Capsule Endoscopy (CE) market size was valued at USD 454.7 million in 2014 and is expected to grow at a CAGR of 8.7% in coming years.The market is driven by the factors such as rising incidences of gastrointestinal (GI) diseases, the presence of supportive government initiatives, demand for faster and accurate diagnostics tools for colorectal cancer. CE technique gives pain-free visualization of GI tract images, transmitted through data recorder. Moreover, the introduction of innovatively advanced capsules having a longer battery life and Wi-Fi enabled are anticipated to add to the revenue growth.
With
aging, the risk of GI disorders increases. Thereby, expanding worldwide
geriatric population is additionally offer with a firm growth platform. As per
the W.H.O, global population base relating to the age group – 65 years and or
more is relied upon to ascend from 7% in 2000 to 16% in 2050. This is
anticipated to enhance the patient base hence, augmenting the development.
Request Sample Copy of This Market Research @
https://www.millioninsights.com/industry-reports/capsule-endoscopy-market/request-sample
The
market is segmented into colon capsule, esophageal capsule and small
bowel capsule. As of 2014, the largest share was held by small bowel capsule
attributable to its expanding utilization in various multiple conditions such
as obscure GI tract bleeding, inflammatory bowel disease, small bowel
neoplastic lesions and Crohn’s disease. On the other hand, colon capsule
segment is anticipated to exhibit strong development over the forecast
period. According to CDC, each year 608,000 fatalities are caused by
colorectal cancer. Every year more than 14.5 million colonoscopies are
performed. Moreover, rising demand for less invasive diagnosis platform is a
key factor assuring the aforementioned conclusion.
Accessories Insights
In
2014, wireless capsule held the leading position amongst the various
application segments. The expanding utilization rate of wireless capsules in
the colon, esophagus and small intestine and the presence of conducive
reimbursement policies are some major drivers for this segment.
Technologically enhanced capsules with inbuilt components, such as 360-degree
panoramic view, easy transmission, enhanced data storage capability, larger
frame rate and greater battery life are further providing this segment with
lucrative growth opportunities.
Browse Full Research Report @
https://www.millioninsights.com/industry-reports/capsule-endoscopy-market
Leading
application segments in 2014 was oscure gastrointestinal bleeding (OGIB). As
per the research study of the U.S. National Library of Medicine, CE was found
to be more effective as compared to barium X-rays used for examination of OGIB.
This technique is utilized for diagnosis of occult bleeding in the duodenum and
also for the diagnosis of small bowel tumors and Crohn’s disease. Furthermore,
additional advantages such as faster and easier diagnosis and real-time
visualization of the whole small intestine, patients and healthcare professionals,
are moving their inclination from conventional methods (i.e. double balloon
enteroscopy) to CE. This fact is projected to establish healthy platform for
the development of this segment over the forecast period. Crohn’s disease
application market is expected to experience significant growth because of
increasing prevalence this disease together with adoption of CE technique as
preferred diagnosis method.
Regional Insights
The
largest regional market in 2014 was North America. Rising incidence of
colorectal cancer & GI disorders combined with enhanced healthcare
infrastructure, presence of conducive reimbursement policies and growing
adoption of invasive capsule endoscopy are a few components estimated to drive
regional market growth. Asia-Pacific market is considered to grow at a highest
growth rate due to rising patient awareness levels, disposable income,
advancing healthcare infrastructure and huge presence of untapped opportunities
pertaining to cancer screening.
Competitive Insights
The
global market is characterized by the presence of companies such as
CapsoVision, Chongqing Jinshan Science & Technology (Group) Co., Ltd,
Fujifilm Holding Corporation, Given Imaging, IntroMedic Co., Ltd., Olympus
Corporation and RF System lab. Novel product advancement aimed at augmenting
application base is recognized as one of the most feasible sustainability
policies embraced by the producers of CE devices. Furthermore, the use of
magnetic & hybrid capsules permitting enhanced control and better imaging
are some of the ongoing research elements, expected to spur market growth and
reinforce competition over the future period.
Comments
Post a Comment