The global capsule endoscopy market is expected to grow from USD 680 million in 2022 to USD 1500.58 million by 2030, at a CAGR of 10.40% from 2022-2030. The North American capsule endoscopy market is expected to maintain its dominance during the forecast period.

Market Introduction:

The human body can develop undesirable conditions, diseases or illnesses throughout of life. However, most diseases or conditions are treatable with the technological advancements and scientific breakthroughs achieved over the years. Any disease, disorder, condition or illness manifests itself in the form of multiple systems which are indicative and help physicians diagnose it and prescribe a treatment option for the patients. The symptoms are visible discomforts to the patient; however, sometimes, they are not visible. The diagnosis is then deduced by performing a series of tests. The tests may include blood analysis, a cardiogram, biopsies, and other diagnostic tests. Capsule endoscopy is a medical procedure enabling doctors to visually look at the entire gastrointestinal tract and identify any undesirable signs that may have caused discomfort to the patient. As the name suggests, Capsule endoscopy is a technological marvel of the capsule's size. It is made to travel through the gastrointestinal tract while it takes pictures of the whole tract and relays the images to a wireless transmitter. Capsule endoscopy enables a quicker, minimally invasive, low-cost diagnostic procedure in modern medicine. It allows the physicians to reach the inside parts of the intestines, giving them a closer look, unlike conventional endoscopy. The process is painless and, the patient is not required to be sedated. Further advancements in medicine have led to the development of enhanced capsule endoscopy at lower costs, propelling the market's growth.

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Recent Development

December 2022 - The creator and developer of the NaviCam® Magnetically Controlled Capsule Endoscopy System (MCCE), AnX Robotica Corporation, announced cooperation with GastroGPO, a Specialty Networks Company. The adoption of the NaviCam MCCE will enable GastroGPO members to provide a minimally invasive, sedation-free diagnostic test to view the stomach and oesophagus. The clinical team will then be better able to make decisions on the next stage of the diagnostic and treatment process. The NaviCam Stomach System gives doctors external robotic control over a capsule inside the human body by combining cutting-edge automated technologies with creative and intelligent software.

March 2022 - A new USD 6.4 million effort to include AI-assisted capsule endoscopy in future bowel cancer diagnosis is being led by Scottish health researchers. Around 1,600 individuals in Scotland lose their lives to bowel cancer each year, making it the second most common cancer-related cause of death. An endoscope, a small, flexible tube with a camera at one end, is currently used to screen for cancer by inserting it into a patient's colon and moving it around the patient's large intestine. A "smart pill" with cameras is used in clinical capsule endoscopy (CCE), which records images of the intestines as they transit through the patient. The diagnostic process is presently being implemented across the Scottish NHS as part of the ScotCap programme in order to facilitate the remobilization of the endoscopy service and reduce pressure on the NHS in the wake of the COVID-19 pandemic.

Market Dynamics:

Drivers

The rising global geriatric population – the elderly population is more vulnerable and susceptible to various diseases and conditions. Gastrointestinal problems are highly prevalent in the ageing population. Furthermore, the modern world has witnessed a surge in an unhealthy lifestyles, including eating non-nutritious food, insufficient hydration, no exercise, a highly processed and sugary diet, and stressful work lives. All these impact the individual's health and lead to several health problems throughout their lives, including several gastrointestinal diseases. Therefore, the rising incidence and prevalence of gastrointestinal disorders, diseases and conditions will propel the global capsule endoscopy market's growth. It is highly popular as an effective, minimally invasive, painless diagnostic procedure in the medical community. The increasing incidence of cancer globally will also augment the market’s growth.

Furthermore, the rising incidence and prevalence of gastrointestinal problems impact the country's human resource and drives up healthcare and economic costs for the nation. The government is paving the way for developing the healthcare infrastructure to reduce and eventually mitigate these losses. The advancement in technologies and innovations will further the market's growth.

Restraints:

Medical risks associated with capsule endoscopy – capsule endoscopy is a relatively a safe medical procedure; however, it is not entirely risk-free. The patient undergoing the procedure must swallow a capsule through the gastrointestinal tract while relaying images to a transmitter throughout the body. While the pill is expected to travel unhindered through the tract, some complications or hindrances may occur. This could lead to tissue tear, internal bleeding or the capsule being stuck in the tract. These complications make patients sceptical about the procedure, hindering the market's growth. Furthermore, as much as a capsule endoscope is relatively more cost-effective than conventional endoscopy, it is still costly for most citizens in the absence of favourable reimbursement policies. The low-and-middle income nations lack robust healthcare and reimbursement policies to their citizenry, thereby limiting the market's growth.

Opportunities:

Technological advancements – the rise of technology over the past few years has improved millions' lives and global efficiency. The automation and digitization witnessed in each economic sector are more or less driven by the integration of artificial intelligence, augmented reality, big data, machine learning and robotics. All these marvels have paved the way for faster, safer, accurate, precise, safe and sound technologies, services and development models to be developed globally. Similarly, it has also enabled advancement in the global capsule endoscopy market. The increasing prevalence of gastrointestinal disorders has encouraged government and private players to develop enhanced capsule endoscopy procedures. Integration of artificial intelligence to improve the capsule endoscopy procedure's safety, precision, accuracy, and imaging quality to ensure positive patient outcomes has propelled the market's growth over the years. The continuously growing research and development in the market with more capital funds encouraging innovations will offer lucrative opportunities to the market players.

Challenges:

Stringent government approval and regulation policies – The usage of any medication, medical procedure or surgical procedure directly impacts the patient. It can affect the patient both physically, mentally and emotionally. Any negligence by physicians, surgeons, or government authorities approving these drugs, devices, and procedures is unacceptable. Therefore, the government medical bodies supervising the approval of new drugs or procedures maintain high vigilance, control standards, testing procedures and approval processes to avoid any harm. The stringent government approval and regulation policies will challenge the market’s growth.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the global capsule endoscopy market, with a 47.21% market revenue share in 2022. The North American region constitutes some of the most developed countries with advanced healthcare infrastructure. These countries have successfully eradicated most diseases that plagued the others a few decades back. The government's focus has now turned towards improving the welfare of the people by developing infrastructure that caters to every citizen's every problem, including rare diseases. Such intensive focus on healthcare and family welfare has created awareness about preventive and corrective measures concerning one's health. It has established a robust diagnostic infrastructure to identify conditions and diseases early and interfere before it progresses. The highly advanced, well-endowed, robust and sophisticated diagnostic infrastructure with high-end technologies drives the region's global capsule endoscopy market dominance. The favourable government reimbursement policies and an extensive private insurance market propel the region's growth. The presence of significant players drives innovation and offers access to the latest novel medical devices and procedures. The rising geriatric population and the prevalence of gastrointestinal problems in the young adult population will increase the demand for capsule endoscopy in the region, thereby retaining its dominance in the market throughout the forecast period.

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Component segment analysis

The component segment is divided into capsule endoscopes, recorders, and workstations. The capsule endoscope segment dominated the market with a market share of around 49% in 2022. Technological advancements in medicine have led to the development of minimally invasive medical devices and procedures. They are painless, effective, accurate, and precise. They offer insight into the inaccessible parts of some organs, as in the case of conventional endoscopy. The rising awareness and adoption of such minimally invasive endoscopes have increased their popularity over the years. Furthermore, the rising incidence and prevalence of gastrointestinal disorders, conditions and diseases have increased the need for capsule endoscopes. The safety accorded by the medical procedure instils confidence in the patients, furthering the demand for endoscopes. Capsule endoscopes are highly popular with doctors because they offer better visualization of the organs, enabling them to diagnose the patient with solid proof effectively.. It allows them to analyze the inner parts of the gastrointestinal tracts, which significantly improves their knowledge about the cause of the problem. Such exploratory diagnosis accorded by capsule endoscopy allows them to prescribe proper treatments and improve patient outcomes, explaining their dominance in the market.

Disease type segment analysis

The disease type segment is divided into obscure GI tract bleeding, Crohn's disease, small intestine tumors and others. The small intestine tumor segment dominated the market with a market share of around 45% in 2022. The small intestine tumour is cancer. The exact causes of small intestine tumours are not yet defined. The small intestine is long, and the tumour can be situated anywhere. Capsule endoscopy is the most effective and ideal medical procedure to analyze the small intestine. It expands the field of vision, reaches the inner parts of the intestine, and enables better diagnosis. Capsule endoscopy is widely used to diagnose several small intestine tumours, explaining the dominance of the segment in the market.

End-user segment analysis

The end-user segment is divided into hospitals, ambulatory surgery centers, diagnostic laboratories, specialty clinics and others. The hospital segment dominated the market with a market share of around 47% in 2022. Hospitals are the primary healthcare centers in each country. They are equipped with the infrastructure and qualified personnel to perform capsule endoscopy. They have the means and capital to acquire the components, devices and other necessary logistics for setting up the medical procedure. They receive government funds and grants, enabling them to continue upgrading their healthcare services. Hospitals are perceived as the primary institutions to seek out all types of medical services by the general populace. Government hospitals are covered under several healthcare initiatives offering free medical services or favourable reimbursement policies, making them the first choice for an average income earner.

Some of the Key Market Players:

• Anx Robotica
• CapsoVision Inc.
• Check Cap
• Chongqing Jinshan Science & Technology Co. Ltd.
• Fujifilm Holding Corporation
• IntroMedic Co. Ltd.
• Medtronic PLC
• Olympus Corporation
• RF System Lab
• Shangxian Minimal Invasive Inc.

Report Description: