The capsule endoscopy market share as per the registered forecasted periods is expected to attain a CAGR of 8.8% and is thought to reach USD 967.4 million during the forecast period.
Capsule endoscopy is the part of endoscopy in which a small capsule and pill shaped wireless camera used to examine the digestive system. It is the advanced step up of endoscopy. This method is used to identify diseases like gastrointestinal bleeding, oesophageal diseases, intestine diseases and colon related diseases. Increasing prevalence of these diseases are the major driving factor for the market. Continuous technological advancement in endoscopy and increasing healthcare spending has provided fuel for the growth of the market. But high cost for the diagnosis and limited reimbursement are the major hurdles for the growth of the Capsule endoscopy market.
Further an endoscopy is a procedure that allows physicians or surgeons to look inside interior parts of the organ. The technique is used for both diagnostic and therapeutic purpose. To perform endoscopy a specialized instrument is used named as endoscope. There are various type of endoscopes and adoption of endoscope depends upon the affected body organ such as, bronchoscopes are used for lungs related problem, arthroscopes are preferred for problems associated with joints, and many others. Other instruments required during an capsule endoscopic procedure includes Biopsy forceps, Cytology brush, Flexible forceps, trocar sleeves, etc. For therapeutic purpose, endoscopes are either attached or passed through surgical instruments to perform particular surgery. Endoscopic Surgery is a type of minimally invasive surgery in which an endoscope is inserted in the body through small incisions to examine the internal organs. The major advantages associated with endoscopic surgery are small incisions, minimal blood loss, less scarring, low risk of infection, and less recovery time. As per the 2014 statistics suggested by Eurostat, it is observed that the Cataract surgery is the most common minimally invasive surgery in the European region as this surgery was performed 4.3 million times across the EU Member States and another most commonly used procedure was bronchoscopy for diagnosis with a frequency rate of 685 per 100 000 inhabitants in Croatia and more than 400 in Latvia and Germany.
Rising prevalence rate of chronic diseases, technological advancement in endoscopy, and increasing funding and reimbursement towards screening and treatment with endoscopic techniques are promoting the growth of endoscopy devices market globally increasing popularity of minimally invasive surgery is also creating a huge scope for the growth of market.
Despite these drivers, there are some issues associated with endoscopy devices market. Lack of skilled physicians and endoscopists, and infections caused by endoscopes may hinder the growth of market to an extent.
Fujifilm Holding Corporation (Japan), Olympus Corporation (Japan), Given Imaging (Israel), RF System Lab (US), Capso Vision Inc. (US), IntroMedic Co., Ltd. (South Korea), Chongqing Jinshan Science & Technology Co. (China), Johnson and Johnson (US) and others are some of the major players in the Global Capsule endoscopy Market.
Global Capsule endoscopy Market – Regional Analysis
Geographically, Americas region is commanding the largest market share owing to the increasing adoption rate of endoscopic surgery. According to the Centers for Disease Control and Prevention, it is reported that in the United States due to increase in colonoscopy procedures the percentage of population detected with colon cancer has been increased. It is also estimated that on considering colonoscopy screening capacity of the United States now, 80% of the eligible population will be screened by 2023
Further Thus the market potential of nations such as India, Thailand, Vietnam etc. is huge which has been constrained by lack of healthcare professionals specifically endoscopists.
The market maturity of different nations also varies by an immense scale. China has the most market potential followed by India. India represents the next nation which will drive the future capsule endoscopy device market. Developed markets such as Japan, US etc. is likely to witness modest low single digit growth. The competition is also strong in the developed regions market. Thus developing region nations such as India, Argentina etc. are ideal for any new entrant.
There were approximately 15,000,000 endoscopy procedures in the US in 2016 alone. The population of US in 2016 is approximately 323.1 million. Thus there is one endoscopy procedure performed per 20 million population. The comparative rates for developing regions are far below taking the United States as reference base. Hence it is estimated that the market potential for global capsule endoscopy is expected to huge and will grow immensely in the coming future.
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