To design antennas for ingestible capsule endoscope systems, the transmission factors of dipole and loop antennas placed in the torso-shaped phantom filled with deionized water or human body equivalent liquid (HBEL) are investigated by numerical and experimental study. The S-parameter method is used to evaluate transmission characteristics through a torso-shaped phantom in a broadband frequency range. Good agreement of S-parameters between measured results and numerical analysis is observed and the transmission factors for both cases are obtained. Comparison of the transmission factors between HBEL and deionized water is presented to explain the relation between conductivity and the transmission characteristics. Two types of antennas, dipole antenna and loop antenna are compared. In the case of a dipole antenna placed in deionized water, it is observed that the transmission factor decreases as conductivity increases. On the other hand, there is a local maximum in the transmission factor at 675 MHz in the case of HBEL. This phenomenon is not observed in the case of a loop antenna. The transmission factor of capsule dipole antenna and capsule loop antenna are compared and the guideline in designing capsule antennas by using transmission factor is also proposed.