Capsule Endoscopy Market Report include on MarketReseacrhFuture.com with exhaustive Study. The report aims to provide an overview of Capsule Endoscopy Market Report. The report provides key statistics on the market status. Global Forecast till 2023.
Market Research Future (MRFR) in its extensive report asserts that the global capsule endoscopy market is poised to grow at a CAGR of 9.2% during the forecasted period (2017 – 2023). Capsule endoscopy is a procedure employed to record internal images of the gastrointestinal tract for medical diagnosis. The capsule is shaped like a standard pharmaceutical capsule, and contains a tiny camera and an array of light-emitting diodes (LEDs) which is powered by a battery. The principal use of capsule endoscopy is to examine areas of the small intestine that cannot be seen by other types of endoscopy such as colonoscopy or esophagogastroduodenoscopy (EGD). This method is useful in identifying diseases like oesophageal diseases, intestine diseases, gastrointestinal bleeding, and colon related diseases.
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Increasing ubiquity of these diseases is the major driving factor of the market. Increasing healthcare costs and continuous technological advances in endoscopy has fueled the expansion of the market. But steep cost of diagnosis and limited remuneration schemes can undermine the growth of the market. The capsule endoscopy is a technique that is used for both therapeutic and diagnostic purposes
The market is driven by factors such as the presence of supportive government initiatives, demand for faster and accurate diagnostics tools for colorectal cancer, and rising incidences of gastrointestinal (GI) diseases. CE technique provides pain-free visualization of GI tract images that are transmitted through data recorder. Moreover, the introduction of advanced capsules with an extended battery life and Wi-Fi ability can influence market revenue. Furthermore, advantages such as real-time visualization of the whole small intestine as well as faster and easier diagnosis results in patients and healthcare professionals to incline from conventional methods towards capsule endoscopy. This factor is projected to establish a healthy platform for the development of this market over the forecast period.
Chongqing Jinshan Science & Technology Co. (China), Johnson and Johnson (U.S.), RF System Lab (U.S.), Capso Vision Inc. (U.S.), IntroMedic Co. Ltd. (South Korea) are few of the key vendors that hold a major share in the capsule endoscopy market globally.
Regional analysis for capsule endoscopy market:
Regions covered in the market report include North America, Middle East & Africa (MEA), Asia Pacific (APAC), and Europe. The North American region has secured the largest market share owing to the increasing adoption rate of endoscopic surgery. According to the Centers for Disease Control and Prevention (CDC), the percentage of population detected with colon cancer has risen in the U.S. This is also evident with the increase in colonoscopy procedures.
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The Asia Pacific market is anticipated to exhibit a 10.1% CAGR during the forecast period. The market potential of economies such as India, Vietnam, and Thailand etc. is tremendous, but on the other hand is constrained by lack of healthcare professionals. China, on the other hand, has the most market potential trailed by India. India is deemed to drive the future capsule endoscopy market. Developed economies such as Japan, U.S etc. are likely to experience modest single digit growth. Thus developing region nations such as Argentina and India are ideal for any new competitor. Although, comparatively, the rate of growth for developing regions is far below than that of the United States. Overall, it is estimated that the market potential for capsule endoscopy is expected to grow monumentally in the foreseeable future.
The global capsule endoscopy market is segregated on the basis of component, product, and application. By component, it is bifurcated into wireless capsule and receiver. The increasing use of wireless capsules in the colon, small intestine, and esophagus coupled with the presence of reimbursement policies are some effective drivers of the wireless segment. Great battery life, technologically advanced capsules with inbuilt features such as 360-degree panoramic view, enhanced data storage capability, large frame rate and easy transmission bestow the wireless capsule market with highly lucrative growth opportunities.
By the product, it is segmented into rigid endoscopes, cystoscopes, neuroendoscopes, and others. Rigid endoscopes are used for visualizing the interior of a hollow organ such as the bladder or esophagus, either for diagnostic or therapeutic purposes that customarily has one or more channels to enable passage of instruments such as forceps or scissors.
CapsoVision has announced U.S. distribution partnership with PENTAX Medical. As a combined entity, the company will be selling CapsoCam Plus, the only capsule endoscope embedded with four cameras and offering 360° panoramic lateral imaging of the small bowel. PENTAX Medical will also offer customers CapsoCloud, the only cloud-based capsule endoscopy electronic medical record (EMR) system on the market.
Stratis Medical, Inc., a U.S. importer, and distributor of gastro-enterology products, announced at Digestive Disease Week 2018 that the company has established an exclusive distribution agreement for the MiroCam Capsule, in June 2018.
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