Our in-depth analysis segmented the global smart pills market in the following segments:
Global smart pills market is further classified on the basis of region as follows:
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.
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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.
The major key players for smart pills market are as follows
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.