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Growing Incidences of Lifestyle Diseases Drive the Smart Pills MarketMarket Insights
The emergence of advanced medical technology has resulted in several innovations such as smart pills. Smart pills are ingestible medical devices which are capsule sized and cave applications in diagnosis, treatments and drug delivery.
Market Research Future's findings during a study of the global smart pills market imply the growth of the market at a highly promising CAGR of 14.2% during the forecast period from 2018 to 2023. At this growth rate, the market is on track to achieve a value of USD 1,800 Mn by the end of 2023.
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Government restrictions and difficulty getting approval for various medical devices is expected to impede market growth. The stringency of approval by regulatory authorities is accompanied by the high cost of smart pills to challenge the growth of the smart pills market. However, the demand for speedy diagnosis, and improving reimbursement policies are likely to reveal market opportunities.
Market Segmentation
Segmental analysis of the key components of the global smart pills market has been performed based on application, target area, disease indication, end-user, and region. Applications of smart pills are found in capsule endoscopy, drug delivery, patient monitoring, and others. Sub-division of the capsule endoscopy segment includes small bowel capsule endoscopy, controllable capsule endoscopy, colon capsule endoscopy, and others. Meanwhile, the patient monitoring segment is further divided into capsule pH monitoring and others.
Target area of smart pills is primarily segmented into the small intestine, large intestine, stomach, and esophagus.
Diseases indication which requires the use of smart pills includes esophageal diseases, small bowel diseases, colon diseases, and others.
End-users of smart pills includes hospitals, diagnostic centers, and research institutes.
Segmentation by geography includes key regions such as the Asia Pacific, the Middle East & Africa, the Americas, and Europe.
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Regional Analysis
The leadership position in the market is held by the Americas. The region has favorable reimbursement policies and a high rate of incidence for chronic and lifestyle diseases which has impacted the market significantly. Moreover, the region's developed economies have a strong affinity toward the adoption of highly advanced technology. This falls in line with these countries well-develop healthcare sectors.
The European market is another notable region which has a high number of lifestyle-related diseases related to the gastrointestinal system. Rising healthcare expenditure and a focus on R&D for the advancement of medical technology is expected to encourage market growth.
Meanwhile, the APAC has been identified as the fastest growing regional market. The regions massive population size of which a significant share belongs to the geriatric demographic is expected to impact growth. Moreover, the region is undergoing healthcare reforms and is increasingly adopting advanced medical technology. Growth opportunities in this regional market are high.
Key Players
Competitors of importance in the smart pills market have been recorded and analyzed in MRFR's report. These market players include RF Co., Ltd., CapsoVision, Inc., JINSHAN Science & Technology, BDD Limited, MEDTRONIC, Check-Cap, PENTAX Medical, INTROMEDIC, Olympus Corporation, FUJIFILM Holdings Corporation, MEDISAFE, and Proteus Digital Health, Inc.
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Smart pills have huge potential and several important applications, particularly in diagnosis. Smart pills are growing as a highly effective method of endoscopy, particularly for gastrointestinal diseases. Urbanization and rapid lifestyle changes leaning toward unhealthy diets and poor eating habits have led to distinctive increasing lifestyle disorders such as gastroesophageal reflux disease (GERD), obesity, and gastric ulcers.
Increasing incidences of chronic diseases such as diabetes and cancer are also impacting positive growth for the global smart pills market. The above-mentioned factors have increased the need for on-site diagnosis, which can be achieved by smart pills. Moreover, the expanding geriatric population and the resulting increasing in degenerative diseases has increased demand for smart pills
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