Global capsule endoscopy market was valued at USD 465.5 million in 2021, and the market size is estimated to reach USD 855.62 million by 2028, at a CAGR of 8.7% over the forecast period (2022–2028).
Westford, USA, Sept. 08, 2022 (GLOBE NEWSWIRE) -- The demand for capsule endoscopy market is on the rise, as patients look for an easier and more comfortable way to undergo surgery. The technique is becoming increasingly popular, as it is considered a less invasive option that offers less impact on the body.
Key Factors and Statistics Indicating Demand for Capsule Endoscopy Market
In recent years, the number of patients undergoing capsule endoscopy has surged, largely due to its convenience, accessibility, and low complication rate. In fact, according to a study published in The American Journal of Gastroenterology, the incidence of gastroduodenal diseases has increased by more than 50% over the last decade despite advances in traditional treatments.
Gastrointestinal diseases are on the rise, with more people needing surgery to treat them in the capsule endoscopy market. The most common of these is peptic ulcer disease, which is a condition that causes pain and swelling in the stomach or intestines. Other gastrointestinal diseases include Crohn’s disease and gastritis. In fact, gastritis is the most common reason people see their doctor, with approximately 14 million Americans diagnosed with the condition annually. Our study suggests that over 30% of the US population is infected with H. pylori. Wherein over 25% of children between 6-19 years are highly prone to acquiring the infection.
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As per SkyQuest analysis, over 35% of the global population in the capsule endoscopy market is suffering from some kind of functional gastrointestinal diseases and they often undergo capsule endoscopy for proper diagnosis. The prevalence rate increases among people above 65 years old. In the US alone over 11% of the population is suffering from chronic GI diseases or infection often leading to ulcer or cancer. It has also been found that stomach cancer is the 5th most common and 7th highly prevalent caner around the globe. Men (4.3%) are more likely to develop colorectal cancer than female (4%). Every year, more than 11 million people are diagnosed with stomach cancer and Japan is the major contributor to this number in the capsule endoscopy market. On the other hand, over, over 150,000 Americans diagnosed with colorectal cancer in 2022 and over 525,80 people are likely to die because of the cancer in the country.
Globally, more than 223 million endoscopies performed in 2021 and the number is projected to expand at a CAGR of 1.8% in the years to come. SkyQuest study suggests that gastrointestinal accounts for over 65% of these procedures. This indicates a huge demand in the global capsule endoscopy market. Moving further, capsule endoscopy market account for 10% of the parent endoscopy market.
AI is cementing its Position in Global Capsule Endoscopy Market
As machine learning advances, so too does the potential of AI in medicine. The use of AI in diagnostic imaging has been steadily increasing, as the technology can help clinicians and researchers save time and improve accuracy. In particular, AI-assisted capsule endoscopy—which uses cameras to scan swallowed objects—has seen a surge in adoption recently due to its potential to automate the process and improve accuracy.
One study in the global capsule endoscopy market found that AI-assisted capsule endoscopy resulted in a 97% precision rate for identifying gastrointestinal abnormalities from images captured inside a patient's stomach. Additionally, it reduces the time required for physicians to examine an image, which could lead to increased patient satisfaction.
As AI continues to evolve and become more widely used in diagnostic imaging, providers will have access to even more accurate data that could help diagnose and treat patients more effectively. So far, AI has been successful in improving the quality of life for many patients undergoing surgery. By using AI, surgeons in the capsule endoscopy market are able to make quicker decisions about what surgical interventions are necessary and avoid having to repeat procedures that have already been done. This technology is also helping to minimize patient discomfort by relieving them of some of the burden of decision-making during surgery.
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SkyQuest’s report on capsule endoscopy market provides through analysis of the market that primarily covers technology landscape and its detailed impact on the current product portfolio, consumer’s demand, physicians requirements and suggestion, physicians preferences, challenges AI can help to overcome, among others.
Over 39 Clinical Trails are Active in Global Capsule Endoscopy Market
A recent study published by SkyQuest found an increase in the number of clinical trials on capsule endoscopy. The study looked at data from ClinicalTrials.gov and found that there was a total of 201 trials registered as of August 2022, up from 105 trials in 2016. A majority of these trials (170) were Phase III clinical studies, which typically involve testing new treatments or interventions in large groups of people. Many of these trials are focused on targeting application of AI, magnetically controlled capsule endoscopy, and robotic application in the procedure. It was also found that most of the studies are focuses for children.
This increase could likely be attributed to the growing popularity of capsule endoscopy as a minimally invasive option for treating a variety of medical conditions. As more people learn about its benefits, they may choose to enroll in clinical trials to test new uses for the technology. In addition, the widespread use of electronic health records (EHRs) may make it easier to track progress and enroll new participants in clinical studies on a timely basis.
SkyQuest has done a detailed study of global capsule endoscopy market and prepared a report. The report provides valuable insights about on-going clinical trial, their commercial application, developing technology, impact of AI on overall market growth and revenue, players that have undertaken clinical trial for new product testing, among others.
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Top Players in Capsule Endoscopy Market
Chongqing Jinshan Science and Technology Group Co. (China)
Shangxian Minimal Invasive Inc. (China)
Related Reports in SkyQuest’s Library:
Latin America Medical Imaging Market
Global Sternal Closure Systems Market
Global Spinal Cord Stimulation Market
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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