Capsule Endoscopy Market Size, Share & Trends Analysis Report By Product, By Application (OGIB, Small Intestine Tumor), By End Use (Hospitals, Ambulatory Surgery Centers), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global capsule endoscopy market size was valued at USD 465.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2021 to 2028. The increasing prevalence of cancer, growing global geriatric population base, rising demand for minimally invasive diagnostic procedures, and introduction of technologically advanced capsules are the major factors bolstering the market growth. In addition, rising healthcare expenditure levels triggering the need for effective diagnostic procedures for cancer and supportive government initiatives are a few factors expected to boost the market growth.

Benefits provided by capsule endoscopies such as painless visualization of gastrointestinal tract images, precise diagnosis, and faster results have increased their adoption in recent years. In addition, the introduction of technologically advanced wireless capsules with enhanced features such as longer battery life, enhanced data storage capability, WiFi-enabled devices, ergonomic designs, easy transmission, larger frame rate, 360-degree panoramic view, and improved image quality are the other factors propelling the market growth during the forecast period.

In addition, the rising geriatric population base is anticipated to provide this market with a strong platform of growth over the coming years. Aging significantly increases the risk of gastrointestinal disorders such as inflammatory bowel disease, Crohn’s disease, colorectal cancer, and appendicitis. Furthermore, the growing prevalence of cancer in older as well as younger adults in recent years and increasing adoption of screening tests, including capsule endoscopy for detection is likely to fuel market growth. According to statistics provided by Cancer.Net in 2021, it is estimated that around 149,500 adults in the U.S. will be diagnosed with colorectal cancer this year. Such increasing prevalence signifies the growth of the market shortly.

Furthermore, the rising adoption of minimally invasive surgical interventions has further propelled the utilization of capsule endoscopic systems and wireless capsules, majorly for detection or diagnosis of gastrointestinal issues such as OGIB (obscure GI tract bleeding), Crohn’s disease, cancer, and small intestine tumor. Capsule endoscopy provides highly efficient and fast results concerning screening of such gastrointestinal conditions, thereby boosting the adoption and leading to market growth.

Moreover, some of the limitations of capsule endoscopy such as capsule retention and utilization limited to diagnostic purpose act as hurdles in the growth of the market for capsule endoscopy. The risk of retention of the capsule may require endoscopic retrieval or rarely surgical resection. For instance, as per a 2017 study published in Annals of Translational Medicine, capsule retention occurs approximately in 2% of the patients undergoing a small bowel capsule endoscopic procedure. This creates an obstacle in the adoption of capsule endoscopes. However, with technological advancements and better-designed wireless capsules, the retention rate is anticipated to reduce, thereby fueling the market growth.

In addition, the COVID-19 pandemic has substantially impacted the capsule endoscopy market. The postponement, delay, cancellation, and reduction in the number of elective surgeries performed during the COVID-19 pandemic have impacted significantly the market. In addition, changing regulations with regards to surgical interventions and endoscopic screening procedures, and disruptions in the supply chain are some of the key factors that have hindered the growth of the market for capsule endoscopy during the pandemic.

Furthermore, capsule endoscopy training for medical professionals has also impacted drastically. Many institutions have opted for e-learning modules for training. However, with situations heading toward normalcy, the training sessions are likely to restore to face-to-face training sessions. Moreover, the advantages provided by capsule endoscopy are anticipated to boost the growth of the market for capsule endoscopy post-pandemic. For instance, according to a 2021 cohort study of 146 patients (74 COVID-19 positives) published in JAMA Network, active bleeding was identified more frequently using video capsule endoscopy as the first strategy (around 59.5%), as compared to the traditional endoscopic detection process. Hence, such instances signify the growth of the market post-pandemic situation.

Product Insights

Based on product type, the capsule endoscopes segment dominated the market for capsule endoscopy and accounted for the largest revenue share of 75.7% in 2020. In addition, this segment is anticipated to grow at the fastest rate during the forecast period. This high share and growth rate is attributable to advantages provided by them in the diagnosis or detection of complex health conditions, such as gastrointestinal disorders, cancer, Crohn’s disease, and other small bowel disorders. Furthermore, the increasing preference of medical and healthcare professionals towards utilization of capsule endoscopy for faster and efficient diagnosis is yet another factor boosting segment growth.

Moreover, the capsule endoscopes segment is segmented into types of capsules, such as small bowel, esophageal, and colon endoscopes. Small bowel capsules contribute to the highest revenue share of the market in 2020 due 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. In addition, a growing preference toward less-invasive screening techniques is anticipated to support the growth of the market for capsule endoscopy during the forecast period.

Application Insights

Based on the application, the OGIB segment held the highest revenue share of 58.1% in 2020, due to numerous advantages provided by capsule endoscopy in the diagnosis and detection of OGIB. In addition, benefits such as real-time visualization, image capturing, and analysis of the entire small intestine and reliable and precise results help increase the adoption of capsule endoscopes for OGIB. Furthermore, the shift in trend towards the adoption of capsule-based endoscopy screening for OGIB as compared to conventional methods, such as double-balloon enteroscopy, is further supporting the growth of the segment.

Furthermore, the Crohn’s disease segment is anticipated to grow at a substantial rate during the forecast period due to the increasing utilization of capsule endoscopes for the detection of Crohn’s disease. It is one of the most common types of Inflammatory Bowel Diseases (IBD) and the rising prevalence of IBD, along with Crohn’s disease is anticipated to support market growth during the forecast period. Canada has one of the highest incidence rates of IBD, including Crohn’s disease and ulcerative colitis. For instance, according to 2018 statistics provided by Crohn’s and Colitis Canada, around 270,000 people in the country are living with IBD, out of which 135,000 people are living with Crohn’s disease. It is a substantially high number. In addition, the IBD prevalence rate is anticipated to increase by 50% by 2030, with around 400,000 Canadians getting diagnosed with IBD.

End-use Insights

In 2020, based on end-use, the hospitals segment dominated the market for capsule endoscopy and accounted for the highest revenue share of 47.8%. It is attributed to the substantially large adoption, utilization of capsule endoscopy services, and such endoscopes in the hospitals compared to the other healthcare systems. In addition, favorable reimbursement policies provided by the government are further boosting the market growth. Furthermore, hospitals are usually the primary health systems in the majority of the countries, and hence the number of screenings performed in hospitals is higher, thereby signifying greater adoption and demand.

In addition, the ambulatory surgery centers/clinics segment is expected to grow at the fastest rate over the forecast period. Minimal time required for capsule endoscopy screening procedures and faster results are the key factors that are supporting the demand for these procedures in the ambulatory surgical centers/clinics systems. It is further affirmatively impacting the market growth.

Regional Insights

North America dominated the market for capsule endoscopy and accounted for the largest revenue share of 44.0% in 2020 due to a rising preference for minimally invasive screening procedures, along with the adoption of technologically enhanced products and systems. In addition, improved healthcare infrastructure is yet another factor propelling the market growth. Moreover, rising awareness regarding early screening of diseases such as gastrointestinal disorders, cancer, and other chronic conditions is also one of the prominent factors supporting market growth in the region.

Furthermore, in Asia Pacific, the market for capsule endoscopy is expected to exhibit lucrative growth over the forecast period. It is attributable to the higher demand for capsule-based endoscopic technologies for screening procedures in this region. In addition, some of the other key factors supporting growth are improving healthcare infrastructure and the rising geriatric population. Moreover, significant economic development in the region is one of the pioneering factors responsible for attracting international investments. The presence of major players along with the constantly developing start-up landscape is further encouraging market growth.

Key Companies & Market Share Insights

There is significant competition amongst the existing players due to the growing demand for capsule-based endoscopes and endoscopy systems for various screening and diagnostic procedures. In addition, technological advancements in the field of endoscopy by key players is further increasing the competition. Some of the key players operating in the market are Given Imaging (Medtronic), IntroMedic Co., Ltd., Olympus Corporation, Chongqing Jinshan Science & Technology (Group) Co., Ltd, RF System lab, and CapsoVision.

Furthermore, strategic alliances with other market players, such as mergers and acquisitions, product launches, partnerships, and growing R&D in the area of capsule-based endoscopic technologies are some of the initiatives being undertaken by key market players to increase their market shares. In 2020, Medtronic announced its partnership with Amazon for home delivery of its capsule endoscope-PillCam Genius. It will help in increasing its penetration at a global level and enhancing patient comfort and satisfaction. Some of the prominent players of the capsule endoscopy market include:

• Given Imaging (Medtronic Plc)

• Olympus Corporation

• IntroMedic, Co. Ltd.

• Chongqing Jinshan Science & Technology (Group) Co., Ltd.

• CapsoVision

• RF System lab

Capsule Endoscopy Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2028. For the purpose of this study, Grand View Research, Inc. has segmented the global capsule endoscopy market report on the basis of product, application, end use, and region:

• Product Outlook (Revenue, USD Million, 2014 - 2028)

  • Capsule Endoscopes

    • Small Bowel

    • Esophageal

    • Colon

  • Systems

• Application Outlook (Revenue, USD Million, 2014 - 2028)

  • OGIB (obscure GI tract bleeding)

  • Crohn’s Disease

  • Small Intestine Tumor

  • Others

• End-use Outlook (Revenue, USD Million, 2014 - 2028)

  • Hospitals

  • Ambulatory surgery centers

  • Other end-uses

• Regional Outlook (Revenue, USD Million, 2014 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • Italy

    • France

    • Spain

    • Russia

    • Switzerland

    • Denmark

  • Asia Pacific

    • India

    • China

    • Japan

    • Australia

    • New Zealand

    • Thailand

    • Indonesia

    • Malaysia

    • Vietnam

    • Philippines

  • Latin America

    • Mexico

    • Brazil

    • Argentina

  • Middle East Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait

    • Israel

    • Qatar