The global 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 offered 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.
The market is segmented into colon capsule, esophageal capsule and small bowel capsule. As of 2016, 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.
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In 2016, 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.
Leading application segments in 2016 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.
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The largest regional market in 2016 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.
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.
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