Rising geriatric population base and prevalence of gastrointestinal (GI) disorders are expected to drive smart pills market growth over the forecast period. The smart pills technology is the assemblage of the technology and healthcare focusing on the medication recording based on various factors such as pH, pressure, temperature, density, etc. Diseases pertaining to gastrointestinal tracks such as gastro paresis, gastro esophageal reflux diseases (GERD), hemorrhoids, colitis, gastric ulcers, constipation and diarrhea are expected to provide this market with a growth platform. Furthermore, technological advancements comprising of software based analysis, wireless capsules, enteroscopy, esophageal stenting, and few and esophageal banding clubbed with rising demand for minimally invasive surgical procedures are also expected to propel growth of smart pills market. On the contrary, higher associated cost and poor adaptation of technology especially in developing countries are expected to impede the smart pill technology market growth in near future.
The market is classified on the basis of application into capsule endoscopy, patient monitoring, and drug delivery. Capsule endoscopy segment is expected to be one of the largest markets owing to the advantages attached such as disease diagnosis in small intestine. Capsule endoscopy found largest application in medical situations such as unexplained bleeding, abdominal pain, and iron deficiency, along with search for ulcers, tumors & polyps of small intestine. All the aforementioned facts have increased the adoption of the same thereby providing a lucrative growth platform to capsule endoscopy market. Drug delivery market is also expected to experience growth due to the benefit of improving medication efficiencies, improving patient compliance & convenience, and fast paced technology.
Geographically, North America, Europe, Asia Pacific, MEA and Latin America are key regional markets included in the scope of study. In 2014, North America reported for the largest market share of the smart pill technologies. Advanced healthcare infrastructure, increasing awareness about GI diseases among patient and physician, high adoption of technological developments, growing geriatric population, and rising prevalence of gastrointestinal diseases, are few of the factors attributing to its share. Additionally, government initiative regarding reimbursement policies such as Patient Focused Drug Development by FDA, bundled payments for care improvement initiatives, and intense care facilities for diagnosis and treat GI disorders are further expected to fuel this regional market growth. On the other hand, Asia Pacific is estimated to have highest CAGR. The lucrative growth is attributed to the factors such as rising awareness regarding minimally invasive procedures, growing predominance of colon cancer & intestinal infections and rapid healthcare infrastructural development.
The key industry participants in the global smart pills market include Boston Scientific Corporation, Olympus Medical Technology, Smart pill Inc, Siemens Healthcare, Pentax Medical Company, Medtronic, Inc, Philips Healthcare, Philips Healthcare, Given Imaging Ltd and Novartis, GE Healthcare, Stryker Corporation.
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