Capsule Endoscopy Market Is Anticipated To Reach $886.3M
Global Capsule Endoscopy market is expected to reach USD 886.3 million by 2022; according to a new study by Grand View Research, Inc. Increasing prevalence of colorectal cancer, GI diseases and growing demand for precise and accurate diagnostic tools are expected to drive the capsule endoscopy market over the forecast period. According to a report published by the World Cancer Research Institute, about 54.0% of colorectal cancer cases occurred in developed countries and the number is expected to grow exponentially over the decade.
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The introduction of technologically advanced features such as WiFi enabled small bowel capsules featuring longer battery life are further expected to drive the demand for capsule endoscopy devices. Presence of favorable government initiatives are expected to play an imperative role in determining market trends over the forecast period. For instance, initiatives such as the DCPC’s National Comprehensive Cancer Control Program (NCCCP) in the U.S. aimed at increasing patient awareness levels pertaining to colorectal cancer screening is expected to boost usage rates during the forecast period.
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Further key findings from the study suggest:
- Wireless capsules dominated the accessory market in 2014 and are also expected to register lucrative growth over the forecast period. Increasing usage rates of colon, small intestine and esophageal screening is expected to drive segment growth. In addition, presence of supportive reimbursement policies and the introduction of technologically advanced products are expected to serve this market as future growth opportunities.
- Small bowel endoscopy capsule was the leading product segment of the market in 2014. These devices find wide applications in treating diseases such as suspected Crohn’s disease, inflammatory bowel disease, obscure GI tract bleeding and small bowel neoplastic lesions and this is expected to serve the segment as a high impact rendering driver. Increasing prevalence of target diseases is also expected to make significant contributions towards market growth.
- Capsule endoscopy finds the largest application in OGIB (Obscure gastrointestinal bleeding) diagnosis owing to, increasing usage of wireless capsule endoscopes in vascular and inflammatory lesion diagnoses
- North America was the largest regional capsule endoscopy market in 2014. The region’s market position is attributed to by factors such as presence of sophisticated healthcare infrastructure, supportive reimbursement policies and growing adoption rates of minimally invasive surgeries.
- Asia Pacific region is anticipated to register rapid growth over the forecast period owing to, factors such as the presence of high unmet needs with respect to colorectal screening, rising disposable income and patient awareness levels and improving healthcare infrastructure
- Key market players of the capsule endoscopy market include RF System lab, Olympus Corporation, Chongqing Jinshan Science & Technology (Group) Co., Given Imaging, Ltd., Fujifilm Holding Corporation, IntroMedic Co., Ltd and CapsoVision.