New York, March 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Capsule Endoscopy Market Size, Share, Growth and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Endoscopy Capsule and Components), Formulation (Tablets and Capsules), Application [Obscure Gastrointestinal Bleeding (OGIB), Crohn’s Disease, Small Bowel Diseases, and Other Diseases], and End Users (Hospitals, Clinics, Research Centers, and Other End Users)”, the global capsule endoscopy market size to grow from USD 465.72 million in 2022 to USD 757.51 million by 2028; it is estimated to grow at a CAGR of 8.4% from 2022 to 2028.
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Global Capsule Endoscopy Market – Report Scope:
| Market Size Value in | USD 465.72 Million in 2022 |
| Market Size Value by | USD 757.51 Million by 2028 |
| Growth rate | CAGR of 8.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 178 |
| No. of Tables | 118 |
| No. of Charts & Figures | 69 |
| Historical data available | Yes |
| Segments covered | Product, Formulation, Application, and End Users |
Global Capsule Endoscopy Market: Competitive Landscape and Key Developments
RF Co., Ltd.; JINSHAN Science & Technology; SHANGXIAN MINIMAL INVASIVE INC; CapsoVision; Check-Cap.; INTROMEDIC; Medtronic; Olympus Corporation; and Anhan Technology (Wuhan) Co., Ltd. are key companies operating in the global capsule endoscopy market. Leading players are focusing on expanding and diversifying their market presence and customer base, thereby tapping prevailing business opportunities.
In November 2021, Medtronic announced FDA 510(k) clearance for its new product, "PillCam Small Bowel 3 system," for remote endoscopy procedures. PillCam SB3 is delivered straight to the patient via telehealth appointment with a provider guiding the patient through a remote procedure. In the eight-hour procedure, the PillCam SB3 capsule transmits approximately 50k images, which are secure in the cloud, where a GI physician can assess them for a smooth diagnosis of the patient.
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Utility of Home-Based Capsule Endoscopy to Offer Lucrative Opportunities for Global Capsule Endoscopy Market Growth:
According to the Association for the Advancement of Medical Instrumentation 2020 published article, Food & Drug Administration (FDA) announced approval for an at-home endoscope (small bowel capsule) used amid the COVID-19 pandemic manufactured by Silicon Valley-based Capsovision. The device by CapsoCam Plus video capsule system is intended for the visualization of small bowel mucosa among adults and abnormalities related to the small bowel. Further, the company's advanced capsule technology delivers high-quality diagnostic imaging without creating a risk of in-person exposure to COVID-19. For example, for the images, a patient swallows the capsule and uses a stool-based retrieval system for capturing the capsule, and the images are reviewed by physicians using cloud-based software. Such home-based capsule endoscopy will offer lucrative opportunities for the overall market growth in the coming years.
Capsule Endoscopy Acting as a New Tool for Cancer Screening Dominates Overall Market Growth
According to the IEEE 2022 report, wireless fluorescence capsule endoscopy possesses the potential to improve diagnostic accuracy with less discomfort for patients. Additionally, the Royal Society of Chemistry 2022 report states that “PillCam COLON capsule endoscopy (CE),” manufactured by Medtronic, is a noninvasive diagnostic tool of the digestive tract that is intended for diagnostic purposes with an attractive alternative to conventional colonoscopy for early detection of colorectal cancer. Further, the British Society of Gastroenterology 2022 report states that guidelines suggest that colon capsule endoscopy (CCE) is feasible, safe, and accurate for individuals suffering from the average risk of colorectal cancer and might be considered among those individuals having incomplete examination or have declined colonoscopy procedure. For example, the utility of technologically advanced AI-based CCE takes shorter time and rapid speed, offering sensitivity of over 99%. Also, the CCE provides results with favorable reading estimates for the gastroenterologists by reducing the result time to 6 minutes. Such aforementioned positively influence the utilization of capsule endoscopy for detecting cancer, thereby dominating the overall market growth.
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Global Capsule Endoscopy Market: Segmental Overview
Based on product, the capsule endoscopy market is bifurcated into endoscopy capsule and components. The endoscopy capsule segment held a larger share of the market in 2022. Based on formulation, the capsule endoscopy market is bifurcated into tablets and capsules. The capsule segment held a larger share of the market in 2022. Based on application, the capsule endoscopy market is segmented into obscure gastrointestinal bleeding (OGIB), Crohn's disease, small bowel diseases, and other diseases. Based on end user, the market is segmented into hospitals, clinics, research centers, and other end users. The hospitals held the largest share of the market in 2022. Based on geography, the market is primarily segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
With the emergence of new variants of SARS-CoV-2 resulting in surging cases globally, healthcare professionals found it challenging to understand the profile of each patient and deliver the best treatment. As per the National Institute of Health (NIH) report, amid the COVID-19 pandemic, capsule endoscopy (CE) offered many advantages over other gastrointestinal endoscopy modalities such as single-use utility with low risk of cross-contamination, excellent tolerance, low risk of aerosol generation, minimal medical staff requirement, and separation of examination and reading/reporting. Additionally, non-controlled magnetically controlled capsule endoscopy (MCE) systems installed in hospitals are involved in separating patients and medical staff with different rooms or glass-partition divided rooms, resulting in infection-free and safety of medical staff offering high-quality endoscopy service during the COVID-19 pandemic. Therefore, amid the COVID-19 pandemic, the demand for capsule endoscopy was high, thereby dominating the overall market growth.
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