Capsule endoscopy is a minimal invasive procedure in which a tiny camera is used to capture images of patient’s digestive tract. It is a shape and size of a pill containing a tiny camera. The Capsule capture pictures of the digestive tract once the patient swallows it. It provides high resolution images which cannot be taken by any other endoscopy. Capsule endoscopy has witnessed significant technological advancements (such as image resolution, battery life, and miniaturization of the device) since its introduction to the market.
The capsule endoscopy market is projected to witness robust growth during the forecast period, primarily due to growing prevalence of gastrointestinal (GI) tract diseases, rapidly aging population, growing popularity of minimally invasive procedures, and technological advancements. Moreover, high preference for capsule endoscopy for GI procedures due to its minimal invasive nature will further contribute to the market growth.
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The rapidly aging population is set to drive the demand for capsule endoscopes as this group is more susceptible to GI diseases. As per Health Guidance for Better Health, almost 34 million people are affected with digestive tract diseases in the U.S., of which 20 million Americans have chronic condition. It further states that around 8% of the total population in the U.S. suffers from chronic digestive tract disorders, 6% from acute disorders, and 43% from intermittent GI disorders. Moreover, the growing elderly population will further contribute to the market growth. For instance, the number of older people is projected to reach 2 billion in 2050 from 841 million people in 2013 (Source: United Nations Department of Economic and Social Affairs). Thus, the rapidly aging population will accelerate the demand for capsule endoscopy in near future. Such high target population will bring in ample growth opportunities for the key players to develop technologically advanced products.
In addition to this, the rising prevalence of colon cancer will further stimulate the market growth. For instance, in 2012, the estimated number of colon cancer cases was 1.4 million and this number is expected to reach 2.4 million by 2035. Therefore, a large patient pool of colon cancer will be in need of adequate diagnostic and monitoring devices such as capsule endoscopes.
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Major players operating in this market are IntroMedic Co. Ltd., Olympus Corporation, SynMed Limited, CapsoVision Inc., Fujifilm Holding Corporation, and Given Imaging Ltd. These companies are highly focused on introduction of new capsule endoscopes with innovative techniques and advanced features to meet the unmet medical needs. Thus, innovation will derive the demand for capsule endoscopes globally.
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