The Industry Report “Capsule Endoscopy Market Research Report- Forecast to 2023”provides a clear picture of the Current Market Scenario which includes past and estimated future size with respect to value and volume, technological advancement, macro economical and governing factors in the market.
Capsule Endoscopy Market – Overview
Capsule endoscopy, a digestive capsule-encased micro-camera is used to diagnosis gastrointestinal complications such as chronic pain, small intestinal bleeding, ulcer, and abnormal tissue growth where the traditional endoscopy is ineffective.
This diagnostic procedure images the esophagus, stomach, and small intestine as the device pass through the gastrointestinal (GI) tract. The real-time data provided by the capsule is used to expedite the diagnosis process and hence, the faster treatment and recovery in the gastrointestinal complications.
Resultantly, the uptake of capsule endoscopy is widening rapidly over the past few years. The larger absorption leads to driving the growth of capsule endoscopy market. Moreover, technological advancements transpired into the field of medical science are escalating the market on the global platform.
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Acknowledging the enormous growth, the market perceives currently; Market Research Future (MRFR) in its newly published study report confirms that the global capsule endoscopy market is expected to garner exponential accruals posting a CAGR over 8.7% throughout the assessment period (2018-2023).
Additionally, factors such as the growing prevalence of intestinal diseases and cancerous tumors & diseases substantiate market growth. The rapidly changing lifestyle of people and their inclination towards the sedentary lifestyle is acting as a significant tailwind pushing up market growth, increasing the occurrences of gastrointestinal diseases and stomach cancer.
Substantial investments put into the R&D activities to bring the betterments in the endoscopy are, in turn, driving the market growth to an extent. Also, favorable reimbursement policies alongside government funding are playing a significant role in the growth of the capsule endoscopy market.
On the flip side, factors such as the high cost associated with the capsule endoscopy procedures and limited reimbursement along with the risk of capsule retention are impeding the market growth.
Leading Key Players
Key players leading the global capsule endoscopy market include IntroMedic Co., Ltd., Olympus Corporation, Given Imaging (Israel), CapsoVision Inc., Chongqing Jinshan Science & Technology (Group) Co., Ltd, Fujifilm Holding Corporation, RF System lab, and Check-Cap Ltd. among others.
Global Capsule Endoscopy Market – Segmentations
The MRFR analysis is segmented into five key dynamics for enhanced understanding.
By Type : Workstation, Wireless Capsule Endoscopy, Receiver Capsule Endoscopy, and others.
By Purpose : Treatment, Investigation, Diagnostics, and others.
By Application : Intestine Disease, Crohn’s Disease, GIT Bleeding, and others.
By End-user : Diagnostic Centers, Clinics & Hospitals, Medical Research Institutes, and others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Detailed Regional Analysis
The North American region, heading with the wide technological advancements leads the global capsule endoscopy market. Moreover, factors such as the increase in inflammatory bowel diseases, an increasing number of gastrointestinal cases and colon cancer patients along with government initiatives drive the growth of the regional market.
Additionally, the presence of a well-established healthcare sector and the leading market players alongside the availability of skilled healthcare professionals are among other key forces influencing the growth of the regional market.
The European region, led by the huge market growth in countries such as the UK, Germany, and France, holds the position of the world’s second-largest market for capsule endoscopy following the North American market closely. The resurging economy is a key driving force fostering market growth, increasing per capita healthcare expenses and penetration of healthcare in the region.
The increasing demand for advanced diagnostic & treatment methods alongside the substantial R&D expenditure provided by the public and private sectors are additional factors driving the growth of the regional market on a large scale.
Furthermore, factors such as the increasing competition among key players, increasing patient population, and amendments in reimbursement of healthcare policies are acting as a tailwind pushing up the growth in the capsule endoscopy market in the European region.
The capsule endoscopy market in the Asia Pacific region led by the rapid growth is emerging as one of the promising markets, globally.
Factors such as the availability of low-cost procedures & drugs to treat the diseases alongside the rapidly growing markets in Indian and China due to the huge patient population are expected to foster the market growth in the region. Additionally, favorable government policies would support the growth of the capsule endoscopy market in the region.
Capsule Endoscopy Market – Competitive Landscape
Characterized by the presence of well-established players; capsule endoscopy market appears to be highly competitive. Well established players incorporate distribution partnerships and partnerships with universities and research institutes along with the prevailing trends such as mergers & acquisitions, collaboration, expansion, partnership, and product launch in order to gain a competitive advantage in this market and to maintain their market position.
The competition in the market is expected to intensify further owing to the new product launches and technological advancements through various R&D activities.
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February 01, 2019 —– Geo-Med LLC (the US), a Verified wholesale distributor of surgical and other medical instruments and Stratis Medical, Inc. (the US), one of the nation’s leading exclusive distributors and the providers of Video Capsule Endoscopy (VCE) Products announced their partnership to bring Stratis MiroCam VCE technology to the Veteran Administration Medical Centers and Department of Defense Military Treatment Facilities nationwide.
October 16, 2018 —— CapsoVision, Inc. (the US), a global medical device innovator and PENTAX Canada, Inc., a worldwide technology and med-tech Company, and a leading supplier of innovative high-tech and medical devices announced their partnership to sell the CapsoCam Plus® System. This is the only capsule endoscope that includes four cameras and offers 360° panoramic lateral imaging of the small bowel. PENTAX Medical Company also distributes CapsoCam Plus® in the USA.
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