Overview:
Capsule endoscopy can be described as the procedure that uses a tiny wireless camera for taking pictures of the digestive tract. It is a capsule endoscopy camera, sitting inside a vitamin-sized capsule which is swallowed. The capsule then travels via the digestive tract, with the camera meanwhile taking thousands of pictures that are transmitted to a recorder worn on a belt around the waist. Capsule endoscopy enables the doctors to look inside the small intestine, an area which isn’t easily reachable with conventional endoscopy procedures. Adding on to the already long list of applications of capsule endoscopy, it has now been approved to screen the colon to look for polyps. Accelerated advancements in technology are turning capsule endoscopy of the colon into a more common procedure.
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Key Competitors:
The top five players sharing the spotlight in the global capsule endoscopy market include
- Chongqing Jinshan Science
- Technology (China), Medtronic Plc
- IntroMedic
- Olympus Corporation
- Capsovision
Among these, Capsovision accounts for approximately 75% of the market share for capsule endoscopy at the global level. Other prominent companies in the market are AccuRead Endoscopy Inc. (U.S.), RF Co., Ltd (Japan), Fujifilm Holding Corporation, Boston Scientific Corporation (U.S.), Northside Gastroenterology Endoscopy Center, LLC (U.S.), Interscope Inc. (U.S.), Given Imaging Ltd (Israel), and others.
Moreover, capsule endoscopy is apt for cases where the doctor needs to find the cause of gastrointestinal bleeding, diagnose cancer, diagnose inflammatory bowel diseases, screen for polyps as well as monitor celiac. Backed by all these factors, the global capsule endoscopy market will be reaching the value of USD 967.4 Million by 2023, surpassing the valuation of USD 583.0 Million it accumulated in 2017. The market is exhibited to depict a vibrant growth rate of 8.82 % during the forecast period (2017-2023). The Market Research Future (MRFR) report strives to offer an all-extensive look at the various segments along with important market drivers that hold the power to alter the market scenario to a large extent.
The market for capsule endoscopy is growing at a spectacular rate, ably supported by factors such as the presence of supportive government initiatives, augmented demand for faster and accurate diagnostics tools for colorectal cancer, and growing number of incidences of gastrointestinal (GI) diseases. The technique of CE offers pain-free visualization of GI tract images which are then transmitted via a data recorder.
On the technological front, the field of capsule endoscopy is constantly subjected to great advancements owing to the rising prevalence of gastrointestinal diseases as well as growing acceptance of capsule endoscopy among healthcare professionals. Another factor working in favor of the market is the increasing approval rate for advanced capsule endoscopic devices from the US FDA. To illustrate, in November 2016, CapsoVision had attained the FDA clearance for its novel CapsoCam Plus small bowel capsule endoscope system. In May 2014, Olympus had launched the next-generation Endocapsule 10 system which was designed for small bowel capsule endoscopy procedures. Conclusively, the continuous development of advanced capsule endoscopy devices has created various growth opportunities for the market.
Segmentation:
The market for capsule endoscopy, depending on the component, is segmented into endoscope type, product, application, and end-user.
The global capsule endoscopy market, based on component, is segmented into capsule endoscope, capsule endoscopy data recorders, capsule endoscopy workstations, and others. Among these, capsule endoscope grabbed the largest market share of 51.9% in 2017 and was worth the value of USD 302.9 million. The segment is anticipated to clock in a CAGR of 8.55% during the forecast period.
By endoscope type, the market is segmented into cystoscopies, neuro-endoscopes, and others. The others segment, among all, held the largest market share of 79.4% in the year 2017 and is presumed to surge at a CAGR of 9.13% during the conjectured period. This segment involves the use of regular capsule endoscopes like MicroCam, PillCam, and Omon Capsule endoscopy.
By product, the market is segmented into colon capsule, esophageal capsule, and small bowel capsule. Among these, the small bowel capsule segment got the lion’s share of the total market, with the market share of 70.6% in 2017, due to its cumulative usage in various medical conditions like inflammatory bowel disease, Crohn’s disease, small bowel neoplastic lesions, and obscure GI tract bleeding. Also, the colon capsule segment is exhibited to register strong market growth during the review period.
Application-wise, the market caters to Crohn’s disease, intestine disease, obscure gastrointestinal bleeding, and others. The segment of obscure gastrointestinal bleeding secured the largest market share of 57.6% in 2017, as a result of its advantages, for instance, real-time visualization of the small intestine and faster and easier diagnosis, thereby shifting the focus of healthcare professionals and patients from conventional methods like double balloon enteroscopy to capsule endoscopy.
End-users in the global Capsule endoscopy Market are hospitals, clinics, as well as others. Here, the hospitals segment held for the largest market share of 49.6% in 2017, based on the increasing prevalence of GIT diseases, growing investments in the hospital industry, coupled with increasing research and development by the government, especially in the emerging regions.
Regional Analysis:
Regional consideration of the capsule endoscopy market includes the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas is leading the pack, with North America having captured approximately 84.24% market share in the global capsule endoscopy market in 2017. North America is forecasted to arrive at the value of USD 448.45million by 2023. Following its footsteps is the region of Europe that secured the second position globally, with the second largest market for capsule endoscopy. Behind these two regions is the Asia Pacific which is the fastest growing Capsule Endoscopy Market. Europe is expected to expand at a tremendous CAGR of 10.12% during the given period, with the Asia Pacific progressing at the rate of 12.08% from 2018 to 2023.
Table Of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
Chapter 3. Research Methodology
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
Chapter 6 Global Capsule Endoscopy Market, By Component
Chapter 7 Global Capsule Endoscopy Market, By Endoscope Type
Chapter 8 Global Capsule Endoscopy Market, By Product
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