PUBLISHER: The Business Research Company | PRODUCT CODE: 1455190
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455190
A capsule endoscopy system is a medical diagnostic tool employed for examining the gastrointestinal (GI) tract to detect various conditions and diseases. The system comprises a small, ingestible capsule equipped with a miniature camera, a light source, and wireless technology. Its primary function is to capture high-quality images and videos of the interior of the GI tract, encompassing the esophagus, stomach, small intestine, and sometimes the colon.
The main components of a capsule endoscopy system include capsule endoscopes, workstations, and recorders. A capsule endoscope is a medical device designed for non-invasive examinations and finds applications in various medical conditions such as esophageal diseases, colonic diseases, occult GI bleeding, Crohn's disease, small bowel tumors, celiac disease, and inherited polyposis syndromes. These systems are utilized by various end-users, including hospitals, ambulatory surgery centers, and other healthcare facilities.
The capsule endoscopy system market research report is one of a series of new reports from The Business Research Company that provides capsule endoscopy system market statistics, including capsule endoscopy system industry global market size, regional shares, competitors with a capsule endoscopy system market share, detailed capsule endoscopy system market segments, market trends and opportunities, and any further data you may need to thrive in the capsule endoscopy system industry. This capsule endoscopy system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The capsule endoscopy system market size has grown rapidly in recent years. It will grow from $0.61 billion in 2023 to $0.68 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth observed in the historical period can be attributed to patient preferences for non-invasive procedures, an increase in gastrointestinal disorders, enhanced diagnostic accuracy, improved patient comfort and compliance, the preference of physicians for capsule endoscopy, and the growing aging population.
The capsule endoscopy system market size is expected to see rapid growth in the next few years. It will grow to $1.01 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The anticipated growth in the forecast period can be attributed to the expanding applications in gastroenterology, an increasing focus on early detection, the adoption of patient-centric healthcare approaches, the integration of telemedicine, and global health initiatives for digestive health. Major trends expected in the forecast period include technological advancements, a rise in the prevalence of gastrointestinal disorders, a growing aging population, a preference for non-invasive procedures, increased awareness and patient education, and developments in reimbursement policies.
The growth of the capsule endoscopy system market is being propelled by the increasing prevalence of cancer. Cancer, characterized by abnormal cell growth, necessitates effective diagnostic tools, and capsule endoscopy systems play a vital role by enabling physicians to visualize the gastrointestinal tract, aiding in the detection of tumors, ulcers, and inflammation. This less invasive approach enhances the diagnosis of gastrointestinal cancers, contributing to improved patient outcomes and quality of life. Notably, in the US, the number of new cancer cases rose from 1.8 million in 2020 to 1.9 million in 2021, with 606,520 and 608,570 cancer-related deaths, respectively, highlighting the significance of capsule endoscopy systems in addressing the escalating cancer prevalence.
The increasing prevalence of gastrointestinal disorders is a key factor driving the growth of the capsule endoscopy system market. With capsule endoscopy offering an efficient and rapid screening method for various gastrointestinal conditions, including obscure GI tract bleeding, it contributes to accurate diagnoses and treatments. The rising prevalence of inflammatory bowel diseases (IBD), such as Crohn's disease, further emphasizes the importance of capsule endoscopy systems. In Canada, over 322,600 individuals were estimated to be living with IBD in 2023, and this number is expected to increase to around 470,000 by 2035, illustrating the crucial role of capsule endoscopy in managing gastrointestinal disorders.
The high cost of treatments poses a challenge to the growth of the capsule endoscopy system market. Elevated expenses associated with medical interventions may limit affordability, encounter reimbursement challenges, and face competition from other technologies. For instance, the average cost of capsule endoscopes was $416.97 (€369.00) per treatment in 2022, making it comparatively more expensive than flexible endoscopic consumables and potentially hindering market growth.
Leading companies in the capsule endoscopy system market are addressing these challenges by developing advanced capsules, such as the NaviCam small bowel system. This innovative system incorporates advanced technologies, including a magnet for remote steering by physicians and artificial intelligence (AI) for automated identification of areas of interest in video footage. The NAVICAM small bowel system provides a more effective and efficient way to diagnose small bowel diseases, enhancing patient comfort and aiding physicians in making accurate diagnoses.
In January 2021, Olympus Corporation partnered with Hitachi Ltd. to develop endoscopic ultrasound systems (EUS) for early patient diagnosis, reflecting a collaborative effort to advance innovative technologies in the field. This partnership combines the strengths of both companies to contribute to the early diagnosis of patients and improve their overall quality of life.
Major companies operating in the capsule endoscopy system market report are Novartis AG, Medtronic plc., Fujifilm Holdings Corporation, Koninklijke Philips N.V., Boston Scientific Corporation, EmblemHealth Inc., Olympus Corporation, Cerner Corporation, Henry Ford Health System, Steris Corp., Check-Cap Ltd., Proteus Digital Health Inc., Given Imaging Ltd., Medigus Ltd., Lifeline Sciences LLC., Medisafe UK Limited, CellMax Life Ltd., IntroMedic Co. Ltd., SMART Medical Systems Ltd., BodyCap SAS, AnX Robotica Corporation, Advin Healthcare Private Limited, Chongqing Jinshan Science and Technology (Group) Co. Ltd., SmartPill Corporation, ANKON Technologies Co. Ltd., RF Systems Lab Co. Ltd., CapsoVision Inc., PENTAX Medical Company.
North America was the largest region in the capsule endoscopy system market in 2023. The regions covered in the capsule endoscopy system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the capsule endoscopy system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The capsule endoscopy system market consists of sales of wireless capsule, image recorder and image workstations. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Capsule Endoscopy System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on capsule endoscopy system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for capsule endoscopy system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The capsule endoscopy system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.