of the pandemic significantly impacted the market. Further, changing regulations with regard to surgical interventions and endoscopic screening procedures, and imbalance in the supply chain were some of the key factors that hindered the growth of the market for capsule endoscopy during the pandemic.
Furthermore, capsule endoscopy training for medical professionals was also impacted severely. Several institutions opted for e-learning modules for training. However, the advantages provided by capsule endoscopy boosted the growth of the market post the initial phases of the pandemic. For instance, according to a 2021 cohort study of 146 patients (out of which 74 were COVID-19 positives) published by JAMA Network, active bleeding was identified more frequently using video capsule endoscopy as the first strategy, at about 59.5%, as compared to the traditional detection process. Hence, such instances provided growth to the market and are expected to accelerate the growth even further now that the condition has gotten better.
Market Segmentation:
By Component
Capsule Endoscopy
Capsule Endoscopy Data Recorder
Capsule Endoscopy Workstations
By Endoscope Type
Cystoscopies
Neuro-Endoscopes
By Product
Small Bowel Capsule
Esophageal Capsule
Colon Capsule
By Application
Obscure Gastrointestinal Bleeding
Crohn's Disease
Intestine Disease
Others
By End-User
Hospitals
Clinics
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
South Korea
India
Indonesia
Thailand
Taiwan
Others