The market report on Global Smart Pills Market assesses the global and regional market based on application, disease indication, target area, end user, and region. A comprehensive report on smart pills provides a detailed historical and future market size with a trend analysis. The report underlines the market share analysis, production capacities by leading players, new technologies across the smart pills market, competition overview, strategic imperatives, annual sales figures, growth avenues, market share by key segments, and competition assessment for the target players.
Market Overview and Dynamics: Penetration of smart pills to rise during the forecast period due to an increase in the geriatric population
The global smart pills market is expected to grow at a strong CAGR of 11.4% during the forecast period of 2022-2028. The rapidly increasing elderly population and rise in chronic disorders such as cancer, diabetes, etc. are driving the demand for smart pills across the globe.
The global smart pills market is set to observe strong growth in the next six years. The growing prevalence of lifestyle-related disorders such as obesity, gastric ulcers, and gastroesophageal reflux disease (GERD) among others are some of the factors that are augmenting the global smart pills market growth. Moreover, favorable reimbursement scenarios are further accelerating market growth.
Regional Overview of the Global Smart Pills Market
- North America is dominating the global smart pills market owing to favorable government policies, wide availability of products, and an increase in government healthcare expenditures. In Asia Pacific, the market is primarily driven by the creasing prevalence of colon cancer, motility disorders, Crohn’s disease, and obscure gastrointestinal bleeding.
- Europe is expected to gain substantial growth due to rising cancer screening awareness programs, continuous technological advancements, and rising spending on research and development in the region.
- On the basis of application, the capsule endoscopy segment is anticipated to gain significant growth, endoscopy and colonoscopy are being phased out in favour of cutting-edge gastrointestinal tract diagnostic methods like capsule endoscopy.
- Based on disease indication, the Esophageal Diseases segment is holding a prominent share of the global market. The rise in the prevalence of gastrointestinal disorders is anticipated to propel market growth.
- On the basis of region, North America is anticipated to dominate the global market. Owing to factors such as technological advancements in the healthcare sector.
Competition Analysis: Global Smart Pills Market
The global smart pills market is fragmented in nature with the presence of various players in the global market. Startups and key companies are focusing on R&D of smart pills and innovations like a wirelessly powered smart capsule to deliver medication to targeted areas of the body to file intense competition in the market. To maintain their market position, these industry players focus on various growth strategies such as partnerships, mergers and acquisitions, and product portfolio expansion. Some of the key developments in the global smart pills market include,
- In January 2021, etectRx Inc. and Pear Therapeutics Inc. entered into a partnership agreement for the development of two CNS product candidates integrating adherence sensors and PDTs (Prescription Digital Therapeutics). This is the first partnership of its kind to investigate the use of digital pill solutions with PDTs.
- In September 2020, CapsoVision announced that the US Food and Drug Administration (FDA) would allow at-home administration of the CapsoCam Plus small bowel capsule endoscope during the COVID-19 pandemic for patients deemed eligible for at-home administration.
Some of the key players operating in the global smart pills market are Otsuka Holding Co., Ltd., CapsoVision, Inc., GE Healthcare (General Electric Company), Boston Scientific Corporation, Medtronic PLC, Medtronic PLC, Olympus Corp., Intromedic Co. Ltd., RF Co. Ltd., Jinshan Science & Technology (Group) Co., Ltd., Check-Cap Ltd., and Veloce Corporation among others.
RationalStat has segmented the global smart pills market on the basis of application, disease indication, target area, end user, and region.
- By Application
- Capsule Endoscopy
- Patient Monitoring
- Drug Delivery
- By Disease Indication
- Esophageal Diseases
- Colon Diseases
- Digestive Tract Disease
- Small Bowel Tumors
- Others (Crohn’s Disease, Celiac Disease, Inherited Polyposis Syndrome, etc.)
- By Target Area
- Large Intestine
- Small Intestine
- By End User
- Diagnostics Centre
- Academic & Research Institutes
- Others (Ambulatory Surgical Centers (ASCs) etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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Key Questions Answered in the Report
- What will be the market value of the Global Smart Pills Market by 2028?
- What are the key trends in the Global Smart Pills Market?
- Which is the leading region in the Global Smart Pills Market?
- What are the major companies operating in the Global Smart Pills Market?
- What are the market shares by key segments in the Global Smart Pills Market?
About RationalStat LLC
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