The capsule endoscopy procedure is used where the traditional endoscopy is ineffective. Capsule endoscopy helps to capture internal images of the digestive tract using a small camera, transmitter, battery, and light sources. Capsule endoscopy is majorly performed in the diagnosis of gastrointestinal complications such as small intestinal bleeding, chronic pain, ulcer, and abnormal tissue growth.
The real-time data provided by the capsule help expediating diagnosis of gastrointestinal complications and hence, the faster treatment and recovery. As a result, the uptake of capsule endoscopy is widening rapidly. This, in turn, is allowing the capsule endoscopy to evolve further, escalating its market on the global platform.
Acknowledging the traction, this market is witnessing currently; Market Research Future (MRFR) in its recently published study report asserts that the global capsule endoscopy market will garner exponential accruals registering approximately 8.7% CAGR throughout the forecast period (2018-2023).
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Additional factors substantiating market growth include the growing prevalence of intestinal diseases and cancerous tumors and diseases. Factors such as the changing lifestyle and the inclination towards the sedentary lifestyle among people are fostering the market growth, leading to the occurrence of gastrointestinal diseases and stomach cancer.
Undoubtedly, technological advancements transpired into the field of medical science qualifies as a predominant factor propelling the market growth. Seminal efforts & investments put into the R&D activities to bring the betterments in the endoscopy are driving the market growth. Favorable reimbursement policies are playing a significant role, propelling the market growth to an extent.
On the other hand, factors such as the high cost of capsule endoscopy, limited reimbursement, and the risk of capsule retention are obstructing the market growth. Also, the low awareness among physicians about the benefits of capsule endoscopy acts as a headwind that hampers the growth of the capsule endoscopy market.
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.
Global Capsule Endoscopy Market – 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.
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.
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