The Ingestible Smart Pills Market to Grow Through Data Silos and Big Data

The Ingestible Smart Pills Market is expected to climb up the ladder of persistence in the next decade. With various healthcare apps on the anvil, there are also mindfulness apps being tabled. They fall in the category of "Wellness apps". With the world wishing for the post-Covid era to function smoothly, these wellness apps are expected to take the healthcare vertical by storm further.

Advancements in the field of medical technology will continue to be directed towards processes that help manufacturers miniaturize their healthcare products, but without impacting their effectiveness. Persistence Market Research recently published its report on the global market for ingestible smart pills which projects that high demand for miniaturization of diagnostic disorders is driving the demand for ingestible smart pills. By the end of 2024, the global ingestible smart pills market is projected to grow at 7.7% CAGR and reach US$ 1,475.2 Mn in value.

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Company Profiles:

BodyCap-Medical
Philips Respironics
Given Imaging Ltd.
Olympus Corporation
Proteus Digital Health, Inc.
CapsoVision, Inc.
Chongqing Jinshan Science and Component (Group) Co., Ltd.
Medimetrics
IntroMedic Co., Ltd.
Check-Cap Ltd.

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In the report, titled "Ingestible Smart Pills Market: Global Industry Analysis and Forecast, 2016-2024," the global demand for ingestible smart pills is predicted to surge on the account of following factors:

Increasing Prevalence of Gastrointestinal Disorders: The report estimates that in a region like North America, more than 60 million people are annually diagnosed with gastrointestinal diseases. Early diagnosis of such disorders compels the use of proper endoscopic treatment, which incidentally necessitates the use of ingestible smart pills.
Availability of Accurate Data on Ingestible Smart Pills: Being the next big frontier in novel medical imaging & monitoring technology, ingestible smart pills are being extensively researched and compatible software for deriving data from these pills is being developed, and simultaneously upgraded.

Component Advancements in Endoscopy: New endoscopic components developed by research institutes are treading along the trend of product miniaturization, supporting the inclusion of ingestible smart pills in endoscopic therapies.
According to the report, more than 80% of global ingestible smart pill revenues will be emanating from sales of smart pills, as opposed to workstations. Demand for workstations is expected to witness a downtrend towards the latter half of the forecast period.

The report reveals that eight out of ten ingestible smart pills produced in the world will be used for medical imaging applications. In 2016, more than US$ 800 Mn worth of ingestible smart pills were accounted by medical imaging applications. The present value of global ingestible smart pills market is estimated to be US$ 958.2 Mn. By 2024-end, around 17% of this value will be attributed by revenues arising from sales of ingestible smart pills in health monitoring applications.

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The report also reveals that hospitals are the largest end-users of ingestible smart pills in the world. With more than 43% share, manufacturers of ingestible smart pills will continue directing their sales towards hospitals. Demand for ingestible smart pills is also expected to gain traction among clinics. In 2017 and beyond, North America will be observed as the most dominant region in the global ingestible smart pill market. Although, the ingestible smart pills market in Asia-Pacific is expected to register speedy revenue growth at over 6% CAGR.

Access Related Reports-

Medical Wellness Market: https://www.persistencemarketresearch.com/market-research/medical-wellness-market.asp

Radiology Information Systems Market: https://www.persistencemarketresearch.com/market-research/radiology-information-systems-market.asp

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This release was published on openPR.