Ingestible Smart Pills Market to Exhibit a Healthy Growth of 7.7% CAGR Between 2016-2024

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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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 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. The report has also profiled leading players in the global ingestible smart pill market, which include BodyCap Medical, Philips Respironics, Given Imaging Ltd., Olympus Corporation, Check-Cap Ltd., IntroMedic Co., Ltd., Medimetrics, CapsoVision, Inc., Proteus Digital Health, Inc., and Chongqing Jinshan Science and Component (Group) Co., Ltd.

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