Global Smart Pills Market accounts for USD 1,800 million and expected to register healthy CAGR ~14.2% during the forecast period.
Smart pills are small capsule-sized ingestible medical devices. Smart pills are used for diagnosis, treatment, and drug delivery. The growing geriatric population and with-it increasing diseases like paralysis are responsible for increasing demand for on-site diagnosis, increasing cases of chronic diseases like diabetes, cancer, and others, and rising prevalence of lifestyle disorders such as obesity, gastroesophageal reflux disease (GERD), and gastric ulcers are expected to drive the growth of the market.
According to the National Diabetes Statistics Report published by Centers for Disease Control and Prevention, in 2015, In the US 1.5 million new cases of diabetes were registered and approximately USD 245 billion spent on diagnosis and treatment of diabetes.
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They also have applications in drug delivery and patient monitoring. Smart capsules play an important role in capturing the internal body parts especially esophageal area, small and large intestines, and stomach area. Factors that are propelling the growth of the smart pills market are a surge in geriatric population, increase in chronic diseases, the rise in a number of lifestyle diseases, and increasing research and development in healthcare.
Some of the key players in the global smart pills market are FUJIFILM Holdings Corporation, INTROMEDIC, Olympus Corporation, Proteus Digital Health, Inc., RF Co., Ltd., Check-Cap, JINSHAN Science & Technology, MEDTRONIC, MEDISAFE, BDD Limited, PENTAX Medical, and CapsoVision, Inc.
The global smart pills market has been segmented on the basis of application, target area, disease indication, and end-user.
The application segment has been segregated on the basis of capsule endoscopy, drug delivery, patient monitoring, and others. Capsule endoscopy segment has been classified into small bowel capsule endoscopy, controllable capsule endoscopy, colon capsule endoscopy, and others. capsule pH monitoring and other applications can be covered under patient monitoring segment.
On the basis of the target area, the market has been classified as esophagus, small intestine, large intestine, and stomach.
The market, by disease indication, has been segmented into esophageal diseases, small bowel diseases, colon diseases, and others.
The end-user segment is divided into hospitals, diagnostic center, and research institute.
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The American market is expected to dominate the global smart pills market during the forecast period due to the increase in chronic disorders, adoption of advanced technology in healthcare, and favorable reimbursement and regulatory authorities.
The European market is expected to be the second-largest due to increasing number of lifestyle related diseases like obesity, gastroesophageal reflux disease (GERD), and gastric ulcers and increasing healthcare expenditure.
Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to the increasing geriatric population in countries such as India and China, government initiatives and investment for the development of healthcare sector. The market in the Middle East & Africa is likely to account for the smallest share of the global smart pills market.
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