Dublin, Jan. 03, 2024 (GLOBE NEWSWIRE) -- The "Global Capsule Endoscopy Market (by Disease Type, Product, End Use, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The global capsule endoscopy market is expected to reach US$559.59 million in 2023, growing at a CAGR of 8.64% during the forecast period.
Capsule endoscopy is a non-invasive medical procedure in which a pill-sized endoscope is consumed by the patient to record pictures of the digestive tract. This is done through the employment of a video capsule, a wireless, disposable gadget equipped with a camera, battery, transmitter, and light source. The video capsules inserted capture images in the stomach, esophagus, and small intestine, which is used to diagnose gastrointestinal disorders.
In addition, the introduction of technologically sophisticated wireless capsules with enhanced features such as longer battery life, higher data storage capacity, Wi-Fi-enabled gadgets, and ergonomic designs is likely to boost market expansion in coming years.
The North America capsule endoscopy market enjoyed the highest market share, primarily owing to rising preference for minimally invasive screening procedures, along with the adoption of technologically enhanced products and systems. While the US continues to be a prominent region of North America capsule endoscopy market, accounting to the growing preference for minimally invasive surgeries and technological advancements.
Driver: Rising Adoption Of Minimally Invasive Surgical Interventions
The range of applications for capsule endoscopy systems, including those for colon disease, small bowel disease, and esophageal illness, has increased due to technological developments.
Technological advancements have enhanced the traditional endoscopy's diagnostic, monitoring, and viewing capabilities. New varieties of capsule endoscopes, including those for the small intestine, colon, and oesophagus, have been developed as a result of advanced technologies.
Product manufacturers are also developing user-friendly and high-resolution cameras with a 360-degree panoramic view. Endoscopy now has a high level of accuracy, safety, and precision thanks to advancements that would have been difficult to attain only a few years ago. The video scope and the capsule endoscope have replaced the fibreoptic endoscope (fiberscope) period recently.
Challenge: Limitations Related To The Application Of Capsule Endoscopy
The market expansion of capsule endoscopy is hampered by some of its limitations, such as capsule retention and utilization restricted to diagnostic purposes. Endoscopic retrieval or surgical excision may be necessary to reduce the chance of capsule retention.
Also, problems in some sections of the intestine are ignored due to the capsule's fast transit and blurry, unreadable images. Images may be distorted by food or stool residue. The main danger of capsule endoscopy is small bowel device retention. Patients who undergo the test to check for bleeding run a very low risk - between one and two percent - of bleeding.
Patients with Crohn's disease may see a four to five percent increase in risk. However, it is projected that the retention rate would decrease with technology developments and better designed wireless capsules, which will spur the capsule endoscopy market expansion.
Trend: Integration of Artificial Intelligence (AI) in Capsule Endoscopy
Artificial intelligence (AI) is expected to act as one of the main drivers for the success of capsule endoscopy. The integration of various technological advancements in capsule endoscopy to improve its reading experience, accuracy, and diagnostic capability is expected to further propel the market growth.
The development of Wi-Fi-enabled capsules with longer battery life and better camera quality to increase diagnostic capabilities of capsule endoscopy is also projected to accelerate the industry growth. As the awareness regarding the benefits of painless and minimal invasive (MI) techniques of diagnosis that do not involve sedation is growing, the demand for capsule endoscopy is expected to surge.
Furthermore, the increasing prevalence of gastrointestinal disorders and colorectal cancer globally are anticipated to provide a further impetus to the market growth. Several other factors, including the rising expenditure capacities and the improvement in the healthcare industry, are anticipated to strengthen the growth of the global endoscopy industry over the forecast period.
Segment Covered
By Product: In terms of the product, the report provides the bifurcation of the global capsule endoscopy market into two segments: Systems and Capsule Endoscopes. Systems segment acquired largest share in the market, due to the range of applications for capsule endoscopy systems, including those for colon disease, small bowel disease, and esophageal illness, has increased because of technological developments. The same segment is expected to have the highest CAGR in the future due to technological advancements.
By Disease Type: The report further provides the segmentation of the global endoscopy market based on the disease type: Small Bowel, Esophageal and Colon. Small Bowel segment acquired dominant share in the market owing to their rising utilization in the diagnosis and screening of medical conditions such as inflammatory bowel disease, Crohn's disease, obscure GI tract bleeding (OGIB), and small bowel neoplastic lesions. Esophageal segment is expected to have the highest CAGR in the future due to growing preference for less intrusive screening methods.
By End User: On the basis of end-user, the report splits the global capsule endoscopy market into three categories: Hospitals, Ambulatory Surgery Centers and Other End-Users. Hospitals segment held the maximum share in the market, because of substantially large adoption, utilization of capsule endoscopy services, and such endoscopes in the hospitals compared to the other healthcare systems. Also, Other End-Users is predicted to have the highest CAGR in the future which encompasses clinical, educational and others sectors.
The COVID-19 Analysis
The COVID-19 pandemic has had a negative impact on the market, resulting in the rescheduling, postponement, or cancellation of elective surgeries. In addition, supply chain disruptions and changes in the regulatory scenario to combat infection caused by the COVID-19 virus have hampered market growth during the COVID-19 pandemic.
Furthermore, due to the pandemic, medical professionals' training in capsule endoscopy was limited. According to a 2021 article published in BMJ Journals, due to pandemic situations, some institutions have implemented e-learning modules for capsule endoscopy training and plan to return to traditional training patterns after the pandemic.
Competitive Landscape
The capsule endoscopy market is concentrated with the presence of a few number of players majorly dominating worldwide.
- Global Capsule Endoscopy Market Players: Financial Comparison
- Global Capsule Endoscopy Market Players: R&D Expenses Comparison
Market Dynamics
Growth Drivers
- Increasing Geriatric Population
- Rising Expenditure Capacities of the Consumers
- Upsurge in Healthcare Expenditure
- Increasing Prevalence of Gastrointestinal Disorders, Colorectal Cancer and Small Intestinal Disorders
- Rising Adoption of Minimally Invasive Surgical Interventions
- Awareness Regarding the Availability of Painless and MI Visualization Procedures
Challenges
- Limitations Related To the Application of Capsule Endoscopy
- Shortage of Trained Doctors
Market Trends
- Integration of Artificial Intelligence (AI) in Capsule Endoscopy
- Technological Advancements
- Better-designed Wireless Capsules
Company Profiles
- Olympus Corporation
- FUJIFILM Holdings Corporation
- Medtronic plc.
- Chongqing Jinshan Science & Technology (Group) Co., Ltd.
- CapsoVision
- Check-Cap Ltd.
- AnX Robotica Corp
- Shangxian Minimal Invasive Inc.
- IntroMedic Co.,Ltd.
- RF CoLtd.
For more information about this report visit https://www.researchandmarkets.com/r/yz745j
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