Capsule Endoscopy Market : Industry Outlook and Trend Analysis
Capsule Endoscopy Market was worth USD 0.16 billion in 2014 and is expected to reach approximately USD 0.55 billion by 2023, while registering itself at a compound annual growth rate CAGR of 14.72% during the forecast period. The market is anticipated to encounter lucrative development over the conjecture time frame because of, the rising predominance of gastrointestinal diseases, interest for quicker and precise diagnostics devices, colorectal cancer and the existence of strong government activities. Capsule endoscopy gives convenient visualization of GI gastrointestinal tract pictures, transmitted by means of data recorder. Moreover, the presentation of innovatively propelled capsules, for example, longer battery life and Wi-Fi empowered are anticipated to additionally drive the development of the capsule endoscopy market.
Product Outlook and Trend Analysis
In 2014, small bowel capsule held the biggest share of the market, inferable from its expanding use in various therapeutic conditions, for example, inflammatory bowel disease, suspected Crohn’s, obscure GI tract bleeding and small bowel neoplastic lesions. Then again, colon container fragment is foreseen to enlist lucrative market development over the figure time frame.
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Accessory Outlook and Trend Analysis
Wireless capsule was the main application portion of the capsule endoscopy market in 2014. The expanding application rate of wireless capsules in the oesophagus, small intestine and colon and the emergence of positive repayment schemes are some high effect rendering drivers of the market. Technologically propelled capsules with inbuilt highlights, for example, enhanced battery life, 360-degree panoramic view, enhanced data storage capability, improved information storing capacity, simple transmission and larger frame rate are foreseen to boost the development of the market.
Application Outlook and Trend Analysis
In 2014, Obscure gastrointestinal bleeding OGIB was one of the main application fragments of the capsule endoscopy market. As indicated by an analysis directed by the U.S. National Library of Medicine, capsule endoscopy was observed to be more viable than barium X-rays utilized for examination of OGIB. Capsule endoscopy is generally utilized for identification of mysterious bleeding in the duodenum and additionally the finding of Crohn’s disease and mall bowel tumours. Also, attributable to the benefits appended, for example, visualization on real-time basis of the small intestine and quicker and convenient diagnosis, healthcare experts, and patients are switching their inclination from ordinary strategies such double balloon enteroscopy to case endoscopy, which is foreseen to give significant development stage to this market fragment in the upcoming years.
Regional Outlook and Trend Analysis
North America was the biggest territorial market in 2014. The rising commonness rate of GI issue and colorectal cancer combined with cutting edge healthcare foundation, the existence of good repayment arrangements and expanding demand for minimally invasive endoscopy by patients are a few elements anticipated that would drive local market development over the gauge time frame. Then again, Asia-Pacific is anticipated to develop at a lucrative rate over the estimate time frame attributable to expanding patient awareness levels.
The leading players in the market are IntroMedic, RF System lab, Olympus Corporation, CapsoVision Inc, Chongqing Jinshan Science and Technology Group Co Ltd, Given Imaging and Fujifilm. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Capsule Endoscopy Market is segmented as follows-
Workstation and Recorder
OGIB Obscure Gastrointestinal Bleeding
Small Intestine Tumor
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
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