Capsule Endoscopy Market – Overview
Owing to the expanding demand for non-invasive procedures for detection of digestive disorders, the capsule endoscopy market is predicted to continue to rise in the forthcoming years. The efficacy of capsule endoscopy to detect a number of digestive disorders such as Crohn’s disease, tumors in the small intestine, celiac disease, and obscure gastrointestinal bleeding among various other conditions of the digestive system is a key factor for the growth of capsule endoscopy market.
Capsule endoscopy involves swallowing of a pill-sized endoscope by the patient for capture of images of the digestive tract. The images thus captured are later examined for detection of various digestive disorders. Availability of capsule endoscopes in various types for use in different parts of the digestive system is a plus for the expanded use of capsule endoscopes. This includes capsule endoscopes for small bowel, colon, and esophagus. Nonetheless, the primary components of a capsule endoscope are camera, batteries, transmitter, and light source.
The research report serves to identify growth trends prevailing in the capsule endoscopy market. The report delves into demand drivers and challenges that could impact the capsule endoscopy market over the forecast period between 2016 and 2024. The geographical distribution along with analysis of competition in the capsule endoscopy market are some other highlights of this report.
Capsule Endoscopy Market – Key Trends
Worldwide, rising incidence of gastrointestinal diseases is a key factor driving the capsule endoscopy market. According to statistics of the National institute of Health, each year 60 to 70 million Americans are affected by gastrointestinal diseases. For example, in 2004, in the U.S., gastrointestinal diseases accounted for an estimated 236,000 deaths, 4.6 million hospitalizations, and 72 million ambulatory care visits. This amounts healthcare expenditure on gastrointestinal diseases to be approximately US$142 bn each year in the U.S.
In several parts of the world, supportive government initiatives to extend modern line of treatment coupled with introduction of technologically advanced diagnostic devices such as endoscopes is resulting in growth of capsule endoscopy market. Public healthcare departments are extending financial support, expertise, and manpower for setting up endoscopy testing centers under public healthcare schemes. Such initiatives are resulting in expansion of capsule endoscopy market.
Technological advances leading to development of capsule endoscopes with longer battery life, magnetic and hybrid versions, and Wi-Fi enabled is another key factor behind growth of capsule endoscopy market.
Lastly, rising geriatric population globally and demand for more precise and faster diagnostic tools are some other factors fuelling growth of capsule endoscopy market.
Capsule Endoscopy Market – Regional Outlook
Among the key regions in the endoscopy capsules market, North America is at the forefront and is predicted to continue to retain its lead position through the forecast period. Firstly, rising incidence of gastrointestinal disorders and colorectal cancer is a key factor behind growth of capsule endoscopy market in the region. Besides this, favorable reimbursement policies, presence of a modern healthcare infrastructure, and higher weigh of advantages of minimally invasive procedures over invasive ones among patients accounts for continued uptake of capsule endoscopy in the region.
Meanwhile, Asia Pacific is expected to emerge as a significant region in the overall capsule endoscopy market. Factors such as rising awareness for new line of treatment, substantial rise in healthcare spending due to economic growth, improving healthcare infrastructure, and vast unmet needs for cancer screening are in general expanding demand for minimally invasive procedures. This includes capsule endoscopy.
Capsule Endoscopy Market – Competitive Outlook
Key companies operating in the capsule endoscopy market include Fujifilm Holding Corporation, RF System Lab, Capso Vision Inc., Given Imaging Ltd., Olympus Corporation, Chongqing Jinshan Science & Technology Co., and IntroMedic Co. Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.