The report states that the global smart pills market generated $257 million in 2017 and is projected to garner $650 million by 2025, registering a CAGR of 12.1% during the forecast period, 2018-2025.
The growth of the global smart pills market is driven by numerous factors, especially the rise in the prevalence of gastrointestinal disorders, less complicated and painful diagnostic tests, and an increase in R&D investment by manufacturers. Additionally, the surge in the technological advancements pertaining to smart pills would provide lucrative opportunities to emerging market players. However, high cost associated with smart pills and long timelines for approval of such pills hamper market growth.
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The report segments the global smart pills market by application, target area, disease indication, end user, and geography. Based on application, the report divides the market into capsule endoscopy, patient monitoring, and drug delivery. The capsule endoscopy segment garnered the highest revenue in 2017 and is expected to dominate the market through 2025, owing to the increase in adoption of capsule endoscopes for diagnosis of gastrointestinal disorders and surge in preferences for non-invasive procedures. The segment is also poised to encounter the fastest growth rate from 2018 to 2025. Based on the target area, the market is fragmented into the esophagus, small intestine, large intestine, and stomach. The small intestine segment is expected to continue its dominance throughout the forecast period.
Based on disease indication, the market is divided into esophageal diseases, small bowel diseases, colon diseases, and others. The colon disease segment is projected to grow at the highest rate from 2018 to 2025, registering a CAGR of 13.6%. The report also sub-segments the market into the hospital, diagnostic center, and research center based on the end user. Regionally, North America dominated the market in 2017 due to a surge in healthcare investments by the government, rise in R&D expenditure for the development of smart pills, and technological advancements regarding diagnostic procedures. However, Asia-Pacific is projected to grow at the fastest rate, throughout the forecast period, due to the increase in healthcare facilities, surge in disposable income, and rise in awareness towards non-invasive diagnostic procedures.
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The report also profiles key players involved in the global smart pills market, such as Proteus Digital Health, HQ, Inc., CapsoVision, Inc., Medtronic Plc., Olympus Corporations, IntroMedic Co., Ltd, RF Co., Ltd, JINSHAN Science & Technology, Check Cap, and Koninklijke Philips N.V. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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