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.
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Market Synopsis of Capsule Endoscopy Market:
With aging, the risk of GI
disorders increases. Thereby, expanding worldwide geriatric population is
additionally offer 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.
Product Insights
The market is segmented into
colon capsule, esophageal capsule and small bowel capsule. As of 2014, 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.
Accessories Insights
In 2014, 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.
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