Smart Pills Market Overview
Smart pills are the capsules which are integrated with numerous technologies such cameras, sensors and others. The smart pills are swallowed by water and then it moves painlessly through the digestive tract. It is a capsule endoscope that captures images of your small bowel and transmits them to a recording device.
Market Size and Forecast
The global smart pills market is expected to grow at a CAGR of 20.8% over the forecast period i.e. 2017-2024. Further, the global smart pills market is projected to account for notable sales of USD 8.5 Billion by the end of 2024. Moreover, the market of smart pills is riding on the back of various factors such as growing penetration of technology into healthcare products, rising number of chronic disease affected population and increasing adoption of technologically advanced healthcare products for the treatment purposes.
The global market of smart pills is segmented into application, targeted area and region. Further, on the basis of application segment, the market is sub-segmented into capsule endoscopy, drug delivery and patient monitoring. Additionally, capsule endoscopy accounted the largest share in 2016 in terms of revenue. Moreover, capsule endoscopy segment is believed to register a phenomenal CAGR of 18.1% by the end of 2024. In addition to this, increased sophistication in endoscopy procedures is projected to propel the growth of global capsule endoscopy market. Apart from this, patient monitoring segment is envisioned to post an outstanding CAGR during the forecast period.
Geography, with 52.6% share, North America is projected to lead the market of smart pills during the forecast period owing to presence of major key vendor along with growing research and development activities in the field of smart pills. Further, U.S. is the dominating country in this region due to rising adoption of smart pills on the back of rising awareness regarding tracking and monitoring of the pills.
Europe region captured the second largest market of smart pills in terms of revenue in 2016. Further, Western Europe countries such as U.K., Germany and others are believed to be the major countries witnessing the augmented demand for smart pills. Apart from this, Asia-Pacific region is believed to be the most lucrative smart pills market by 2024. Moreover, rapidly growing population along with high number of patients affected with long term diseases such as cancer, diabetes and others is expected to propel the growth of smart pills market by 2024. For instance, according to World Cancer Research Fund International, Japan ranks third among Asian countries in occurrence of stomach cancer. Further, rising government initiatives to improve healthcare infrastructure is anticipated to boost the growth of smart pills market in Asia-Pacific region.
Our in-depth analysis segmented the global smart pills market in the following segments:
- Capsule Endoscopy
- Drug Delivery
- Patient Monitoring
By Target Area
- Small Intestine
- Large Intestine
Global smart pills market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
Increasing occurrence of numerous long term diseases such as colon cancer, diabetes and others is believed to be the dynamic factor behind the rapid growth of smart pills market over the forecast period. Moreover, technological advancement in smart pills such as integration of cameras, sensors and others is also believed to help the patients to keep the track of the pill. Moreover, rising popularity of smart pills is also expected to bolster the growth of smart pills market across the globe. Moreover, growing adoption of innovative healthcare products in developing and developed nations such as U.S., China and others are believed to flourish the growth of smart pills market by the end of 2024.
Furthermore, promising government initiatives to improve the healthcare infrastructure and rising research and development activities by major key players in the field of smart pills are envisioned to bolster the growth of smart pills market. Additionally, rising consumer preference for minimally invasive procedures is also predicted to foster the growth of smart pills market.
However, high cost associated with smart pills is expected to hinder the growth of smart pills market during the forecast period. Moreover, lack of awareness related with the smart pills in underdeveloped regions is envisioned to dampen the growth of smart pills market.
Top Featured Companies Dominating The Market
The major key players for smart pills market are as follows