Press release
Smart Pills Market On Target to Reach $650 Million by 2025, at a CAGR of 12.1% | Capsule Endoscopy, Patient Monitoring, and Drug Delivery
Smart Pills Market
The surge in demand toward more efficient as well as non-invasive diagnostic procedures supplement the need for smart pills across the globe. Moreover, significant rise in gastrointestinal disorders worldwide and optimized reimbursement policies for the use of smart pills further boost the growth of the market.
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The global smart pills market was valued at $257 million in 2017, and is projected to reach $650 million by 2025, growing at a CAGR of 12.1% from 2018 to 2025. The capsule endoscopy segment accounted for more than half of the total market share in 2017.
COVID-19 scenario-
1) The Covid-19 pandemic and followed by lockdown has affected several manufacturing industries.
2) The prolonged lockdown resulted in a disrupted supply chain and increased the prices of raw materials.
3) However, as the world has been recovering from the pandemic, the market is estimated to get back on track.
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.
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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.
Similar Reports:
Smart Syringes Market : https://www.whatech.com/markets-research/medical/674188-smart-syringe-market-top-companies-analysis-to-grow-14-18-billion-your-business-by-2027
Laparoscopy Devices Market : https://www.whatech.com/markets-research/medical/674192-laparoscopy-devices-market-share-top-companies-analysis-to-growing-at-cagr-of-5-8-by-2027
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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