Market summery
Market
Research Future (MRFR's) study on the global smart pills market size is
projected to grow USD 1.5 billion by 2030 at a CAGR of 15.9% over the forecast
period of 2023-2030. MRFR further asserts that the smart pills market is touted
to reach USD 1,800 Mn by the end of 2023.
Amidst
cut-throat competition, reimbursement issues, and expiry of blockbuster patent drugs,
there is immense pressure on the healthcare sector to innovate diagnosis
solutions. This has provided fuel for the advancement and commercialization of the
smart pill technology which has been there for decades.
Smart
pills are aligned with smart pills such as greater flexibility, precise
delivery, real-time measurements, and monitoring of GI tract, and controlled
operation or performance have acted as factors which can be employed to great
advantage in drug development. They have several important applications,
especially in diagnosis.
With the
surge in the occurrence of chronic diseases, especially gastrointestinal diseases,
smart pills are increasingly emerging as an effective method of endoscopy.
Lifestyle diseases such as gastroesophageal reflux disease (GERD), obesity, and
gastric ulcers are on the rise due to rapid lifestyle changes and unhealthy
eating habits. This has induced high demand for on-site diagnosis, and, in
turn, drive the market for smart pills. Surging prevalence of colon cancer is a
key factor which is motivating the growth of the smart pills market.
Smart
pills have been a breakthrough in gastrointestinal tract diagnosis and are set
to replace conventional methods of diagnosis such as colonoscopy and endoscopy.
Capsule endoscopy has cropped up as an effective method to perform endoscopy
which is non-invasive and causes very little discomfort. Increasing consumer
preference for minimally invasive medical procedures is likely to induce greater
demand within the smart pills market.
Application
of smart pills in monitoring pH, temperature, pressure, and drug adherence are
further expected to catapult the growth of the market. Considerable research in
the field of smart pills purveyed by heavy investments is also favoring the
growth of the market. Other factors fostering market growth include conducive
reimbursement landscape and increasing geriatric population. On the other hand,
the market growth is restricted by factors such as regulatory restrictions and
high costs of smart pills.
Competitive Landscape
Global
smart
pills market players are CapsoVision, Inc., Proteus Digital Health, Inc., JINSHAN Science & Technology,
MEDTRONIC, Check-Cap, BDD Limited, Olympus Corporation, PENTAX Medical, FUJIFILM
Holdings Corporation, MEDISAFE, INTROMEDIC,
and RF Co., Ltd. are the notable players in the global smart pills market.
Segmentation
The
global smart pills market has been segmented based on application, target area,
disease indication, and end user.
By
application, the smart pills market has been segmented into capsule endoscopy,
drug delivery, patient monitoring, and others. The capsule endoscopy segment
has been further segmented into small bowel capsule endoscopy, controllable
capsule endoscopy, colon capsule endoscopy, and others. The patient monitoring
segment has been further segmented into capsule pH monitoring and others.
By
target area, the smart pills market has been segmented into esophagus, small
intestine, large intestine, and stomach.
By
disease indication, the smart pills market has been segmented into esophageal
diseases, small bowel diseases, colon diseases, and others.
By
end user, the smart pills market has been segmented into hospitals, diagnostic
center, and research institute.
Regional Analysis
By
region, the smart
pills market insights has been segmented into the Americas, Asia Pacific
(APAC), Europe, and the Middle East & Africa (MEA).
Conducive
reimbursement scenario, the surging prevalence of chronic diseases, a nd fast
uptake of advanced technology are the factors supporting the growth of the
market in the region. The Americas account for the foremost share of the smart
pills market.
Europe
follows the Americas closely and accounts for the second most significant share
of the smart pills market. Robust healthcare infrastructure, the high incidence
rate of lifestyle-related diseases such as obesity, gastroesophageal reflux
disease (GERD), and gastric ulcers have generated high demand for smart pills
in the region. Moreover, European countries invest heavily in healthcare which
acts as a plus for the growth of the market.
The
APAC market is poised to perform relatively well and emerge as the
fastest-growing market for smart pills. Percolation of advanced healthcare
technologies in the region coupled with high healthcare expenditure in the
developing countries of the region favors the growth of the market. Besides, increase
in geriatric population and prevalence of various chronic diseases contribute
to the growth of the market.
The
minimum share of the smart pills market is held by MEA. Lack of knowledge, low
healthcare penetration, and poor economic conditions, especially in the African
region is hindering the growth of the market.
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