Global Capsule Endoscopy Market: Overview
Capsule endoscopy is a painless, minimally invasive procedure used for the detection of digestive disorders. In capsule endoscopy, a pill-sized endoscope is swallowed by the patient and images of the digestive tract are recorded and later examined for the diagnosis of various intestinal diseases. Capsule endoscopies are performed to detect Crohn’s disease, celiac disease, obscure gastrointestinal bleeding, tumors in the small intestine, adverse reactions to nonsteroidal anti-inflammatory drugs (NSAID), and various other conditions that inflict the digestive system. Various types of capsule endoscopes are used to examine the small bowel, esophagus, and colon. The primary components of capsule endoscopes are a camera, a transmitter, batteries, and a light source.
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One of the key factors driving the capsule endoscopy market is the rising incidence of gastrointestinal diseases. According to the National Institutes of Health, around 60 to 70 million Americans are affected by gastrointestinal diseases each year. In 2004 alone, an estimated 236,000 deaths, 72 million ambulatory care visits, and 4.6 million hospitalizations were attributed to gastrointestinal diseases in the U.S., with the healthcare expenditure on these diseases pegged at around US$142 bn each year.
Global Capsule Endoscopy Market: Key Trends and Opportunities
The global market for capsule endoscopy has been witnessing a steady rise in demand owing to a number of factors, including the presence of supportive government initiatives, the demand for more accurate and faster diagnostic tools, the rise in the global geriatric population, and the introduction of technologically advanced devices such as endoscopes with a longer battery life, Wi-Fi-enabled capsules, and magnetic and hybrid versions.
The demand for small bowel capsules has been consistent owing to their rising usage for the detection of medical conditions such as inflammatory bowel disease, small bowel neoplastic lesions, obscure gastrointestinal tract bleeding, and Crohn’s disease. The demand for colon capsules is also anticipated to witness a rise in the coming years owing to the increasing prevalence of colon cancer. The demand for less invasive diagnostic procedures in such cases is likely to push the market for colon capsule endoscopy.
Global Capsule Endoscopy Market: Regional Outlook
There are four main geographical segments of the global capsule endoscopy market: Europe, North America, Asia Pacific, and Rest of the World. North America is the clear leader in the overall capsule endoscopy market and is likely to retain its lead position through the forecast period. The increasing prevalence of colorectal cancer and gastrointestinal disorders is one of the key factors fueling this market. Other major drivers include the presence of favorable reimbursement policies, the availability of advanced healthcare infrastructure, and the rising adoption of minimally invasive endoscopy procedures.
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The Asia Pacific capsule endoscopy market is projected to witness impressive growth in the near future owing to a surge in patient awareness levels, the rise in disposable income and healthcare spending, improving healthcare infrastructure, the presence of untapped opportunities in the area of cancer screening, and the establishment of several endoscopic training centers. A number of countries in the Middle East, North Africa, and South America are also anticipated to experience steady growth owing to the presence of an efficient workforce, rising investments in personnel training, and numerous government initiatives.
There are a number of players competing in the global capsule endoscopy market, the prominent ones being Fujifilm Holding Corporation, Olympus Corporation, RF System Lab, Chongqing Jinshan Science & Technology Co., Capso Vision Inc., IntroMedic Co., Ltd., and Given Imaging Ltd. These companies have been adopting several business strategies, such as new product development and research activities to withstand the intensifying competition in the capsule endoscopy market.