Smart Pills Market Growing At A CAGR Of 12.1% And To Target $650 million By 2025
Pune, Maharashtra, India, September 23 2020 (Wiredrelease) Allied Analytics –:UPDATE AVAILABLE ON-DEMAND
The report on the global smart pills market highlights that the market is expected to reach $257 million by 2017, from $650 million in 2025, growing at a CAGR of 12.1% from 2018 to 2025. The report offers the current market size and forecasts along with Porter’s Five Forces analysis to help market players, stakeholders, startups, and investors to determine the current scenario and take further steps for the future. Drivers and opportunities for highest revenue generating and fastest growing segments would help in tapping into specific segment to achieve growth. Moreover, regional analysis would assist in expansion strategies for the market players and startups. The capsule endoscopy segment accounted for more than half of the total market share in 2017.
Smart pills are capsule-sized ingestible medical devices that consist of micro-sensors, micro-cameras, patches, and trackers. Smart pills by making use of these micro-sensors and cameras help in more appropriate and non-invasive disease diagnostics. Smart pills, being non-invasive can be a potent alternative approach against invasive procedures such as gastrointestinal endoscopy/colonoscopy. The product has its wide application in drug delivery and real-time patient monitoring. It is an innovative approach to gather images from areas of the gastrointestinal tract, such as colon, where traditional endoscopies are unable to reach. Once swallowed, sensors provide information about various health parameters of the patient and the effectiveness of the medication treatment, which facilitate in taking informed healthcare decisions and optimized therapies.
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Moreover, a significant rise in geriatric population, rise in chronic disorders such as cancer, diabetes, and others, drive the smart pills market growth. In addition, increased R&D investments by manufacturers in developing smart pills boosts the market growth. However, stringent governmental regulations regarding the vigorous use of these devices and high cost associated with the ingestible sensors is anticipated to restrain the market growth. On the contrary, surge in technological advances in bioelectronics, and availability of microprocessors are anticipated to offer lucrative opportunities in the future.
The capsule endoscopy segment generated the highest revenue in 2017 and is expected to maintain its dominance throughout the forecast period. This is attributed to the increase in use of capsule endoscopes for diagnosis of gastrointestinal disorders and surge in preferences for non-invasive procedures. In addition, the capsule endoscopy segment is expected to register the highest growth rate during the forecast period.
North America was the leading revenue contributor to the global market in 2017, owing to the increase in healthcare investments by the government, surge in R&D expenditure for the development of smart pills, and technological advancements regarding diagnostic procedures. Asia-Pacific is expected to witness the highest growth rate throughout the forecast period, due to increase in healthcare facilities, surge in disposable income, and rise in awareness towards non-invasive diagnostic procedures.
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The Major Key Players Are:
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.
The Other Key Players Are:
GE Healthcare, NOVARTIS AG, Fujifilm Holdings Corporation, Bio-Images Drug Delivery (BDD) Limited, Quotient Clinical Ltd., Innovative Devices LLC, and PENTAX Medical.
Key Findings of the Smart Pills Market Study:
• The small intestine segment, by target area dominated the smart pills market in 2017 and is expected to maintain this trend during the forecast period.
• The colon disease segment, by disease indication, is expected to register highest CAGR of 13.6% from 2018-2025.
• U.S. generated the highest revenue in the global smart pills market in 2017 accounting for more than half of the market in North America.
• Asia-Pacific is the fastest growing region in the smart pills market in 2017 and is anticipated to experience rapid growth during the forecast period.
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