Owing to the expanding demand for non-invasive procedures for detection of digestive disorders, the capsule endoscopy market is predicted to continue to rise in the forthcoming years.
Capsule Endoscopy Market – Overview
Owing to the expanding demand for non-invasive procedures for detection of digestive disorders, the capsule endoscopy market is predicted to continue to rise in the forthcoming years. The efficacy of capsule endoscopy to detect a number of digestive disorders such as Crohn’s disease, tumors in the small intestine, celiac disease, and obscure gastrointestinal bleeding among various other conditions of the digestive system is a key factor for the growth of capsule endoscopy market.
Capsule endoscopy involves swallowing of a pill-sized endoscope by the patient for capture of images of the digestive tract. The images thus captured are later examined for detection of various digestive disorders. Availability of capsule endoscopes in various types for use in different parts of the digestive system is a plus for the expanded use of capsule endoscopes. This includes capsule endoscopes for small bowel, colon, and esophagus. Nonetheless, the primary components of a capsule endoscope are camera, batteries, transmitter, and light source.
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The research report serves to identify growth trends prevailing in the capsule endoscopy market. The report delves into demand drivers and challenges that could impact the capsule endoscopy market over the forecast period between 2016 and 2024. The geographical distribution along with analysis of competition in the capsule endoscopy market are some other highlights of this report.
Capsule Endoscopy Market – Key Trends
Worldwide, rising incidence of gastrointestinal diseases is a key factor driving the capsule endoscopy market. According to statistics of the National institute of Health, each year 60 to 70 million Americans are affected by gastrointestinal diseases. For example, in 2004, in the U.S., gastrointestinal diseases accounted for an estimated 236,000 deaths, 4.6 million hospitalizations, and 72 million ambulatory care visits. This amounts healthcare expenditure on gastrointestinal diseases to be approximately US$142 bn each year in the U.S.
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In several parts of the world, supportive government initiatives to extend modern line of treatment coupled with introduction of technologically advanced diagnostic devices such as endoscopes is resulting in growth of capsule endoscopy market. Public healthcare departments are extending financial support, expertise, and manpower for setting up endoscopy testing centers under public healthcare schemes. Such initiatives are resulting in expansion of capsule endoscopy market.
Technological advances leading to development of capsule endoscopes with longer battery life, magnetic and hybrid versions, and Wi-Fi enabled is another key factor behind growth of capsule endoscopy market.
Lastly, rising geriatric population globally and demand for more precise and faster diagnostic tools are some other factors fuelling growth of capsule endoscopy market.
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Capsule Endoscopy Market – Regional Outlook
Among the key regions in the endoscopy capsules market, North America is at the forefront and is predicted to continue to retain its lead position through the forecast period. Firstly, rising incidence of gastrointestinal disorders and colorectal cancer is a key factor behind growth of capsule endoscopy market in the region. Besides this, favorable reimbursement policies, presence of a modern healthcare infrastructure, and higher weigh of advantages of minimally invasive procedures over invasive ones among patients accounts for continued uptake of capsule endoscopy in the region.
Meanwhile, Asia Pacific is expected to emerge as a significant region in the overall capsule endoscopy market. Factors such as rising awareness for new line of treatment, substantial rise in healthcare spending due to economic growth, improving healthcare infrastructure, and vast unmet needs for cancer screening are in general expanding demand for minimally invasive procedures. This includes capsule endoscopy.
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Capsule Endoscopy Market – Competitive Outlook
Key companies operating in the capsule endoscopy market include Fujifilm Holding Corporation, RF System Lab, Capso Vision Inc., Given Imaging Ltd., Olympus Corporation, Chongqing Jinshan Science & Technology Co., and IntroMedic Co. Ltd.
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