Global Smart Pills Patient Monitoring Market Highlights over 2022 – 2031
The global smart pills patient monitoring market is estimated to grow at a CAGR of ~15% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing patient pool globally, along with the increasing need to monitor the patients. Smart pills can effectively monitor the vitals of any patient, as per the disease requirement. Moreover, it is a less invasive treatment method, which is preferred by patients and their families. In addition to this, increasing dependence on pills and other oral drugs, as compared to surgery and other forms of medications are projected to boost the global market growth. With the advancement of technology in healthcare sector, complex procedures, such as, endoscopy, colonoscopy, and others, can be achieved by smart pills, which is also one of the major growth drivers for the market. Moreover, the growing medical R&D activities aiming to develop new treatment methods, along with the growing investment in research activities, are projected to boost the market growth. According to the World Bank data, 2.204% of the global GDP was spent for R&D activities in 2018.
The market is segmented by application into colonoscopy, Crohn's disease, small bowel tumors, and others, out of which, the colonoscopy segment is anticipated to hold the notable share in the global smart pills patient monitoring market over the forecast period. This can be attributed to the high demand for colonoscopy amongst medical practitioners to examine the digestive tract. Moreover, the growing incidences of diseases, such as, intestinal tuberculosis, appendicitis, colon rectal cancer, and others, is estimated to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Smart Pills Patient Monitoring Market Regional Synopsis
On the basis of geographical analysis, the global smart pills patient monitoring market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of improving healthcare facilities, and economic development in countries, including, China, India, Japan, and others.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the account of high cases of colon rectal cancer in the region, and advanced technology in the healthcare sector. Moreover, growing healthcare expenditure, and increasing investment in medical research activities are further anticipated to boost the regional market growth. According to the data by the World Bank, North America spent 2.734% of its GDP for R&D activities in 2018.
The global smart pills patient monitoring market is further classified on the basis of region as follows:
Our in-depth analysis of the global smart pills patient monitoring market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing adoption of smart pills is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Eisai Co., Ltd., Allergan, Inc., TauRx Therapeutics Ltd., AbbVie Inc., Novartis AG, Siemens Healthcare GmbH, CapsoVision, Inc., Medimetrics S.A, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end-user, and by region.
The hospitals segment is anticipated to hold largest share over the forecast period and display significant growth opportunities.
The high initial investment is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the advancement in technology in the healthcare sector.
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