Global Smart Pill Technology Market is expected to garner $627.1 million by 2020, registering a CAGR of 21.2% during the forecast period 2015-2020.
An increased prevalence of gastrointestinal diseases, rise in sedentary lifestyle, and high patient compliance on account of minimally invasive techniques is expected to drive the global smart pill technology market. Market growth is also supplemented by the advent of novel technologies such as catheter-less pH monitoring, ingestible sensors and wireless capsule based GI monitoring. Collaborations between research institutions and companies, licensing agreements & partnerships amongst companies and augmented R&D investment on smart pills are some of the other factors boosting the market growth. However, several factors such as high costs, limited technical know-how, and low patient confidence hinder the growth of the market.
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The report segments the global smart pills technology market based on technology, application, and geography. On the basis of technology, the market is bifurcated into capsule endoscopy and gastrointestinal monitoring system. The capsule endoscopy segment held a dominant position in 2014 and is expected to maintain its lead during the forecast period. However, the gastrointestinal monitoring system is expected to grow at the fastest rate, registering a CAGR of 42% from 2015-2020, owing to the growing popularity of smart pills in the monitoring of motility disorders. In this segment, the multi-parameter (pH, temperature, pressure) monitoring is expected to be the most lucrative segment.
Based on application, the report divides the market into diagnosis and monitoring. In 2014, North America accounted for about 75% of global market revenue, the highest among all regions. It is expected to continue its dominance during the forecast period, 2015-2020, owing to the early adoption of novel technologies, a large patient population, high disposable incomes and the frequent commercialization of smart pill products. However, the Asia-Pacific region is projected to exhibit the highest CAGR of 22.4% during 2015-2020.
The report also provides an in-depth competitive analysis and profiles of key companies involved in the global smart pills technology market, such as
- Proteus Digital Health,
- CapsoVision, Inc.,
- Given Imaging, Inc.,
- Olympus Corporation,
- Chongqing Jinshan Science & Technology Group Co. Ltd, and
- IntroMedic Co. Ltd.
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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North America accounted for about 3/5th of the market revenue in 2014, highest amongst all. The growth in this region is primarily attributed to the early adoption of novel technologies, a large patient population, high disposable incomes and the frequent commercialization of smart pill products. The leading players in the market are adopting acquisition and collaborations as key developmental strategies. The leading companies profiled in this report are – Given Imaging Inc., Olympus Corporation, IntroMedic Inc., CapsoVision Inc., Chongqing Jinshan Science & Technology Group Co. Ltd., Proteus Digital Health Inc., Medimetrics.
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